Automated Tail Spend

Creating a Request For Quote (RFQ) can sometimes be difficult and time consuming. Equally as frustrating is the process afterwards. Manual bid collection is not scaleable and it’s not efficient.

Vendor selection is difficult for a multitude of reasons. First, procurement teams must make sure that they’ve requested bids from the best possible vendors (not just your legacy vendors). Next, they must ensure that the bids they’ve received are actually competitive. Finally, the selection process begins and the buyer needs to ready the documents to finalize the winning bid.

Automated RFQs.

Easily create a Request for Quote in less time then sending out one email bid request.

Using FairMarkIT’s software, your requisition is ready to send to vendors and begin receiving bids within just a few clicks. Bids are automatically collected and organized in real-time, so that you don’t have to.

Reverse Auctions.

Reverse the order of operations. Instead of waiting for vendors to submit their bids to your buying team in secrecy, FairMarkIT’s Automated RFQ software has the ability to unveil the entire process to each vendor.

FairMarkIT has found that transparent auctions provide more competitive bidding. Reverse auctions force vendors to fight more aggressively to earn your bid, submitting better offers that often results in impactful savings.

Get More Bids.

On average, a buyer can expect anywhere from 1 to 3 bids per purchase, when collecting manual bids.

With Automated RFQs, reverse auctions that promote transparency, and a real-time bidding system, the average FairMarkIT customer can expect upwards of 10 bids for many of their purchases.

More bids translates directly into lower prices.

Automatic Selection.

It’s imperative to keep organized. Unfortunately, without automation, many companies are left looking for a needle in the haystack while interpreting the bid data for each purchase.

FairMarkIT’s all-in-one solution allows teams to discover new vendors, collect and organize bids, and even automate the selection of the winning bidder.

On average, each buyer sees a 15% increase in time savings when using FairMarkIT’s procurement software.

``FairMarkIT is hyper focused on tail spend. They equip the procurement team with the tools and actionable insights they need to deliver value.``

greg-tennyson-picture

Greg Tennyson
Former Chief Procurement Officer
Salesforce.com & Oracle