FairMarkIT VS Online Procurement

Through streamlined sourcing, vendor identification, and automated quoting, Fairmarkit accelerates the bid-to-buy process. The solution uses machine learning and artificial intelligence to reduce manual effort by 30-40% on purchases while yielding savings of over 15%. The platform connects directly to your existing internal systems providing a rapid implementation process and enabling more spend to be placed under management. Fairmarkit is headquartered in Boston and is the only solution focused exclusively on tail spend sourcing and payment process.

Online Procurement is the flexible, easy-to-use e-procurement suite for managing suppliers and streamlining corporate purchasing processes. The platform's modules enable you to simplify order management, gain real-time control over spend, plan purchases strategically, select and manage suppliers more efficiently, create and archive contracts, evaluate performance and align with suppliers on ESG goals, monitor invoices and payments, and mitigate risk through greater standardization of processes and contracts. Online Procurement modules are on-demand and fully integrated with enterprise management systems such as ERPs. The platform is delivered in SaaS mode, ensuring the highest level of information protection, certified by international standards including ISO 9001 and ISO 27001. High-level SLAs and guaranteed 99.996% uptime. No IT resources are required on your end.

Key Features: - Custom supplier onboarding and qualification - Efficient supplier collaboration - Quick and easy supplier sourcing - Supplier performance and ESG scorecards - Create sourcing events and compare proposals - Multiple negotiation and award types available - Buy from a customized e-catalog - Compliant contract management - Monitor spending in real-time - Strategic budgeting aligned with business goals - Streamline the payment approval process - Risk management and mitigation - ERP software integration available