Fairmarkit and SAP are excited to announce our completed API integration with SAP S/4HANA - a continuation and expansion of our existing partnership with SAP. Back in February of 2021, we released our integration with SAP Ariba. With the same end goal in mind, we are excited to offer the same autonomous sourcing capabilities with our new SAP S/4HANA application. This new integration solidifies our partnership with SAP moving forward. As customers transition to S/4HANA, both on-premise and cloud, Fairmarkit is ready.
The combined power of SAP and Fairmarkit gives procurement organizations an innovative, efficient and transformative way to source via integrated systems, eliminating the need for manual intervention with autonomous sourcing and intelligently integrated technologies. See how it works:
Fairmarkit and S/4HANA - Better Together
Our Bi-Directional API integration with SAP S/4HANA enables customers to automatically source and award purchases that historically would not be competitively sourced. Leveraging SAP S/4HANA’s existing purchase approval rules, Fairmarkit determines which purchases can be competitively sourced and automatically creates RFQ events for those requests before they become POs. Once the requisitions are in Fairmarkit, our AI/ML goes to work automatically recommending suppliers, identifying 3+ suppliers instantly from your existing supplier master and our broader marketplace, empowering a single buyer to process thousands of RFQs per month. Once the RFQ is awarded, Fairmarkit updates the purchase requisition in SAP S/4HANA automatically.
The Fairmarkit integration is designed to automate a historically manual process, and at the same time be as minimally as disruptive as possible. Our standard integration time into SAP S/4HANA is about 6 weeks. “Our work inside the SAP environment has been incredibly successful, and we look forward to reaching more of their end users moving onto their cloud environment, with immediate benefit that requires little-to-no IT lift. SAP is the leader in business spend management and enterprise commerce, so we are honored to help more of their customer base find the savings inevitably hidden in the 80 percent of purchases that make up tail spend," says Kevin Frechette, Co-Founder & CEO of Fairmarkit.
See the value Fairmarkit and SAP deliver
By using Fairmarkit to automate the source to award process, customers are seeing an average of 11.4% savings of purchases through the platform. We are driving efficiency gains as well, and although efficiency can be hard to quantify, think of it this way: on average, in Fairmarkit it takes a buyer 2 minutes and 41 seconds of work per event, from opening an RFQ to awarding it.
If your business isn’t sourcing out all of the purchases you could today, how much money are you leaving on the table, every month? If your business is sourcing out these purchases today, does it take longer than 2 minutes and 41 seconds of work? We can help quantify the problem and the opportunity. If you’re interested in learning more, you can check out our SAP App store listing for SAP S/4HANA or set up time with our team to chat.