TrustRadius Insights
Efficient Supplier Management: Reviewers have praised Fairmarkit for its ability to effectively manage suppliers and requests for …
Overview
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…
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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…
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For the latest information on pricing, visithttps://www.fairmarkit.com/pricing
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Product Details
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- Tech Details
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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.
Fairmarkit Features
- Supported: Request management
- Supported: Process automation
- Supported: Vendor recommendations
- Supported: Spend analytics
- Supported: ERP/P2P integration
- Supported: Sourcing intake
- Supported: Strategic sourcing
Fairmarkit Screenshots
Fairmarkit Integrations
Fairmarkit Competitors
Fairmarkit Technical Details
| Deployment Types | Software as a Service (SaaS), Cloud, or Web-Based |
|---|---|
| Operating Systems | Unspecified |
| Mobile Application | No |
| Supported Countries | All |
| Supported Languages | All |
Fairmarkit Customer Size Distribution
| Consumers | 0% |
|---|---|
| Small Businesses (1-50 employees) | 0% |
| Mid-Size Companies (51-500 employees) | 30% |
| Enterprises (more than 500 employees) | 70% |
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Reviews and Ratings
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Community Insights
TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!
- Pros
- Cons
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.
Reviews
(1-1 of 1)Companies can't remove reviews or game the system. Here's why
January 03, 2023
Best value in class
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 brought a better value to the table that other competitors.