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.
Fairmarkit, a leading AI-powered autonomous sourcing solutions provider, has expanded its partnership with Sonoco, a global leader in high-value sustainable packaging, to streamline procurement operations across Latin America.
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.
“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 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.
“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.
