TrustRadius: an HG Insights company

Fairmarkit

Score10 out of 10

2 Reviews and Ratings

Get a Demo

What is Fairmarkit?

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, as well as the thousands of buyer and supplier interactions on the Fairmarkit marketplace everyday. The resulting competitive bidding helps buyers uncover cost-savings across categories without compromising on compliance and ESG requirements.

Fairmarkit's GenAI sourcing intake tool, named KIT, helps procurement teams capture more spend and deliver a better experience to business stakeholders. KIT can ingest user requests, generate an SOW, route the spend based on internal policies, and even automate the creation of RFx to go from intake to sourcing in minutes rather than months.

Categories & Use Cases

Media

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.
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.
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.
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.
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.

1 / 5

Reviews

What users are saying about Fairmarkit.
View all reviews

Best value in class

Incentivized
Greg Marshall
Dir. of Corp Sourcing at Safariland LLC (1001-5000 employees employees)

Use Cases and Deployment Scope

We use it for sourcing MRO and tailspend areas. Increases buyer productivity, assists in locating new net suppliers, makes our current suppliers more competitive.

Pros

  • compares bids
  • ranks potential supplier for each RFQ
  • messaging inside the app is more effective than emails

Cons

  • making customs fields have required input by the buyer
  • a little more flexibility in the reporting, driven by the user

Most Important Features

  • the online knowledge base is very useful
  • the auto scheduling of reports is a time saver
  • the ability to message all vendors on an RFQ at one-time is a time-saver

Return on Investment

  • Our 1X ROI was achieved in 4 months
  • After one year the savings exceeded our target

Alternatives Considered

Coupa

Related Products

Products similar to Fairmarkit that may also meet your needs.
All comparisons
Accenture
CompareLearn more
GEP SMART
CompareLearn more
PROACTIS Spend Control Platform
CompareLearn more