PROCUREMENT STRATEGY

their organisations . It ’ s time for leaders to invest not only in technology but also in their teams , empowering them to harness the full potential of AI in a responsible fashion . And that ’ s where Fairmarkit comes in .

Fairmarkit : Leading responsible Gen AI adoption Fairmarkit , a cutting-edge procurement automation platform , specialises in optimising tail spend management through the power of AI and machine learning . Erin McFarlane , VP of Operations at Fairmarkit , is working with leaders representing major players , including BP , Snowflake , Emirates , ServiceNow and Boeing , to educate them on the responsible and impactful application of Gen AI within their procurement functions .

The Fairmarkit team collaborates closely with customers to implement Gen AI throughout the entire “ need-toaward ” process of procurement . This includes guiding users to purchase from the correct channel , outlining requirements and creating scopes of work , crafting RFP and RFQ events , creating summaries and assisting with awarding contracts . Rather than simply investing in Gen AI in a bid to keep up with industry trends , Fairmarkit ensures it is both useful and effective .

Taking a security-first approach , Fairmarkit is built with security principles in mind . When it comes to Gen AI , the company does the necessary groundwork to ensure no customer data is ever used to train or retained by foundational models in any way .

proportion of supply chain and procurement executives planning to invest more in Gen AI this year ( Accenture )

INDUSTRY : AUTONOMOUS SOURCING PLATFORM

LOCATION : MASSACHUSETTS , US

Procurement software and systems leader , specialising in digital supply chain transformations using machine learning and AI . With a passion for sourcing , contract negotiation and spend analytics and an infectious enthusiasm for her work . Erin helps procurement departments to embrace digital transformation and automation .

152 October 2024