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Procurement

Optimise Your Procurement with Workflow-driven
Approval Routings for Cost Certainty

Procurement

Procurement or purchase can be a time-consuming and inefficient ordeal, especially when requests for goods and services have to be processed manually using a combination of phone calls, emails, paper catalogues and faxes.

Oracle NetSuite’s procurement solution helps companies to purchase goods and services at the best cost and in a timely manner by saving valuable time for employees with easy-to-use features, reducing costs by channelling orders to approved suppliers and pre-negotiated contracts, and increasing transparency by making real-time information accessible to business spending and vendor results.

Oracle NetSuite also streamlines and improves the accuracy of the procure-to-pay system by automating and connecting main procurement transactions and offering workflow authorization and matching to support internal controls and compliance requirements.

Features

  • Source
    A Request for Quote (RFQ) is a request sent to one or more vendors asking them to provide specifics about their pricing, terms and conditions related to a purchase contract for a product they provide. Usually, the pricing request is tiered, which means that by purchasing larger quantities of an item, the price per individual unit goes down. A vendor may also opt to provide additional discounts when a specified total amount has been spent across all items purchased within a specified time frame.
  • Purchase
    NetSuite can help create purchase orders for the appropriate items and quantities, help track special orders, and enable drop shipments. Vendors can access a business’s account through the vendor portal, which allows all purchase orders placed for them.
  • Pay
    Easily match purchase orders, item receipts and vendor bills with configurable workflows to optimize cash flow.

Key Benefits for Procurement

  • Streamline Procure to Pay
    Automate business processes to reduce your average procure to pay timeline and increase cash flow.
  • Achieve Cost Certainty
    Use NetSuite’s many costing methods to improve your costing accuracy and stabilize gross profit.
  • Improve Product Quality
    Use our native requisition and RFQ tools to manage vendor selection and improve product quality.

Oracle NetSuite

Oracle NetSuite Services Resource Planning (SRP)

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