Autonomous sourcing

Moving to autonomous sourcing can increase the speed and efficiency of the end-to-end event processing for your buying team. Autonomous sourcing automates your simple and repetitive high-volume, time-intensive tasks so you can focus on sourcing more complex, high-value strategic events. This shift increases the speed and efficiency of your team and reduces the effort you are spending on low-value tasks.

Important: If you are interested in using autonomous sourcing, contact your Fairmarkit Customer Success Manager.

Benefits

• Reduce cycle time: By automating events, reduce your sourcing cycle times. With more time, you can focus your time on strategic and high-value transactions.

• Achieve higher savings: Find higher savings with bundled events awarded by your criteria.

• Compliance and diversity: Maintain compliance and diversity requirements by automatically sending your event to a variety of recommended suppliers, considering your diversity goals.

Could autonomous sourcing help me?

If you're wondering if autonomous sourcing could benefit your team, review the following considerations to see if you're a good candidate:

Business goals

• Your buyers aren't focused enough on strategic requests.

• You have business goals related to SLA and reducing cycle time.

• Your low value transactions require manual intervention.

• A high number of your events are stuck in draft status.

Processes

• Buyer assignment roles are clearly defined.

• Your events have detailed, clear, and clean item descriptions.

• You have a significant number of high volume, low value request.

Overview

With the Autonomous sourcing , you can choose to leverage one or more autonomous sourcing capabilities to benefit your business.

• Auto-bundling: Auto-bundling helps to optimize savings on your request for quote events by combining events to create bundles.

• Auto-sending: Based on a customizable schedule and recommendation criteria, Fairmarkit matches suppliers to your request for quote events and sends your events to suppliers for you. With auto-sending, you'll have more time to focus on more complex events, and together with auto-bundling , you can create attractive and efficient events for suppliers. You can select to award events for specific buyers or across your entire company.

• Auto-awarding : Auto-awarding allows you to standardize and automate your awarding process for request for quote events. You can define your own rule-based, weighted criteria, and Fairmarkit will review supplier responses to your event and award the response that most closely matches your criteria. With auto-awarding, you'll save time and ensure you're consistently awarding the best response to meet your sourcing goals. You can select to award events for specific buyers or across your entire company.