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Conduent Incorporated, a global leader in technology-driven business solutions, has partnered with Fairmarkit to enhance its procurement and spend management capabilities through AI-powered technologies, including generative AI (GenAI). This collaboration integrates Fairmarkit’s autonomous sourcing platform with Conduent’s FastCap Finance Analytics, driving significant cost savings and operational efficiency.
Conduent partners with Fairmarkit to advance AI-driven procurement solutions.
Fairmarkit’s platform streamlines sourcing from RFP to award with GenAI.
FastCap has identified over $800M in savings since 2021, up to 10% of spend.
Combined solution could deliver 3-6% additional cost savings.
Enhances contract compliance, risk reduction, and financial visibility.
Leverages real-time analytics for smarter, data-driven procurement decisions.
Conduent’s collaboration with Fairmarkit integrates cutting-edge AI and GenAI technologies to optimize procurement workflows. Fairmarkit’s platform automates the sourcing process, from strategic supplier selection to RFP management, enhancing efficiency and visibility. Combined with Conduent’s FastCap Finance Analytics, which identifies cost-saving opportunities, the partnership streamlines spend management and accelerates savings across all levels of expenditure.
“FastCap has resulted in significant savings for clients, while helping to drive contract compliance, risk reduction and financial visibility,” said Mike McDaniel, Group President of Commercial Solutions at Conduent. “We will continue to expand FastCap’s capabilities to solve key client challenges and generate business outcomes.”
Fairmarkit’s autonomous sourcing platform leverages AI to enhance procurement accuracy and efficiency. Key features include streamlined workflows for sourcing and RFP responses, AI-driven insights for precise purchasing decisions, and real-time analytics to optimize spend. The platform supports enterprise procurement teams at companies like Amazon, BP, and Nestle, enabling them to manage 10x more sourcing events per FTE and achieve $40k in weekly savings per buyer.
“We’re thrilled to partner with Conduent to bring the power of AI-powered sourcing to a broader range of procurement teams,” said Allison Yount, Vice President of Partnerships and Business Development at Fairmarkit. “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.”
Since 2021, FastCap has identified over $800 million in savings and recoveries, representing up to 10% of addressable spend, by preventing and recovering overpayments. The integration with Fairmarkit’s technology could drive an additional 3-6% in savings through enhanced spend compliance, automated bidding, and expanded supplier options. This partnership empowers organizations to make smarter, data-driven decisions, reducing costs and risks while improving supplier relationships.
The Conduent-Fairmarkit collaboration addresses key procurement challenges, such as manual processes and tail spend inefficiencies. By automating sourcing and leveraging real-time data, the solution enhances financial visibility, strengthens compliance, and shortens procurement cycles. This positions enterprises to achieve measurable outcomes, aligning procurement strategies with broader business objectives.
This partnership marks a significant step in transforming procurement through AI innovation. By combining Conduent’s expertise with Fairmarkit’s advanced sourcing technology, enterprises can unlock new value, streamline operations, and achieve substantial cost savings in an increasingly competitive market.
Fairmarkit is the premiere AI-powered autonomous sourcing solution for enterprise procurement, empowering teams to manage all types of spend more efficiently from demand to award. Fairmarkit’s award-winning AI product suite delivers unparalleled efficiency to each step of the procurement cycle, equipping teams to source better, faster and cheaper with greater risk mitigation. Procurement teams from Amazon, BP, Goodyear, Nestle and other global powerhouses are using Fairmarkit to take on more spend under management, enhance compliance, strengthen supplier relationships, and achieve record savings.
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 56,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $85 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day.
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