Supplier recommendations

Fairmarkit helps you identify suppliers most likely to respond to your events. By analyzing your event details, sourcing history, and our supplier database, we generate targeted supplier recommendations for each event.

You can review a summary of why we recommended a supplier and their likelihood to respond. As you continue to use Fairmarkit, the recommendation accuracy will improve. For each event, you can manually add or remove supplier invitations to best match your specific needs.

How are suppliers recommended?

Suppliers are recommended based on an analysis of your event details, sourcing history, and data from our supplier database.

Request for quote (RFQ) and reverse auction events

For request for quote and reverse auction events, recommendations are more focused on the specific line items being requested. This approach involves analyzing similar past requests and suppliers’ historical responses, focusing on item details (e.g., description and manufacturer).

Fairmarkit considers the following information from your event to recommend suppliers:

Shipping address (location) Categories Business unit Company-specific meta-information (e.g., plant codes, buyer teams, purchasing organizations, & content groups)	Category Internal Part # Manufacturer MFG part # Description Benchmark supplier

Request for proposal (RFP) and request for information (RFI) events

For request for proposal or request for information events, recommendations are based more on event-level details, assessing the overall capabilities of suppliers in specific categories rather than on specific items. This considers the overall scope of your request and the supplier's ability to meet those needs.

Fairmarkit considers the following information from your event to recommend suppliers:

• Event title

• Event description

• Event justification

• Location/facility

• Category

How many recommendations will I receive?

The number of recommended suppliers may vary based on your organization's max number of recommended suppliers (company setting) and the quality of available recommendations.

Why was a supplier recommended?

For each recommendation, you can select the supplier to learn more about the supplier and see a list of reasons why they were recommended.

See Supplier info card.

How likely is the supplier to respond?

For each recommendation, you can review the following information:

• Score: Predicts how likely a recommended supplier will respond if invited to the event (low, medium, or high). The score is calculated based on how the supplier company, including all of the supplier's individual contacts, responded to similar events and their current activity level in Fairmarkit. This is not calculated for manually added suppliers.

• Response rate: Provides insight into the supplier’s responsiveness to Fairmarkit events and whether they’ve been invited to events before.

See: Manage supplier invitations.

How can I improve recommendations?

When entering your event details, consider best practices for using a search engine to improve your supplier recommendations.

• Provide details: When creating your events, include all relevant context. Detailed events work best.

• Get specific: If you want a specific item, include the manufacturer's information.

• Describe generic items: Describe your item or service the same way your supplier would. A complete description also helps suppliers understand exactly what you need.

• Avoid unnecessary details: Keep your descriptions focused and relevant to the item or service you need. Including extraneous details, such as the shipping location, if not critical, might lead to less accurate recommendations.