INTELLIGENT BRANDS // Green Technology

Global packaging leader Sonoco triples ROI and completes 15,000 sourcing events in one year – paving the way for GenAI adoption in LATAM procurement with Fairmarkit ’ s Technology .

After a successful partnership with their North America team , Sonoco has broadened their use of Fairmarkit ’ s AI-driven sourcing and procurement technology to standardize procurement workflows , automate sourcing requests and centralize supplier engagement across their operations in Mexico .

In one year working with Fairmarkit in Latin America , Sonoco completed 15,000 sourcing events , achieved a 3.4X return on investment , and reduced costs by 9 %. Automating the RFQ process allowed Sonoco to eliminate manual inefficiencies , reduce PO rework and increase 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 .

quote is awarded , Fairmarkit updates the request automatically with the RFQ details and the requisition continues on with the business approval process . This was made possible due to the strong integration between Fairmarkit and Coupa .”

With Fairmarkit ’ s advanced AI-driven sourcing technology , Sonoco quickly mapped out custom procurement workflows and centralized sourcing activities , allowing its teams to process over 100 requests per day and successfully run 60 sourcing events in a single day . By seamlessly integrating into existing systems like Coupa , Fairmarkit enabled Sonoco to optimize its end-user experience and rapidly expand the program to new categories and sites , supporting consistent results across LATAM operations .

“ Having the requesting and sourcing process integrated into one system has provided some key benefits to the LATAM team including automation , efficiency , visibility , control , a wider supplier base and standardized processes .” said Eira Bunnell , Continuous Improvement Lead , Sonoco .

“ Requesters now enter their item request directly in Coupa and the events are routed to Fairmarkit to initiate an RFQ . When the winning

HAVING THE REQUESTING AND SOURCING PROCESS INTEGRATED INTO ONE SYSTEM HAS PROVIDED SOME KEY BENEFITS TO THE LATAM TEAM .

“ Our partnership with Sonoco is a testament to what ’ s possible when companies embrace bold ideas in procurement ,” said Kevin Frechette , CEO , Fairmarkit .

“ Procurement isn ’ t just a function – it ’ s a catalyst for growth . Sonoco ’ s results in just one year speak volumes about their vision and dedication to transforming how they approach sourcing . We ’ re proud to stand alongside them and all of our LATAM customers who continue to set new standards for what great procurement can achieve .”

As a leading autonomous sourcing platform , Fairmarkit is leveraged across a number of industries by innovative procurement teams at companies like BP , Snowflake , Nestle , Maxar and Boeing ,

With net sales of approximately $ 6.8 billion in 2023 , Sonoco has approximately 22,000 employees working in more than 300 operations around the world , serving some of the world ’ s best-known brands . p

www . intelligentcio . com INTELLIGENTCIO LATAM 57