Procurement Management ERP Software

With the enforcement of approvals, linking and automating key transactions and by establishing matching workflow, it becomes possible to meet compliance guidelines, improve accuracy with regards to source-to pay processes and streamline the business. 

It is upon three pillars that BCS was constructed:

However, CRM’s Relationship Management elements is not said to apply to customers. Rather, all communications are applied upon with prospects, leads, partners, customers, vendors and employees.  One major aspect of Vendor Management is to empower closer ties with your vendors.

For every vendor established and managed in BCS, it is possible track easily the following:

You can assign single primary subsidiary including secondary subsidiaries in unlimited numbers to the vendor record by using BCS OneWorld. Using same vendor and multiple subsidiaries is found quite useful. When shared vendor record is viewed upon, the total unbilled balance (total amount of all assigned subsidiaries’ balance) and total outstanding balance is available within the currency of the primary subsidiary.

For every vendor, BCS is known to maintain running balance, based upon the payments made and bills entered. Using inbuilt reports, getting the complete image of the businesses’ vendors becomes easy and effortless, including the amount owed to them, the amount to be paid as well as outstanding and complete purchase orders.

By providing free access to the vendors to the online portal allows them to review order related information and to stay better connected. This is undoubtedly a fabulous way to enhance efficiencies and to reduce back & forth through email. Checking the box present on vendor record and by assigning of a password is sufficient to grant access to the free portal.

The unique item setup abilities of BCS is it’s easy to setup feature and allowing organizations to derive crucial information, irrespective of the service or item type purchased. When item record is concerned, identifying approved vendors, purchase price history, pricing, usage by location price and preferred measure units for stock and sale is easy.

Establishment of RFQ is perhaps the initial step to be taken to define the pricing tiers, item and closing and opening dates of bidding period. Having sent the RFQ to the vendors, it becomes possible to submit and define their terms & conditions and pricing, including other relevant details.

More than one or a single vendor is sent a RFQ (Request for Quote) requesting them to offer particulars with regards to their terms & conditions associated with the purchase contract for the provided product and its price. The pricing request is usually tiered, meaning, purchasing item in larger quantities, price per individual tends to go downwards. Additional discounts may also be opted to be offered by the vendor if the specified total amount is spent across all purchased items within the given timeframe.

Once the quote is submitted by all the vendors, then submissions are analyzed by the buyers to determine which quote provided contains unique overall deal. It is after careful analysis that the items to be purchased are marked by the buyer and from which vendor. On selection of the best item and vendor, creation of purchase orders is the next step for future purchase contracts or immediate orders.

This feature allows buyers and purchasing manages to use contracted pricing, terms including delivery schedules while purchasing for the business. For instance, rather than having pricing and terms based upon specific purchase orders, it is possible for buyers to gain automatically from the quantity based discounts and terms based upon annual volume of services and goods purchased. 

Businesses can improve greater accuracy and buyer efficiency as well as reduce potentially procurement spending with blanket purchase orders. Here, a pre-determined price is defined for specific item quantity that is purchased during the tie period from the vendor. It also specifies the price, terms and conditions, effective time period, quantity and items.

Purchase requests if given access to employees can help them to enter requests to buy services, materials or items from vendors. Setting of purchase request might be necessary to get approver or supervisor approval to convert into purchase order by enabling Approval Routing feature.

In inventory management, tracking purchases is considered to be a crucial step. Getting to know what is being ordered, when it is to be received and the quantity ordered can help optimize effortlessly the inventory levels. 

Using BCS, purchase orders can be created for appropriate quantities and items, enable drop shipments and track special orders. Access is provided to vendors to business account via vendor portal to allow placing of purchase orders. 

It is possible to set up BCS to automatically print, fax or email the approved purchase order, depending upon vendor preference.

When using approval routing, the entered transactions get processed only after approval. For example, purchase request can be entered by an employee for any new computer set amounting to $5,000. There is automatic determination by the approval routine as to who is to give the approval for the purchase requests. Accordingly, appropriate notifications are sent and the transactions get updated automatically.

Proposals can be initiated in three ways:

Consolidated information is derived about procurement from records and transactions on a single page, which is displayed by the Procurement Dashboard. Key information is displayed in reminder, report, tables form and various types of management and monitoring tools. Vendor performance, expenses incurred in all the departments and outstanding transactions are tracked by the dashboard. 

Greater flexibility is provided to the BCS receiving process using same transaction flow to derive items from customers, partners, vendors and other subsidiaries as well as locations.

With the saved transaction, the next steps involved in the process can be evaluated automatically and appropriate actions flagged either through use of workflows or native functionality. 

Bills as they are received from the vendors are entered and tracked easily as well as paid from payable list once due. An accurate image is provided of payables during billing cycle at any point of time.

Vendor bill is evaluated for discrepancies by Vendor Bill Approval Workflow prior to payment processing. Vendor bill details are validated against corresponding item receipt and purchase order details. The assigned supervisor is routed automatically those bills having discrepancies for further review and final approval.

Following benefits are offered by the 3-Way Match Vendor Bill Approval Workflow:

Once the vendor bills are entered and placed through the 3-way match approval procedure, when due, payment can be made easily. As the bill payment is recorded in BCS, payment related posts are entered as expenses in the general ledger, while payment amount gets deducted from total accounts payable. It helps in the automation process to track expenditures and to record total payables due.