We all know that feeling of logging on to view your credit card account when it’s time to pay the bill, getting a glimpse of your statement, and thinking “how the heck did I spend so much?” Your list of recent transactions doesn’t tell you much, except for that you did, in fact, spend that much money this month. Where are the biggest opportunities for savings? What categories went over the budget you set? These questions aren’t readily answered.
Now, multiply that feeling by the millions of dollars that organizations spend annually, and you get a view into the frustration that procurement professionals experience daily with their tail spend. Rogue transactions are spread across thousands of employees and hundreds of P-Cards without any easy way to get the data in one place. It’s a black box—the money is being spent, but it’s almost impossible to know any details beyond that.
That’s no longer the case. We are excited to share Fairmarkit’s newest feature enhancement: Advanced reporting. Advanced reporting brings actionable sourcing insights to the forefront.
Procurement and supply-chain teams gain a deeper level of visibility into sourcing, buyer, and vendor activity with enhanced analytics on everything being sourced through Fairmarkit. These insights are easy to access, easy to read, and easy to share.
With these out-of-the-box dashboards, you can readily track progress against KPIs at the department or individual level.
Get a holistic view of your Fairmarkit tail spend and sourcing activity—cycle times, savings metrics, and activity tracking
See how individual buyers are performing, check the status of their sourcing requests, and ensure they are complying with internal policies:
Use the vendor performance dashboard to identify new strategic relationship opportunities or highlight areas for improvement.
Better yet, you can get all these insights delivered straight to your inbox (or to any stakeholders’ inboxes, for that matter) with scheduled, automated reports. No need to log in to the platform or set reminders to download a report.
Want to see how you can get more visibility and more control of your tail spend? Request a demo today and we’ll show you how Fairmarkit can help.