Understanding how Fairmarkit provides supplier recommendations to help automate the sourcing process:
Our software learns from your purchasing history and supplier data in order to provide the best recommendations to fulfill your requests. To make this process possible, our software uses two key factors to search for and rank the suppliers within Fairmarkit.
The first aspect is how our system provides the supplier search:
The Manufacturer, Part Number, UNSPSC Code, and the Description of an RFQ are dynamic, they will auto-populate suggested suppliers based on purchasing history in your organization. Each supplier will show a color-coded reason why the system suggested it. The more specific you can be, the more accurate the results.
The second aspect is supplier ranking:
All pre-populated suppliers that appear when an item is entered into the description of an RFQ will be ranked according to their previous behavior on the platform. The top recommendations will be taken by suppliers who previously were able to deliver the best on metrics within each given sourcing category: competitive pricing, best delivery time, and quickest response time.