As our CEO and Co-Founder, Kevin Frechette said, momentum is “a series of small moments that show progress in the right direction… you can’t exactly put a finger on it, but there are times where it’s clearer than others that the momentum is building.” 2022 was exactly that - moments in the right direction.
That direction has, and will always be, empowering organizations to more efficiently purchase the goods and services they need. We’re obsessed with helping procurement and supply-chain teams with automation and data, which promotes competitive bidding while reducing manual work.
As the year comes to a close, we wanted to take a moment to look back and reflect on the trends, innovations, and highlights that made this year so special →
2022 by the numbers
Yubikey USB C, NFC - Dual Authentication Key was most sourced item
Through this year, Fairmarkit released over 40 features to help procurement professionals to become more data-driven in their sourcing decisions via our unified platform. To help you stay updated, we compiled a roundup of all of the products that we announced.
Here are the key takeaways from everything we have launched:
- Market-leading autonomous sourcing features: With new automated bundling, automated sending, and automated awarding capabilities, you can drive to a new level of operational excellence in your procurement teams.
- New integrations to prominent applications: We have continued the expansion of our integration portfolio to applications such as SAP S/4HANA, Oracle ERP Cloud, and Workday Financials to help unlock your enterprise data for intelligent sourcing.
- Enhanced RFP, and new RFI use case support: Our RFP is enhanced with templates which drive faster & compliant sourcing, along with newly added support for the complementary RFI use case.
- New tools for our suppliers: With new self-service on-boarding tools, our growing community of suppliers can share more information with us such as their preferences and their industry accreditations to fuel our market-leading, AI-powered supplier recommendations.
Continue reading below for more details.
Leading the charge on autonomous sourcing for you
True to our mission, we launched a slew of AI-fueled intelligent sourcing capabilities to help you to autonomously manage your sourcing events. It starts with the confidence scores that are now associated with the automatically recommended suppliers. These confidence scores give you context about why a supplier was recommended to your event, while also giving you a sense for the probability that the supplier will engage by submitting a bid for that event.
Building on the confidence scores, you can now leverage a trifecta of automation capabilities, namely automated bundling, automated sending, and automated awarding. Automated bundling helps you to combine similar events which can result in increased supplier engagement, as well as operational savings via consolidated PO’s. By using automated sending and awarding, you can manage a high volume of sourcing events while Fairmarkit’s platform crunches the numbers for you and optimizes the outcomes for your events. You always have complete control on the factors influencing automated sending and automated awarding, including the diversity of suppliers, incorporating local business’, and ensuring that you get the best price and delivery timelines while sourcing.
And most recently, we rounded off the year by bringing you category suggestions on your events. When category and subcategory information is not included in your events, Fairmarkit’s AI will now predict the category for you. Getting better category and subcategory information will help you to organize your spend, resulting in more accurate reporting and the ability to implement much improved category-based optimization strategies.
Automate repetitive processes with new integrations
Fairmarkit’s growing portfolio of out-of-the-box integrations enables you to unlock years of data from your past sourcing activities. Fairmarkit has expanded our portfolio this year by adding new integrations to market-leading ERP applications such as SAP S/4 HANA, Workday Financials, and Oracle ERP Cloud. By integrating with these systems in minutes using our out-of-the-box integrations, you can continue to execute your organizational processes without any changes, while leveraging Fairmarkit’s AI driven sourcing to get the best outcomes for your sourcing activities.
Furthermore, we have also embraced an open stance by enabling an Open API i.e. the Fairmarkit API, as well as a generic flat-file integration, both of which allow you to integrate any of your proprietary systems with Fairmarkit.
Use templates to create compliant events faster
With templates for RFP, your procurement team can quickly customize and create new sourcing events without having to start from scratch each time. Reduced friction in the RFP creation process makes it easier to focus on identifying the appropriate suppliers for the event, possibly resulting in lower or more comprehensive responses.
Complimentary to RFP’s, you can now also perform an exploratory step during the early stages of your procurement process by executing a RFI in Fairmarkit. Since the RFI capabilities leverage the same backbone as all other the RFx on Fairmarkit, you get the benefits of our AI-enabled supplier recommendations on your RFI events.
Reimagining supplier engagement in a two-sided marketplace
With Fairmarkit, suppliers can access and respond to RFx events via an easy-to-use interface. Earlier this summer, we added new self-service on-boarding tools that allow our suppliers to share information about their business such as the category of goods and services that they provide, the shipping regions they support, and the certifications they carry like their diversity and ESG certifications. Fairmarkit uses this information as yet another input into our AI platform to deliver advanced supplier recommendations by matching appropriate suppliers to events.
Beyond this, we also delivered a host of other enhancements to make it easier for our suppliers to participate in events via our platform. These include:
- Capture additional context from suppliers when they do not bid on events that they were invited to, so that we can incorporate such information while delivering our AI-powered supplier recommendations for events in the future.
- Redesigned and optimized the supplier quote pages to increase the speed at which suppliers can respond to quotes.
Looking ahead
We couldn’t have done any of this without our dedicated Fairmarkit team, our go-to-market partners, and our incredible customers. We’re already looking ahead to see how we can push automation and data intelligence forward to add more value and revolutionize the way all organizations buy and sell. If our customers are interested in learning about what 2023 has in store for Fairmarkit’s product, join our upcoming Future of Fairmarkit: Product Roadmap webinar on February 2nd, 2023.
From our Fairmarkit family to yours, have a restful and joyful holiday season. See you in 2023!
