Key Benefits Of Using NetSuite For Purchase Order Process

As your business grows, so does the complexity. When businesses start growing, the network of suppliers also grows and procurement process becomes cumbersome. As the volume of suppliers’ increases, you need to start evaluating their performance in order to make things under control. Selecting the suppliers & authorizing purchase goods and services can be daunting when the processes are manual and involve combination of phone calls, emails, paper catalogs, and faxes. However, with NetSuite, you can streamline and improve 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. NetSuite helps you in the management of supplier relationships, source-to-pay processes and related procurement spend.

Key Benefits Of Using Netsuite

Automate Approval Routing – If purchasing is done manually then can be a time-consuming and inefficient ordeal. NetSuite enables you to automate purchase order processes to save employees’ time. NetSuite helps you in enforcing approvals, automating and linking key transactions while enabling you to establish workflows to meet compliance guidelines.

Enforce Purchase Agreements – You can enforce active purchase agreements to take full advantage of their terms using NetSuite. Leverage NetSuite to take advantage of quantity-based terms and discounts based on the annual volume of goods and services purchased.

Track Vendor Performance – With NetSuite, you can easily track vendor performance. Using NetSuite, you can easily track approved items and pricing, locations and offices, financial data and purchasing transactions, Contacts, notes, messages, and marketing campaigns. Built-in reports enable you to see the big picture and assess vendor performance in seconds.

Integrate Native Transaction Flows – Using the same transaction flow, you can receive items from vendors, partners, customers, and other subsidiaries (and locations). NetSuite automatically evaluates each step in the process and flags any actions that need to be taken through native functionality or based on user-defined workflows.

Real-Time View Of Procurement Dashboard – NetSuite delivers 360-degree view of most important key performance indicators. With NetSuite, you can track all outstanding transactions, vendor performance, and expenditures across different segments inside of your organization. By using reports, reminders, tables, and other tools, you can easily access key information in seconds.

Bottom Line

Apart from this, you can enhance the functionality of procure to pay module by using “Advanced Procurement Module” in NetSuite. As NetSuite Service Provider, we can help you with NetSuite Customization Services. Feel free to contact us for NetSuite Consulting Services.

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