Usage Overview
The Usage Overview report provides a high-level overview of your request for quote events, including a summary of baseline spend, event activity, and identified and awarded savings.
Baseline Spend
Displays a summary of the baseline value of request for quote events opened in Fairmarkit for the filtered time period.
If you drill into this value, you can review and download a list of events included in the calculation. This includes a breakdown for each event, including the RFQ ID (with a link), Request ID, Status, Created at Date, Title, Baseline Spend USD, Cost Avoidance, and Cost Savings.
Opened RFQs
Displays the number of opened request for quote events.
If you drill into this value, you can review and download a list of events. This includes a breakdown for each event, including the RFQ ID (with a link), Request ID, Created at Date, Status, Title, Requester Title, and Full Name.
Single-Sourced RFQs
Displays the number of request for quote events that were single-sourced.
If you drill into this value, you can review and download a list of events. This includes a breakdown for each event, including the RFQ ID (with a link), Request ID, Created at Date, Status, Title, Requester Title, and Full Name.
Identified Savings
Displays the sum of identified, potential savings for your opened events. Identified savings is calculated at the line item level as Baseline - Lowest Bid. This value doesn't include alternative items. Example.
Identified savings example
Item
Supplier 1
Supplier 2
Supplier 3
Average proposal (baseline spend)
Lowest
Identified Savings
#123
$100
$75
$200
$125
$75
$50
#456
$225
$230
$205
$220
$205
$15
#789
$325
---
---
$325
$325
$0
If you drill into this value, you can review and download a list of events included in the calculation. This includes a breakdown for each event, including the RFQ ID, Request ID, Status, Created at Date, Title, Identified Savings, and Awarded Savings.
Awarded Savings
Displays the sum of awarded savings for your request for quote events. This value is calculated at the event level as baseline spend - awarded bid. This calculation only includes values where you saved money.
Awarded savings example
For the following example event, there are three awarded line items. The awarded savings calculation highlights saving. When an item is equal to or more than the baseline spend, it is zeroed in the calculation; we don't include negative values. Because awarded savings is calculated on the event level, there is a negative savings and the event does not include savings overall (zeroed).
1
Monitor
$500
$500
$0
$0
2
Laptop
$1500
$2500
-$1000
$0
3
Keyboard
$150
$50
$100
$100
Event total:
$2150
$3050
-$900
$0
Event vs. line item savings
While savings can be calculated on the event or line item level, the Fairmarkit standard dashboards use the event level calculation, which means we look at the lowest total response from a single supplier to find savings.
For comparison, line item level savings are calculated for each line item and typically show higher savings. However, this method doesn't allow you to see how the lowest full supplier response compares to other responses.
1
$100
$80
$90
$110
$20
2
$100
$110
$100
$50
$50
3
$100
$50
$90
$75
$50
Total Bid Amount
$300
$240
$280
$235
Event level savings
$65
Line level savings
$120
If you drill into this value, you can review and download a list of events included in the calculation. This includes a breakdown for each event, including the RFQ ID, Request ID, Status, Created at Date, Title, Identified Savings, and Awarded Savings.
Sealed RFQs
Displays the number of sealed request for quote events.
If you drill into this value, you can review and download a list of events. This includes a breakdown for each event, including Full Name, Opened at Date, Lowest Bid, and Quotations.
Urgent RFQs
Displays the number of request for quote events that were marked as urgent.
If you drill into this value, you can review and download a list of events. This includes a breakdown for each event, including Full Name, Opened at Date, Lowest Bid, and Quotations.
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