Purchase Management Module
Purchase Management Module is an automated tool that enables companies and buyers to automate their entire procurement cycle from creating a purchase requisition document to finally receiving the ordered goods and making the payment. This advanced innovative process also passes through various points such as preparing a budget estimate, managing the spending, contracts, and suppliers with full control over purchase order.
This module also helps companies to develop electronic purchase orders, digitally manage inventory, and track goods and services in real-time. The tool is essential to optimize stock levels and determine what products and quantity to purchase.
Purchase Management Module Features
Processes include identifying potential suppliers and negotiating the price. Awarding purchase orders to the supplier and billing processes are also included.
Reduces the Procurement Process Time
- Reduces manual data entry.
- Makes the approval process faster.
- Saves and retrieves information.
- Makes invoice processing easy.
- Reduces the time required to track the commitments while doing budgeting.
Provides Good Data Quality
- Data qualities of the purchase orders or invoices are reasonable compared to the same document generated using Word or Excel.
- The purchasing module assigns purchase order numbers and dates automatically.
Provides Good Hold of the Procure-to-Pay Process
- It shares information such as invoice processing, billing, cost allocation, and purchase order-related files with the suppliers.
Controls Budget in Real-Time
- This system shows the complete picture of committed costs on a budget at all times. When you have reasonable control, you will make better decisions and determine the possibilities of extra costs earliest.
Allows You to Access Historic Data Easily
- Digital archives help you to find out the previous orders and order quantities.
Features and Benefits
Makes Internal Approval Process Easy
- Internal approval of purchase orders or invoices is the biggest challenge without a purchasing system.
- When the approval is in the form of an e-mail, you need to follow up on it, and when it is in the form of a document, there is a chance of missing it. These are time-consuming also.
- With the help of the purchasing module, you can overview which PO is approved and by whom. You can also trace this information whenever you want.
Enhances Data Security
- The system provides more security to data. With this system, you will have the authority to decide who can see, change, and approve the data. Hence you can protect valuable information.
Need Not Depend on People
- It automates the process; hence you do not depend on IT professionals, and all can access the real-time information.
Purchase Procedure Steps
- Purchase Requisition
- Purchase Order
- Review and Approval
- Requests for Quotation
- Review of receiving goods/services
- Matching of Documents
- Invoice Approval and Payment
These revised sections focus on the features and benefits without specific branding, making them adaptable for your use.