Conduent Incorporated, a notable provider of technology-driven business solutions, has announced a strategic collaboration with Fairmarkit, an AI-powered autonomous sourcing platform, to significantly enhance procurement workflows and financial performance. This partnership aims to integrate Fairmarkit’s advanced sourcing technology with Conduent’s FastCap® Finance Analytics, which has already demonstrated its ability to identify cost-saving opportunities by improving spend management and preventing payment errors.
Fairmarkit specialises in utilising leading AI technologies to streamline procurement from strategic supplier sourcing to managing RFP (Request for Proposal) responses and awards. Its platform offers AI-driven insights to refine purchasing decisions and leverages real-time data analytics to uncover additional savings opportunities through better spend optimisation. By combining Fairmarkit’s capabilities with FastCap’s finance analytics, organisations can automate the capture of tail spend opportunities—typically smaller, unmanaged expenses—that FastCap has traditionally flagged as potential savings.
Industry data supports the potency of this combined solution: FastCap alone has been credited with identifying over $800 million in savings and recoveries since 2021, representing up to 10% of addressable spend. With Fairmarkit’s automated sourcing, spend compliance, and supplier management enhancements, the collaboration is projected to yield an additional 3-6% savings for companies by improving bidding processes and expanding supply options.
Mike McDaniel, Group President of Commercial Solutions at Conduent, highlighted the strategic advantage, stating, “FastCap has resulted in significant savings for clients, while helping to drive contract compliance, risk reduction and financial visibility. Collaborating with innovative solution partners like Fairmarkit helps our clients further advance their objectives and create stronger financial results.”
Fairmarkit adds substantial technological innovation, including generative AI tools that transform slow, manual sourcing processes into highly efficient workflows. Their AI-powered supplier recommendations analyse procurement histories, RFX details, and supplier performance to rank and recommend suppliers, significantly reducing manual workload while enhancing negotiated savings. By automating the sourcing process, the platform essentially reduces procurement cycles from weeks to minutes, enabling procurement teams to manage more spend under management while improving compliance and risk mitigation.
Allison Yount, Vice President of Partnerships and Business Development at Fairmarkit, expressed enthusiasm for the collaboration: “Conduent’s deep expertise in procurement transformation, combined with Fairmarkit’s intelligent technology and experience working with the world’s leading procurement teams, creates a compelling solution that empowers organisations to optimise their spend, streamline processes, and unlock new value from their sourcing activities.”
Beyond this partnership, Fairmarkit continues to innovate with integrations such as one with ServiceNow, where its AI and generative AI capabilities help enterprise procurement teams efficiently manage spend under management and advance diversity, equity, and inclusion (DEI) and environmental, social, and governance (ESG) initiatives through automated quoting processes. Similarly, Fairmarkit’s collaboration with Amazon Business expands access to a vast global supplier base, facilitating competitive pricing and helping enterprises fill supply chain gaps while supporting sustainability goals.
Conduent, with a workforce of approximately 56,000 associates globally, delivers digital business solutions across commercial, government, and transportation sectors. Leveraging cloud computing, AI, machine learning, automation, and advanced analytics, Conduent supports critical operations such as government payments, customer service interactions, HR services, and tolling transactions, making its collaboration with Fairmarkit highly complementary in driving digital transformation and financial efficiency.
While the companies are optimistic about the benefits, the announcement also includes typical forward-looking statements acknowledging that future results may be subject to risks and uncertainties. Nonetheless, this strategic alliance signals a significant advancement in the application of AI-driven automation in procurement, promising tangible financial and operational benefits for participating clients.
Source: Noah Wire Services
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