Purchasing 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. NetSuite’s procurement solution helps companies buy goods and services at the best cost and in a timely manner by saving employees’ valuable time with easy-to-use capabilities, reducing costs by channelling purchases to approved suppliers and pre-negotiated contracts, and improving visibility by rendering real-time information into company spend and vendor performance. NetSuite also streamlines and improves the accuracy of the procure-to-pay process by automating and linking key procurement transactions and providing approval and matching workflows to support internal controls and compliance requirements. The process of requesting an item be purchased is no longer strictly the domain of large enterprises, small to mid-size businesses are also looking to automate the process as a way of ensuring compliance, quality and cost. NetSuite’s requisitioning process can be triggered by any employee through the employee center — a self-service portal optimised to provide your team access to key functions even if they don’t otherwise use NetSuite. The flow and approval of the requisition to purchasing is controlled by user definable workflows. Creating and managing vendors, purchase orders, receipts and all other relevant transactions is one of the simplest, yet comprehensive aspects of the system. Vendors can be established and shared across all subsidiaries in your system to get a truly global view of your relationship. The Order items screen is the main place a user will go to monitor the list of orders that needs to be placed whether they are generated as a result of the supply planning process, blanket po’s or reacting to re-order point parameters. In all cases if there is a purchasing contract in place that pricing will be automatically applied. NetSuite offers two approval processes out-of-the-box. The first is a simple approval process based on an amount assigned to the employee. For more advanced approval processes, we utilise the SuiteFlow approval routings that come with example workflows to get you going. These workflows can be easily modified to take into consideration such things as department budgets, location, item type or project you are purchasing against. The graphical nature of the workflow tool makes it easy to create, monitor and maintain. Automate business processes to reduce your average procure to pay timeline and increase cash flow. Use NetSuite’s many costing methods to improve your costing accuracy and stabilise gross profit. Use our native requisition and RFQ tools to manage vendor selection and improve product quality.
Optimise your procurement process for cost certainty with workflow driven approval routings
NetSuite Procurement Features
Purchase Requisition
Automate the requisitioning process to provide visibility, service and cost certainty
Purchase Order Management
Easily manage the creation and maintenance of purchase orders throughout your supply chain
Approval
Ensure compliance with company policy and department budgets with configurable workflow approvals
NetSuite Procurement Benefits
Streamline Procure to Pay
Achieve Cost Certainty
Improve Product Quality
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