What are events?
In Fairmarkit, you create sourcing events like a request for quote (RFQ) or request for proposal (RFP) to gather information or purchase required goods and services. Fairmarkit will help you invite suppliers to participate in these events, where they submit their responses within a set time frame. After the event closes, you review and award the event or specific line items to the winning supplier, streamlining your procurement process effectively.
Event types
Request for information (RFI)
When you need to gather information from potential suppliers about items and services, request for information (RFI) events in Fairmarkit help you compile information for your next project. On a request for information event, Fairmarkit walks you through the process to create an event, add questions, and invite suppliers to submit information. A request for information event is typically submitted before creating a request for proposal event to obtain initial details for a project.
Request for proposal (RFP)
When you're looking to start up a new project to tackle complex spend and source services, look no further than request for proposal (RFP) in Fairmarkit. On a request for proposal, the system will walk you through the process to define the event, add questions and documents, and then invite suppliers to send proposals for your event.
Request for quote (RFQ)
Requests for quote are at the core of Fairmarkit and are built to help you be more efficient and effective in your sourcing process. On a request for quote, you will enter a list of items or services that you need to purchase and then invite suppliers to send quotes for your sourcing process.
Auctions (auction)
Auctions provide a way to source high-cost or high-volume purchases while encouraging competitive supplier participation. By creating a structured bidding process, auctions help you achieve better pricing and improve supplier engagement.
In an auction, suppliers submit bids for your business based on the type of auction you select. Prices may decrease or increase over time, depending on the format, and suppliers compete to secure the event. Auctions allow you to simplify negotiations and make more informed sourcing decisions efficiently.
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