Fairmarkit and Boston University host Soar24 event on AI-driven procurement innovations
Fairmarkit, an autonomous sourcing platform provider, partnered with Boston University to host Soar24, an event focused on procurement and sourcing innovations.
The event, held at Boston University’s Agganis Arena, highlighted how AI and other technologies are reshaping procurement processes.
The event featured a range of sessions, including practical workshops on automating sourcing, advancing supplier diversity, and the role of generative AI in procurement.
Collaboration between Fairmarkit and Boston University
Boston University has played a crucial role in the development of Fairmarkit’s platform. As one of the first users of Fairmarkit, the university provided feedback that helped address key market needs and improve the platform.
BU was also the first institution to implement Fairmarkit’s self-service sourcing model, which enables individuals outside the procurement department to independently manage sourcing events.
“Boston University didn’t just adopt Fairmarkit—they helped us shape it,” said Kevin Frechette, CEO and co-founder of Fairmarkit. “Their collaboration was essential in turning Fairmarkit from a small startup into a platform that empowers entire organisations. Soar24 reflects that journey by bringing together experts to discuss how technology, including GenAI, is driving the future of procurement.”
The event featured a keynote address by BU’s Associate Provost for Computing & Data Sciences, Azer Bestavros, PhD, who discussed the potential of generative AI to revolutionise procurement and sourcing. Other notable sessions covered procurement best practices, technological innovations, and networking opportunities for industry professionals.
The opening address was delivered by Fairmarkit CEO Kevin Frechette and BU Chief Procurement Officer Randall Moore. Their session focused on the university’s partnership with Fairmarkit and how it transformed sourcing at the institution.
“Fairmarkit has changed the way we approach sourcing at Boston University,” said Moore. “They listened to our needs and worked with us to build solutions that meet the specific demands of a university. What started as a local partnership has evolved into a platform helping organisations around the world.”
A central theme of the event was the role of AI in procurement, particularly how it can automate routine processes and improve decision-making. Fairmarkit’s platform leverages AI to streamline procurement operations, reduce costs, and enhance efficiency for organisations across multiple sectors, including higher education and healthcare.
