Suggest Benchmark from historical data

When you add a line item to a request for quote (RFQ) event, the Benchmark value can be automatically generated based on your historical data. This feature simplifies request for quote event creation by automatically populating the Benchmark field, saving time and reducing errors. Leveraging historical data also helps you make informed decisions and quickly assess quote reasonableness, improving procurement efficiency.

Configurations: This option is available via an optional configuration setting. To adjust your settings, contact your Fairmarkit Customer Success Manager.

How does it work?

When you add a line item to your event, your historical data (awarded events and uploaded purchase order line item) is automatically searched for matching items. Items are matched based on the MFG part #, Internal part #, and Description. If a match is found, the Benchmark value is added.

How does matching work?

A suggested Benchmark value is determined by matching line items to your historical data. The search uses AND logic, combining multiple criteria for more accurate matches. Exact matches are prioritized. All fields are not required, but providing more information improves the accuracy of the suggestion. If multiple matches are found, a value is not added.

Fields are matched in the following order:

• MFG part #

• Internal Part #

• Description Searched if neither part number is matched. Uses 'starts with' to find similar items.

• Additional Fields (UOM) Can help refine matches but are not required.

Can I change the Benchmark value?

If needed, you can override the suggested Benchmark with your own value.

Why a value was suggested?

When a suggested value is added, the text displays purple. Hover over the value to see the source of the suggestion (e.g., Bid: Awarded quote from 'PhotoEquip' on 10/21/2024, 1:50:59 PM).