Provider of autonomous procurement solutions Fairmarks has collaborated with Amazon store to optimize the procurement process for large companies.
This collaboration will provide seamless access to an extensive network of suppliers through an Amazon Business account, empowering sourcing teams and making the process more efficient, Fairmarkit said in a statement Thursday (Aug. 24). press release.
through this integrationAccording to the announcement, Fairmarkit’s autonomous sourcing solution enables businesses to request quotes for any category of goods directly from Amazon Business. This eliminates the need to manually search catalogs and gives buyers instant access to competitively priced products from over 500,000 suppliers worldwide.
The partnership between Fairmarkit and Amazon Business offers several business benefits, including expanding the supplier base, the press release said. Businesses can now easily buy goods directly from Amazon Business, giving them access to a global network of suppliers.
A key component of this partnership is Fairmarkit’s integrated quoting system, which provides specific volume pricing and holds the price per release for 30 days. This ensures that buyers have accurate and up-to-date information. Businesses can also automate manual procurement-to-granting workflows by connecting their Enterprise Resource Planning (ERP) and Procure-to-Pay (P2P) systems so they can process transactions through a single Amazon Business account.
The integrated bidding capability offered by Amazon Business and Fairmarkit allows business buyers to engage with the full offering of Amazon Business in a highly competitive environment, the press release said. This integration maintains the same level of automation and other benefits one would expect from Fairmarkit sourcing, including faster cycle times, greater visibility into spend, greater savings, and improved compliance and diversity preservation.
Kevin FrechetteFairmarkit’s CEO said in the press release, “Our mission is to enable organizations to purchase the goods and services they need in the most efficient and fair way possible, and this collaboration achieves just that at scale. “
Research by PYMNTS shows that most retailers and manufacturers are modernizing their products procurement systems.
31% of retailers and 42% of manufacturers are already investing in upgrading their sourcing technology, and another 53% of retailers and 44% of manufacturers plan to do so, according to “Digital payments: modernizing procurement processes“, a PYMNTS and corcentric Cooperation.
For more information, see: Amazon, Amazon Business, Automation, B2B, B2B Payments, Commercial Payments, ERP/P2P Systems, Fairmarkit, What’s New, Partnerships, Potential, Sourcing, Supply Chain, Supply Chain Management, What’s Hot in B2B
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