Getting Started with Fairmarkit RFQs

A quick overview

Upon logging into Fairmarkit, your home page will reflect all requests available to view. 

Navigate to the Drafts tab to locate your "to-do" list for the day. Here you will find requests auto-populated from your procurement software (some users may manually create draft requests). 

Opened shows all of the RFQ's that are currently available for suppliers to bid on. You can edit these, add suppliers, and update notes, as well as see the current results.

Closed shows RFQ's which are no longer available for bidding, and are now ready for you to select a supplier. 

Awarded shows RFQ's that are completed which can be updated in your ERP system, or which will be flipped to Purchase Orders if this automation has been enabled.

Canceled shows RFQ's which were opened, but will never be awarded.

Archived shows RFQ's which never went out to bid.

The second row below the Search Bar can be sorted: 

The Lowest BID is always listed for each entry, in any phase. 

The Savings is the spread or percentage of price variance between the benchmark price and the lowest bid.

The Price Risk is the spread or percentage of price variance between the lowest bid and the highest bid. 

You can sort by the Created Date, Opened Date, or Closed Date of the request. 

The Sent and Received headers refer to the number of suppliers who were sent the RFQ and the number who responded with a bid.