NetSuite Advanced Procurement helps companies improve the procurement process by exerting tighter control over spending, simplifying requests for goods and services, and rendering real-time visibility end-to-end.
- Reduce work and errors associated with multiple buyer/vendor phone conversations and emails for every purchase.
- Enforce compliance by requiring purchases to be made only through contracted vendors.
- Minimize transaction costs by consolidating multiple requisitions into fewer purchase orders.
- Take advantage of negotiating quantity-based terms and discounts for bulk purchases.
Creating and managing vendors, purchase orders, receipts and all other relevant transactions is one of the simplest, yet comprehensive aspects of our system. Before establishing a purchase contract, NetSuite allows purchasing buyers to email Request for Quotes (RFQs) to vendors and suppliers to get quoted prices on particular items detailing: open bid period, expected order and receive dates, tiered pricing and volume discount. It also notes the postposed incoterms, vendor instructions and payment terms.
With NetSuite, RFQs are sent directly to vendors via emails, allowing targeted vendors to respond with their bid prices via NetSuite vendor center. This allows your vendors extended capabilities to get involved independently without the buyer to enter bid prices from different vendors.
Buyers are able to customize the buying options with quoted rates, volume and/or overall order discount. Once vendors respond to the RFQs, our Advanced Procurement module enables your purchasing department to itemize and analyze extra details before a purchase contract is signed to the awarded vendors.
When the RFQs are awarded to the vendors, you also have the capability to automate the purchasing process in NetSuite. Once purchase contracts are signed and prices are confirmed, subsequent procurement processes are straightforward.
If you would like to learn more about this feature, please do not hesitate to contact our team at NXTurn. Our certified consultants can work with you to customize a NetSuite implementation that meets your individual business requirements.