Fairmarkit and Amazon Business Collaborate to Streamline Procurement for Enterprises

Autonomous sourcing solution provider Fairmarkit has partnered with Amazon Business to streamline the procurement process for enterprise companies.

This collaboration will provide seamless access to an extensive network of suppliers through an Amazon Business account, empowering procurement teams and making the process more efficient, Fairmarkit said in a Thursday (Aug. 24) press release.

Through this integration, Fairmarkit’s autonomous sourcing solution allows organizations to request quotations directly from Amazon Business for goods of all categories, according to the release. This eliminates the need for manual searches through catalogs and provides buyers with 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 supply base, the release said. Organizations can now easily purchase goods directly from Amazon Business, gaining 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 for 30 days, per the release. This ensures that buyers have accurate and up-to-date information. Organizations can also automate manual source-to-award workflows by connecting their enterprise resource planning (ERP) and procure-to-pay (P2P) systems, allowing them to transact through a single Amazon Business account.

The Integrated Quoting functionality offered by Amazon Business and Fairmarkit allows enterprise buyers to engage with the full range of Amazon Business in a competitive environment, according to the press release. This integration maintains the same level of automation and other benefits expected from Fairmarkit sourcing, including reduced cycle time, greater visibility into spends, higher savings, and improved compliance and diversity maintenance.

Kevin Frechette, the CEO of Fairmarkit, said in the 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 does exactly that at scale.”

PYMNTS research has found that most retailers and manufacturers are modernizing their procurement systems.

Thirty-one percent of retailers and 42% of manufacturers are already investing in upgrades to their procurement 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 collaboration.