Fairmarkit enables supplier management on three fronts: Supplier Consolidation, Disadvantaged Business Inclusion and Supplier Performance.
Supplier Consolidation: Many organizations target reductions in their supplier base to minimize the administrative costs of maintaining suppliers and drive more business to strategic partners. There are three challenges here.
Fairmarkit’s unique process for collecting and interpreting supplier data allows for both consolidation recommendations and easy access. This allows you to maintain healthy competition across preferred suppliers.
Disadvantaged Business Inclusion: In the past five years, Disadvantaged Business Enterprise (DBE) and Certified Supplier Inclusion has extended from a requirement limited to the public sector to a top priority for all forward thinking procurement departments. Fairmarkit’s auto-supplier recommendation system provides executives with controls to eliminate preferential supplier treatment, filter for DBEs and track overall DBE performance for company-wide DBE reporting. It’s no longer on the buyers or shoppers to memorize DBE vendors, dig through DBE internal databases or scour the internet to ensure the business world is fair for everyone.
Supplier Performance: Most organizations don’t have a strong grasp on supplier performance. This is true for their 20% of strategically managed vendors and more so for the 80% of non-strategically managed vendors. Fairmarkit collects metadata on supplier participation, “no bid” reasons, win rate, average loss percentage and several other metrics to ensure procurement executives can group suppliers at a macro-level to make high-level, strategic decisions.