On this week’s podcast, Tarek and Kevin from Fairmarkit are showing how companies are automating their entire procurement process. Fairmarkit is a machine learning company with a product that’s targeted towards non-strategic spend and tail spend. For their customers, it’s the 80% of their transactions, which covers about 20% of their budget.
Tarek and Kevin have seen massive jumps in machine learning and AI especially in the procurement realm and are sharing how companies can leverage automation at the lower levels to start unlocking human decision-making ability. Fairmarkit has the good fortune to be based in Boston and is hiring some of the best natural language processing students in the world. They’re coming up with the best and brightest algorithms for machine learning that can actually start to manipulate data versus retroactively reviewing data. Tarek and Kevin are sharing how automation, machine learning and AI can close the biggest gaps in the negotiation process. Everything from mining transcripts of negotiation conversations for data, to the percentage of time sales reps. talk versus the customer and how it correlates to best practices and skills demonstrated by a company’s top performers.
These guys are making big waves in the machine learning world by helping companies who are committed to innovation and learning, figure out best practices that can automate negotiation and procurement in ways we’ve never seen before.
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