Boston, MA – March 26th, 2018 – SpendLogic Group, LLC and FairMarkIT on Monday announced a strategic partnership to help companies manage indirect Tail Spend more effectively. The two procurement industry thought leading organizations are teaming up in support of SpendLogic Group’s newly announced 100% fully outsourced Tail Spend Management (TSM) service offering.
“There is no doubt that FairMarkIT is on the front lines of innovation in the enterprise procurement and sourcing space, I knew the minute we met that some game changer would come from it” said Mike Cadieux, Managing Partner of SpendLogic Group, llc. “Let’s face it, Tail Spend management is both a cost containment and staffing issue. Most CPO’s know they have an issue with Tail Spend, but don’t have the resources to go get the savings. Now we have a solution for that business problem.”
FairMarkIT’s CEO Kevin Frechette comments, “We see SpendLogic Group as a tremendous strategic partner that brings decades of procurement experience to our joint customers. With large enterprises constantly being pushed to bring more spend under management with a static or decreasing staff and budget, the FairMarkIT and SLG partnership helps them improve their SLA’s to the business with less manual effort.”
The newly formed business development relationship with offer Indirect Procurement & Sourcing organizations across all sizes and industries a strategic tool in the hunt for reduced cost and improved processes. The partnership combines FairMarkIT’s automated bidding platform, boasting 3.5m vendors, SpendLogic Group’s Procurement-as-a-Service (PaaS) offering, to enhance and seamlessly augment existing Procurement operations.
The Tail Spend Management (TSM) service will have flexible engagement models so that CPO’s can leverage the value via Inhouse, Ad/Hoc, or 100% turnkey outsourced fully managed capabilities, depending on their individual needs.
About SpendLogic Group, llc.
SpendLogic Group, llc’s mission is to help companies save money. As a professional services firm made up of seasoned expert procurement practitioners, with decades of building, operating, and managing billions of spend under management, we are helping real companies solve real problems while deliver real savings.
FairMarkIT’s Tail Spend Solution provides a creative and highly actionable product to mitigate risks and drive business value. By gathering insights from unstructured tail spend data and applying machine learning to automate RFQs, companies benefit by obtaining the best price from the optimal supplier – with much less time and effort.