Fairmarkit, the intelligent sourcing platform, today introduced the release of new capabilities that simplify and streamline competitive RFPs for procurement teams. An expansion of Fairmarkit’s intelligent sourcing platform, these added capabilities make Fairmarkit the only all-in-one solution that leverages automation to make competitive sourcing easier for both RFQs and RFPs in one cohesive experience.
Traditionally RFPs are a high-touch, time-consuming process, requiring manual efforts by procurement teams to build requests, collaborate with stakeholders, manage vendor progress and consolidate responses. As a result, procurement departments face significant limitations: teams conduct an average of just 20 sourcing events a year leaving over 80% of transactions untouched. Meanwhile, RFPs are treated as a unique and differentiated process, requiring separate tools for more complex sourcing events.
Fairmarkit is breaking new ground in the procurement industry by bringing a first-of-its-kind solution to automate and streamline the RFP process, while maintaining the simple experience of RFQ sourcing. Fairmarkit RFP expands upon Fairmarkit’s existing capabilities that help companies competitively source more of their spend by enabling customers to now handle a wider variety of sourcing events—from the most simple to the most complex. By acting as a central source of information for buyers, businesses have access to structured reporting across all types of purchases.
Fairmarkit’s efficiency-first approach to RFPs greatly eliminates manual efforts, enabling procurement teams to cut the average sourcing time in half and multiply the number of RFPs they can complete each month. By saving teams time and clicks, they’re able to run more competitive events, resulting in greater bottom line impact, increased operational efficiency, sustainability and diversity enrichment and tracking, and more structured visibility into vendor responses.
“We built RFPs into Fairmarkit because we saw customers already using our platform to manage these types of complex sourcing events,” said Kevin Frechette, co-founder and CEO of Fairmarkit. “These new capabilities allow our customers to conduct a broader range of sourcing events on our automated platform, saving them time, maximizing efficiency and allowing customers to get more spend under management through a streamlined sourcing process.”
“Fairmarkit delivers automated sourcing that allows our team to be highly efficient,” said Joe Frederick, Senior Director at Snowflake. “With the addition of this new set of capabilities, Fairmarkit RFP brings that innovation to more strategic sourcing events in a way that other technologies do not. By integrating with Coupa and streamlining every point in the sourcing process, Fairmarkit allows teams to run more events than ever, and greatly impact their KPIs.”
Fairmarkit easily integrates into any existing processes and systems, extending the value of the technology tools customers already use. The product is available now. For more information, visit fairmarkit.com/rfp.