Module Exploration: NetSuite Procurement Automation
Jan 19, 2023
NetSuite Procurement Automation is a powerful tool that enables organizations to streamline purchase orders, contracts, and invoices while improving accuracy and efficiency of administration and reporting. By leveraging automation capabilities within NetSuite, companies can quickly create and track purchase orders from vendor selection to delivery. This allows for faster order processing with fewer mistakes, saving time and resources.
What is NetSuite Procurement Automation?
NetSuite's Procurement Automation module helps organizations to maintain control over their purchasing activities and get the most out of their supplier relationships. It streamlines the purchase order process by automatically creating orders and contracts based on predefined rules, improving accuracy and ensuring compliance with company policies. With this module, buyers can quickly locate and compare prices from different vendors, send purchase orders and contracts with just a few clicks, and efficiently track purchases from order to delivery.
Key Inefficiencies in Most Procurement Processes
When working with a client to implement NetSuite, we often see similar inefficiencies in their procurement process. These processes are often in place due to lack of system support for more efficient procurement management or legacy processes that have not been challenged.
Some of the biggest inefficiencies we see include:
1. Manual data entry
2. Lack of visibility into spending
3. Difficulty in obtaining reliable information about vendor performance
4. Slower processing times due to manual processes and paperwork management
5. Inaccurate forecasting, resulting in overstocking or understocking on inventory
The Benefits of NetSuite Procurement Automation
NetSuite Procurement Automation eliminates these inefficiencies, allowing organizations to gain better control over their purchasing activities and significantly reduce costs. By automating the entire process, purchasing officers can quickly locate and compare prices from different vendors, send purchase orders directly from NetSuite, rather than having to manage separate email chains, receive invoices directly in the system, compare purchase orders to delivery dockets and invoices, and efficiently monitor purchases from order to delivery.
The automation capabilities in NetSuite enable organizations to fast-track procurement activities while improving accuracy and compliance. It also provides greater visibility into spending, allowing managers to identify areas for cost savings and develop more efficient procurement processes. In addition, real-time purchase order tracking means that organizations can quickly respond to inquiries from vendors and other stakeholders, as well as adjust orders when needed.
Overall, NetSuite's Procurement Automation module helps businesses save time, money, and resources by automating the entire purchase order process. By streamlining the procurement of goods, services, and materials, organizations can gain greater control over their purchasing activities and reduce costs. With an automated system like NetSuite in place, businesses can also improve vendor relationships by providing up-to-date information to vendors, allowing them to deliver products more quickly with fewer mistakes, reducing the risk of costly delays.
Interested in Learning More About NetSuite Procurement Automation?
CEBA Solutions are a leading NetSuite solution provider, and have helped hundreds of businesses take advantage of the automation functionality that NetSuite offers. If you identify with any of the inefficiencies listed above, reach out to our team to arrange an obligation-free discussion.