Procurement Management System
Procurement Management System is a vital business process, wherein it mainly focuses on acquiring and receiving items from the vendors/suppliers. It creates an impact on the overall costs, inventory, and assets of the company. We help you develop your purchasing capabilities for the items from your suppliers to your inventory list and create purchase requisitions with just a few clicks.
Select from different replenishment methods for each product depending on your manufacturing and delivery strategies. Our Procurement Management System easily imports suppliers' price lists to make smarter purchase decisions based on promotions, quantities, and conditions. Keep track of a product's availability from your supplier's stock and check your order status for you to establish your sales price on your supplier's prices.
Transparent Purchase Requisition
Accessible, complete, and transparent purchase requests.
Customize every aspect of your Purchase Orders from data fields to approval workflows
Procurement processes can be processed electronically.
Simplifies activities related to purchase requisition, canvassing, purchase order, and goods receipt.
Purchase Requisition allows the Purchasing department to input the item quantity and estimated unit cost of the item procured until the designated approver approves the Purchase Requisition. Transactions in real-time are posted directly in Purchase Requisition, including warehouses posted to select the delivery location of the item requested. They may see the department, designated warehouse, and the person who requested it.
Canvassing mainly features the Request for Quotation (RFQ). RFQ allows you to request a quote on a specific item or service to your vendor. The Quotation is the official response from your vendor. The system will also propose the most favorable quote based on your entries from the Quotations (Lowest Bidder).
Purchase Order allows a combination of multiple receipts on a single invoice. When delivery dates and payment terms have been decided, and transactions are done in the purchase order, Purchase Requisition will be updated with the items in real-time. Transactions in Purchase Order include payment terms, delivery date, VAT, currency, and warehouse.
Receiving Report is the physical inbound movement of goods or materials into the warehouse. and manages invoices. Item serials are assigned when items are received, and transactions are updated in receiving the report. Transactions in purchase order include purchase order, invoice, supplier delivery receipt, and item serial.
Procure-to-Pay Process Flow
This flow takes coordinated and integrated action to fulfill a requirement for goods or services on time at a reasonable price. It involves several sequential stages, ranging from need identification to invoice approval and vendor payment.
The following four best practices can help organizations improve the efficiency and effectiveness of their procure-to-pay process:
Improve supplier agreement
Streamline contract management