This Is How NetSuite Procurement Management Automates Approval Routing & Saves Valuable Time
Procurement of raw materials for manufacturing and wholesale business has been one of the biggest bottlenecks for the industry. Traditionally, entire teams were made to do research for procuring goods at the best price, from different sources and vendors.
And once the suppliers are finalized, it takes days and weeks to get the approval, and then release the payment before those raw materials are actually received.
When there is incoming data related to procurement from emails, faxes, online queries, paper catalogs, snail-mail and more, and then when they need to be manually processed, calculated and approved, then valuable time and resources are wasted.
NetSuite, which has developed some cutting edge ERP solutions for manufacturing, retail, wholesale business and other business verticals, has deeply understood the problem of procurement teams.
This is the reason their Procurement Management module is considered as industry’s most sought-after ERP solution.
One of the biggest advantages of NetSuite Procurement Management is automated approval routing and payments, which alone can save your valuable time and resources.
Automated Approval Routing For Faster Procurement: How It Works?
Based on invaluable business experience gained over decades, and serving thousands of businesses worldwide, NetSuite has developed two out-of-the-box approval processes for faster procurement.
In the first process, mainly targeted for smaller purchases, the dollar amount assigned to each employee is used as the benchmark for approving any purchase.
For advanced procurement needs, which involves higher amounts, and lots of stakeholders’ approval, NetSuite has developed a highly intelligent and automated approval process, based on customizable workflows.
Based on the budget, item-types, location, vendors/suppliers and the project, these workflows can be customized and easily created, monitored and maintained.
This has been made possible due to advanced and automated workflow process for business, which can automate approval routings, validations, records, communication, quality monitoring and more.
An Example Of Automated Approval Routing
Say, your manufacturing firm needs to purchase 1000 liters of critical raw material for making hand sanitizers.
Once the vendor has been finalized, and purchase order generated, the approval routing workflow will automatically determine who needs to approve this purchase request, immediately sends the appropriate notifications to the concerned person/department and even automatically update the transactions as well.
Another example: Say there are more than one vendor for a purchase order, and you need to select one based on matching criteria. The automated workflow process within the module can be fed with the matching criteria and based on purchase order, receipt and bills, the system will automatically approve the purchases which match the pre-defined rules.
Once approved, the accounts team can determine which bills are needed to be paid, and when.
This is a revolutionary solution for the procurement process, aided with a graphical and interface UI for creating workflows, an integrated system which connects and shares data with other business verticals and automated reminders via emails/SMSes.
For more details, feel free to use this link to schedule a no-obligation session to discuss your business requirements and expectations from NetSuite Procurement Module.
