Even the smallest efficiency increase can lead to massive savings in enterprise companies. You could be wasting millions per year on outdated processes and non-competitive bidding.
FairMarkIT offers procurement and technology professionals an automated intelligence platform built to help reduce the time spent requesting, managing & interpreting quotes, while also increasing the amount of competitive bids to drive prices down.
Up To 40% Cost Reduction
Vendors who submit their bids directly to a buyer that they’ve worked with for 5+ years are going to price the product where it needs to be to earn the business. Without competition or urgency to price more aggressively , why would they? But what happens when you remove the cloak and invite a larger pool of suppliers?
Transparency breeds competition.
With FairMarkIT’s open and transparent bidding platform, each vendor can see previous price benchmarking and the number of other vendors viewing the bid, increasing the competition and yielding (on average) an 8%+ savings (some purchases over 40%) for procurement teams across all tail spend purchases.
15% Time Savings
In the current environment, procurement teams spend hours on requisitions. A significant amount of time is spent on requesting bids, searching for vendors, managing incoming offers, finding and comparing with historical offers, and then finally notifying the winning vendor.
It’s about time that we automated parts of the process. With FairMarkIT, procurement teams increase efficiency across their buying teams. On average, buyers spend 15% less time on bids.
Centralized Historical Data
Some purchases happen year after year, some occur several times a year. What did you pay for the product last year? How many competitive bids did your team receive?
Historical prices are very important. They provide critical context when analyzing current bids. Stop wasting time finding each quote from past years and working to share it across multiple teams. FairMarkIT’s platform offers a centralized and structured format for your historical quotes.
Ensure your teams are equipped with enough data to make the most informed decision.