Transparency in the procurement process is essential to ensuring your company receives competitive bids. Collaboration is also extremely important to the success of your organization.
Stop the secrecy. Stop the duplicate efforts.
Dealing with policies and regulations can put a damper on the speediness of the procurement process. Whether you’re a part of a public or private company, you’re aware of the unique challenges associated with finalizing a purchase.
What's Your Competition Paying?
What are your competitors paying for the same products? Are you getting the best deal for your industry, company size, region?
FairMarkIT’s price transparency model allows teams to validate pricing across a massive database composed of public, private, VAR’s, etc. Using this data, your team can benchmark externally to can gain a holistic view of how your pricing compares to other organizations.
No More Secret Bids.
During the procurement process, buyers often receive bids via email. We call these “secret bids” because they’re not visible to anyone outside the buyer and the vendor.
Wouldn’t it be great if the other vendors were able to see what the most competitive bid submitted was? FairMarkIT believes that as more vendors submit bids, prices will decrease as they fight to win the contract and earn your business as a customer.
With FairMarkIT you can collect public or private bids and make them visible to other vendors as you see fit (we strongly recommend you to be fully transparent, but are happy to make sure we accommodate your preferences).
Avoid the Headaches.
Adherence to strict procurement protocols presents a challenge for most teams.
Tedious documentation and internal rules and regulations can act like speed bumps for teams trying to close out a deal quickly.
FairMarkIT’s bidding process takes rules and regulations into account ahead of time, ensuring that policies and regulations are met before and while bids are submitted.
Work Smarter, Not Harder.
Collaboration is extremely important within procurement teams. Considering that much of the work is being done offline, it’s easy for teams to duplicate efforts. With each incoming bid the chances of losing productivity increase.
With FairMarkIT’s procurement software, teams can easily share vendor distribution lists internally, as well as leverage other organizations’ vendor distribution lists per manufacturer, subcategory, or part number.
Cooperative purchasing is made possible with our platform, giving you the ability share quotes across buyers on your team, fostering a collaborative environment and ensuring that efforts are not duplicated.
Time Is Money, Too.
Whether you’re a public or private company, procurement teams often have a massive effect on the bottom-line of the business. Saving even the slightest amount on each purchase can result in a massive positive impact on your company’s P&L. This also translates to the benefits of time savings.
Company regulations and policies often slow down the buying journey. With FairMarkIT, you can solve this dilemma by automatically taking into account regulations during the bidding process.
Speed Up Government Purchasing.
Spending habits of government organizations come under much greater scrutiny both internally and by the public. Why? Taxpayer money is at risk.
Governments must put a greater emphasis on the selection of the right service or product. Often, more detailed communication and documentation is needed to adhere to regulations. While that can be a positive for the taxpayer, it often slows down the process.
FairMarkIT’s suite of transparency tools and automatic bidding software can help to accelerate any government purchase.