With our electronic auctions software, you can take care of every aspect of an online supplier auction, from creation and publication through to negotiation and evaluation. It allows your suppliers to compete with each other using a transparent, real-time bidding environment, so you can benefit from increased savings opportunities, maximize the commercial advantages and get the best possible outcome from your procurement processes.
Procurement is a vital part of any business. Every organization must procure various products and services from third-party vendorsin order to operate effectively and produce its own goods and services. eProcurement system
also helps organizations achieve non-financial goals, such as sustainability, lessening of environmental footprint,etc.
Mentioned below are various steps that help in streamlining the procurement process:
Recognize the internal need
This commences the procurement process within the organization. A department or business needs some goods/services to function. If multiple departments have similar needs procurement will combine their requirements to lower costs and increase prominence.
Assess and select a supplier
A potential list of suppliers for the required productsneeds to be identified. Vendors are evaluated based on price, quality, reputation, trustworthiness, customer service, etc. After concluding the analysis, the procurement is able to select the best vendor.
Negotiation with the selected vendor
The contracting process begins. In some cases, buyers may choose to completely avoid contracting trusting instead of a legally binding buying order.
Release a purchase order
Thefinance department will then generate and release a purchase order (PO)which contains a PO number, detailed terms,and conditions, delivery, etc.
Receive an invoice
The supplier will forward an invoice comprising a list of the ordered items along with their cost and indicating due dates of payment.
Receive and audit delivery
The supplier will send the ordered goods and services as per the terms of the contract. The procuring organization has little time to audit the delivery and inform the supplier of any inconsistencies, such as lost items or superiorityproblems.
The finance department will make payment as per the terms specified in the contract once the order has been certified.
Maintain proper records
Finally, it is just good business practice to store all documents from the original requisition through invoices in a single centralized location. It helps access any future audit and assessment of data and track and enhance spend management.