Whatever the nature of a business is, procurement is bound to be a big, significant part of it. Organizations always have to procure goods and services in order to come up with their own goods or services. And since procurement plays a big part of the cost structure, the need for the best procurement system should be at the top of a business’ priorities.
Procurement could be time-consuming and inefficient especially when surveys and requests for goods and services have to be processed manually by calls, emails, paper catalogs and faxes.
NetSuite’s procurement solution helps businesses buy the goods and services at best cost. Its simple, intuitive user interface makes it easy for users to engage with the system and save the employees’ valuable time.
NetSuite’s solution also helps reduce costs by channeling purchases to approved suppliers and pre-negotiated contracts. And because it is cloud-based, it improves visibility by providing real-time information into company spend and vendor performance.
NetSuite advanced manufacturing module offers the capacity to manufacture in batches with automatic batch creation, full traceability, production control and scheduling. It is configured in three different ways, depending on the production process’ required control and influence.
The key features of Customer Relation Management (CRM), one of the pillars that NetSuite was built on, also apply to the capability to manage vendor relations. Vendors can be easily integrated, familiarized and then audited on a regular basis using workflows. All of the transactions are tracked, analyzed, and then put into the vendor scorecard so users can keep track of vendor performance easily. Vendor portal is another free feature that allows businesses to connect and collaborate on current and future projects.
It can be time-consuming and complicated to update pricing on existing quotes and gather quotes for new items. NetSuite’s RFQ allows businesses to gather requirements, select vendors, communicate specifications, receive bids and update pricing easily from one screen.
NetSuite’s purchasing contracts feature helps users maintain business’ cost control by establishing commercial terms and ensuring compliance. Contracts can be established manually or automatically from the RFQ process. NetSuite also keeps track of all the amounts purchased, billed, and received.
BPOs enable users to establish and track specific delivery schedules. Blanket purchase orders allow full control over delivery schedule and price agreement. This is an efficient way to reduce time and processing delays.
One of the mission-critical business functions is to execute on purchasing plans to meet service level expectations. NetSuite is designed to help users manage and automate cross-functional tasks – and, in fact, make them incredibly simple.
A business of any size can automate the process of purchase or order request to ensure compliance, quality, and cost. NetSuite’s requisitioning process can be triggered by any employee through the employee center and approval of the requisition to purchasing is controlled by user-definable workflows.
Creating and managing purchase orders is one of the simplest aspects of the system. NetSuite enables users to order a combination of inventory, expense and service items in the same order.
NetSuite offers two approval processes, the first is a simple approval process based on a dollar amount assigned to the employee, for more advanced approval process, businesses utilize the SuiteFlow approval routings with customizable sample workflows.
Netsuite’s graphical workflow (SuiteFlow) helps users to automate the receipt of ordered items, process vendor bills, and plan payments in a timely manner. These are keys in vendor relationship management. SuiteFlow can be customized to establish the criteria users want to use to manage this process. This promotes optimal vendor relations because users are encouraged to collaborate with the requestor, purchaser vendor receiver and accounts payable.