Usage Over Time
The Usage Over Time section contains reports summarizing activity, spend, and monthly savings.
Monthly Spend, Identified Savings, Awarded Savings, and Total Opened RFQs
The Monthly Spend, Identified Savings, Awarded Savings, and Total Opened RFQs report provides a chart view with a monthly summary of your total number of opened request for quote events, monthly baseline spend, and identified and awarded savings.
Baseline Spend USD
Displays your baseline spend on an item, service, category, or in general in Fairmarkit for a specified period of time.
When a Benchmark value is provided, Baseline Spend will reflect the Benchmark value. The Benchmark value may be imported from or calculated based on values in your purchasing application or manually entered on an event.
When a benchmark isn't provided, Baseline Spend will be calculated as the average of supplier responses, excluding any outliers.
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.
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. 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.
Total Opened RFQs
Displays the total number of request for quote events that have been opened. This includes closed, awarded, and canceled 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.
Cost Avoidance & Cost Savings by Month
The Cost Avoidance & Cost Savings by Month report provides a chart view that compares cost avoidance and cost savings against the number of opened request for quote events.
Cost Avoidance
For awarded request for quote events, if the Benchmark was not entered, this value is calculated as the average of bid unit prices - awarded bid unit price. If a Benchmark was entered, this value will be $0.00.
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.
Cost Savings
For awarded request for quote events, if the Benchmark is greater than 0, this value calculates as (Benchmark - minimum unit price awarded) * quantity. If a Benchmark was not entered, this value will be $0.00.
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.
Total Opened RFQs
Displays the total number of request for quote events that have been opened. This includes closed, awarded, and canceled 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.
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