Sonoco Products Company has expanded its partnership with Fairmarkit, an AI-powered autonomous sourcing solutions provider, to streamline procurement operations across Latin America, specifically in Mexico. This builds on a successful collaboration with its North America team.
In one year of working with Fairmarkit in Latin America, Sonoco completed 15,000 sourcing events, achieving a 3.4X return on investment and reducing costs by 9%. The automation of the RFQ process eliminated manual inefficiencies, reduced purchase order rework, and increased supplier competition.
These advancements provide greater visibility into sourcing activities and expand opportunities to engage new suppliers, foster compliance, and drive long-term procurement success. The integration with existing systems like Coupa allowed Sonoco to process over 100 requests per day and run 60 sourcing events in a single day.
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