TrustRadius: an HG Insights company

Fairmarkit vs. Workday Strategic Sourcing

Save this comparison

Save this comparison

Add Product

Recommended Comparisons

    Overview
    ProductRatingMost Used ByProduct SummaryStarting Price

    Fairmarkit

    Score10 out of 10
    Enterprise companies (1,001+ employees)
    Fairmarkit is an autonomous sourcing platform that transforms tail spend and strategic spend so organizations can source more competitively at scale. It integrates with ERP and P2P systems to automate manual source-to-award workflows so procurement teams can manage more events and reduce cycle times by without adding resources. Fairmarkit’s AI-powered supplier recommendations find the best-fit suppliers for events by leveraging an organization’s procurement data,…N/A

    Workday Strategic Sourcing

    Score6.1 out of 10
    N/AWorkday Strategic Sourcing supports procurement by automating source-to-contract processes, from project intake to supplier management, and by surfacing contract obligations. It leverages Workday AI to provide insights and conversational tools that help teams identify savings opportunities and mitigate supplier risk.N/A
    Pricing
    FairmarkitWorkday Strategic Sourcing
    Editions & Modules
    No answers on this topic
    No answers on this topic
    Offerings
    Pricing Offerings
    FairmarkitWorkday Strategic Sourcing
    Free Trial
    NoNo
    Free/Freemium Version
    NoNo
    Premium Consulting/Integration Services
    YesNo
    Entry-level Setup FeeNo setup feeNo setup fee
    Additional Details——
    More Pricing Information
    Best Alternatives
    FairmarkitWorkday Strategic Sourcing
    Small Businesses
    No answers on this topic
    No answers on this topic
    Medium-sized Companies
    Precoro
    Score9.5 out of 10
    Precoro
    Score9.5 out of 10
    Enterprises
    GEP Quantum Intelligence
    Score9.1 out of 10
    GEP Quantum Intelligence
    Score9.1 out of 10
    All AlternativesView all alternativesView all alternatives
    User Ratings
    FairmarkitWorkday Strategic Sourcing
    Likelihood to Recommend
    10.0
    (1 ratings)
    9.1
    (2 ratings)
    User Testimonials
    FairmarkitWorkday Strategic Sourcing
    Likelihood to Recommend
    Fairmarkit
    Tooling, packaging, shipping supplies, and fasteners have given us the best results. Sourcing for food vending was not very successful.
    Incentivized
    Read full review
    Workday
    Scout RP is wonderful to help keep an RFP very organized. It is excellent to have a single version, so that all team members helping compile an RFP response have a single place to know that they are on the current version. If a company doesn't want to respond within Scout RFP, it's my understanding that the RFP information can be exported from Scout RFP, compiled in a different tool (like XLS), and then pulled back into Scout RFP for submission. From a collaboration standpoint, there's not an easy way to "assign" questions or items. Sometimes at my company, we need different experts to answer different questions. We have to use another tool, like email or Slack, to let that person know he/she needs to answer. However, in other tools, a certain block can be assigned to the person internally within the tool.
    Incentivized
    Read full review
    Pros
    Fairmarkit
    • compares bids
    • ranks potential supplier for each RFQ
    • messaging inside the app is more effective than emails
    Incentivized
    Read full review
    Workday
    • Contract Pipeline
    • Contract Management
    • Supplier Onboarding
    Incentivized
    Read full review
    Cons
    Fairmarkit
    • making customs fields have required input by the buyer
    • a little more flexibility in the reporting, driven by the user
    Incentivized
    Read full review
    Workday
    • No way to flag where I need an internal colleague to review or add to an answer
    • No way to assign items to an internal team member for that person to answer a question
    • No status bar of the remaining items not yet answered
    Incentivized
    Read full review
    Alternatives Considered
    Fairmarkit
    Fairmarkit brought a better value to the table that other competitors.
    Incentivized
    Read full review
    Workday
    I have only used RFPIO to facilitate searching for RFP answers. I have used Scout RFP only to respond to customer RFPs. I assume they have functional overlap, but my interactions with each have not included this functional overlap. For each tool's respective use, I have found them very simple, intuitive, and helpful.
    Incentivized
    Read full review
    Return on Investment
    Fairmarkit
    • Our 1X ROI was achieved in 4 months
    • After one year the savings exceeded our target
    Incentivized
    Read full review
    Workday
    • Contract Management has saved a ton of time and energy
    • Reporting has been helpful
    • Spend management has improved over time
    Incentivized
    Read full review
    ScreenShots

    Fairmarkit Screenshots

    Screenshot of Fairmarkit integrating directly into existing enterprise resource planning (ERP) and procure-to-pay (P2P) platforms to create a seamless buying experience. Choose requisitions to source through the platform seamlessly sends the RFx data to Fairmarkit.Screenshot of Fairmarkit's artificial intelligence recommended approved vendors that can provide the requested goods or services, that appears after importing or creating a requisition. Other non-registered vendors can be added from the Fairmarkit vendor ecosystem. After selecting vendors and submitting a request, Fairmarkit will handle soliciting and collecting bids.Screenshot of For RFP events, Fairmarkit can keep evaluation and scoring information in one place to make awarding decisions easier. Evaluators can evaluate and score all or select supplier responses. Supplier responses can be viewed side-by-side for fast comparison.Screenshot of Within 24 hours of sending a request, vendors can submit quotes which will be centralized in one place for processing. Machine learning algorithms will make recommendations based on the responses received. If the request has multiple items, the option can be awarded to one or more vendors, and that information will flow back into a connected ERP or P2P.Screenshot of Fairmarkit offers AI and automation in various ways to make sure that sourcing events is as easy as possible. Guided RFP creation will suggest sections and questions for RFP users to speed event creation.

    Workday Strategic Sourcing Screenshots

    Screenshot of Workday Strategic Sourcing Contract Lifecycle ManagementScreenshot of Workday Strategic Sourcing Supplier Relationship ManagementScreenshot of Workday Strategic Sourcing Strategic Sourcing DashboardScreenshot of Spend Management