Synopsis: In this Techstrong AI video interview, Fairmarkit CEO Kevin Frechette and Randall Moore, chief procurement officer for Boston University, dive into how artificial intelligence (AI) is about to change the way organizations source products and services.
In this Techstrong AI video, host Mike Vizard interviews Kevin Frechette, CEO of Fairmarkit, and Randall Moore, chief procurement officer at Boston University, to discuss how AI is transforming procurement processes. Fairmarkit is an autonomous sourcing platform that helps organizations automate procurement, improve efficiency, and increase competitive bids. Kevin explains how Fairmarkit evolved from basic process automation in 2017 to integrating AI and generative AI over the past few years, focusing on specific use cases that deliver business outcomes. Randall shares how Boston University partnered with Fairmarkit to streamline procurement, manage tail spend, and improve decision-making by leveraging AI to optimize sourcing and supplier relationships.
As the conversation progresses, Kevin and Randall delve into how AI is reshaping the buying process, counterbalancing the AI-driven focus on sales optimization. Kevin highlights Fairmarkit’s approach of empowering buyers with AI tools to make procurement more efficient, ensuring optimal outcomes that aren’t solely price-driven but also factor in sustainability and supplier diversity. Randall emphasizes the need for agility in procurement, noting that AI helps Boston University handle a large volume of transactions while delivering value to faculty and students. Both agree that the future of AI in procurement will require staying adaptable, as the technology continues to evolve rapidly.
