Name: Fairmarkit
Rating: 10 (2 reviews)
Author: Fairmarkit

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### Pricing Strategies
Users generally appreciate Fairmarkit's pricing strategies for their efficiency in obtaining accurate pricing and lead times, enabling informed sourcing decisions. The tool's ability to automatically search for the best prices across various catalogs is seen as a valuable feature that contributes to cost savings. While some users find room for improvement in the depth of analysis provided by the reports and bid management functions, overall, Fairmarkit's pricing strategies are regarded positively for their role in enhancing procurement processes.

### Cost Savings
Users consistently highlight Fairmarkit's cost savings feature as a standout aspect of the platform. The tool's ability to effortlessly identify optimal pricing and lead times for products has enabled users to achieve notable savings without extensive manual effort. Additionally, Fairmarkit's integration with Procure 2 Pay systems streamlines the sourcing and quoting process, contributing to enhanced efficiency and cost-effectiveness in procurement operations. The platform's capacity to automate savings generation through catalog aggregation has garnered positive feedback from users seeking to optimize their nonstrategic spend and improve purchasing visibility.

### Spend Analysis
Users are particularly impressed with Fairmarkit's spend analysis capabilities, highlighting its effectiveness in managing tail spend and nonstrategic purchasing. The tool has enabled significant cost savings, streamlined procurement processes, and provided valuable insights into purchasing patterns. Fairmarkit's spend analysis functionality has proven to be a game-changer for many organizations, offering a solution to a long-standing challenge in procurement.

### Supplier Management
Users consistently highlight Fairmarkit's supplier management as a key strength of the platform. The tool's ease of use, practicality, and positive feedback from suppliers contribute to a smooth supplier relationship management process. While some users have noted minor drawbacks such as challenges with chat functionality and room for improvement in supplier recommendations, overall, Fairmarkit's supplier management features are commended for streamlining supplier interactions, facilitating price comparisons, and enhancing vendor relationships.

### Quote Management
Fairmarkit's quote management functionality has garnered high praise from users, who find it instrumental in streamlining their procurement processes. Users appreciate the ease of comparing quotes from different suppliers, facilitating quick decision-making and efficient purchasing. The platform's intuitive interface and swift communication with vendors have significantly improved operational efficiency for businesses. Additionally, Fairmarkit's ability to optimize nonstrategic spend and enhance visibility into purchases has been commended by users, highlighting its value in managing quotes effectively.

Efficient Supplier Management: Reviewers have praised Fairmarkit for its ability to effectively manage suppliers and requests for quotations. The platform offers a detailed review of all suppliers, their prices, and offers, making it easy to compare prices and choose the most appropriate supplier for their company.

Supplier Qualification Tool: Several reviewers have commended the supplier qualification tool provided by Fairmarkit. This feature provides a lot of information necessary to know the supplier, including purchase history, previous prices, description, and quality of their products.

Catalog Aggregator Feature: Many users found the catalog aggregator feature to be very useful. It automatically searches for the best prices that exist in various catalogs and presents the information in an easy-to-understand format. This hands-off savings generation feature is a significant value proposition for the software.

Inadequate Reporting: Some users have reported that the software's reporting is insufficient and lacks completeness. They suggest that the reports need to be more detailed and provide a justification for supplier selection based on factors beyond just price.

Lack of Bid Management Features: A few users have noted that the bid management system is lacking important features, such as quality and durability, which should also be taken into account during product purchases in addition to price.

Steep Learning Curve: Several users feel that the software has many modules and tools, making it challenging for them to understand its functionality.

Emptoris

Microsoft's Dynamics 365 Supply Chain Management allows users to use predictive insights and intelligence from AI and Internet of Things (IoT) across planning, production, inventory, warehouse, and transportation management to maximize operational efficiency, product quality, and profitability. It replaces the SCM capabilities of the former Microsoft Dynamics 365 for Finance and Operations (Dynamics AX), splitting them off from Dynamics 365 Finance, in order to provide more flexible pricing and allowing customers to buy only what they need.

Microsoft Dynamics 365 Supply Chain Management

Fairmarkit

Procurement software automates the process of purchasing materials and replenishing inventory. Central to it is electronic purchase ordering and approvals, as well as invoicing and bill payment. The software includes vendor management for competitive pricing and service and vendor follow-ups. Procurement is an essential component of supply chain management and may be available via supply chain management suites.

Procurement

Likelihood to Recommend

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.

Fairmarkit is the intelligent sourcing platform that empowers organizations to more efficiently purchase the goods and services they need. By equipping procurement and supply-chain teams with automation and data, Fairmarkit promotes competitive bidding while reducing manual work within existing processes.

This guide is intended to help procurement professionals understand and apply artificial intelligence successfully. It includes a glossary of important terms, specific use cases for procurement, and security and privacy concerns. The guide helps readers to identify and champion when to use artificial intelligence solutions in procurement to maximize value in an organization.

Dir. of Corp Sourcing

Fairmarkit 2023-01-03 10:58:53

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Procurement Software

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

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

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

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

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

Fairmarkit

Overview

What is Fairmarkit?