Procurement

Logistics

Definition

The process of acquiring goods and services needed by a business from external sources.

Detailed Description

Procurement in the context of ERP systems involves the strategic acquisition of goods and services from external sources necessary for company operations. It encompasses the entire process from identifying needs, supplier search, request for quotations, contract negotiation, purchase order creation, to the receipt and payment of goods or services. Effective procurement can influence both the cost and quality of the input resources a business requires, making it a critical function in managing supply chains and maintaining competitive advantages.

Key Features

Contract management
Invoice reconciliation
Purchase order processing
Spend analytics
Supplier management

Common Modules

Invoice Management

Streamlines the tracking, matching, and approval of supplier invoices to ensure timely payments and discounts.

Purchase Order Management

Automates and manages the creation, approval, tracking, and processing of purchase orders.

Supplier Relationship Management

Manages interactions and relationships with suppliers to enhance collaboration and improve procurement outcomes.

Popular Implementations

Integrated Procurement Solution for Retail

A retail company implemented a comprehensive procurement module to automate purchase orders and manage supplier relationships, resulting in reduced costs and improved order accuracy.