Are you tired of the tedious and time-consuming procurement process? Do you find it difficult to keep track of all the purchases made by your company? If so, you’re not alone. Many businesses in Singapore and around the world face similar challenges when it comes to procurement. Fortunately, there is a solution: ERP system procurement.
In this article, we will define ERP system procurement, discuss its benefits, and explore its features to help you streamline your procurement process and improve your bottom line.
Table of Content:
Table of Content
What is ERP System Procurement?
Have you ever heard of ERP? Enterprise Resource Planning (ERP) is a suite of applications that are built to manage and integrate core business processes. ERP systems create and integrate modules such as accounting, sales, inventory, production and planning, human resource management, and procurement.
ERP system procurement is a system to control the cost of procurement of goods in companies to be more efficient. This system regulates the procurement process of goods, from inventory requests to inventory and invoice receipts. The function of this system is to complete and correct the recording during the procurement process.
There is usually a lot of fraud in the procurement process. Thus, you need this system to avoid those problems. HashMicro’s procurement software can be your choice to help procurement activities efficiently and complete your business needs smoothly.
HashMicro is the best ERP for procurement in your company. Click the banner below to see the right pricing scheme for your needs!
The Benefits of ERP System Procurement
ERP system procurement for your business activities will provide many benefits and uses that you can’t find from other systems. This can provide the procurement process in an integrated manner.
It also can show the development of the company and the financial prospects of your business. There are the following four reasons that make this system beneficial for your business:
- Full traceability: ERP system procurement will give you the benefit of tracking your Products easily. Some notifications will appear automatically when the order has been sent and received.
- Easy backorder management: Tracking shipments and payment of goods from vendors will match the number of items you’ve already received.
- Controlled procurement costs: Procurement activities become more controlled with budgeting management and cost centers per department or project. These benefits will prevent you from misusing data and provide you with better financial planning.
- Timely payment: In this system, there is an automatic notification for invoices from vendors that you have not paid. These notifications can help you increase procurement efficiency in business so that there are no obstacles.
- Avoids duplicate orders: The primary advantage is that it eliminates the possibility of placing duplicate orders. When a company decides to scale the business, POs can assist in maintaining visibility into what has been ordered and from whom.
- Keeps track of incoming orders: POs aid in the tracking of incoming orders, and a well-organized purchase order system can aid in the simplification of the inventory and shipping processes.
The Features in ERP System Procurement
In support of efficient procurement activities in your business, the ERP procurement system has been supported with many vital features. The features of an ERP procurement system can give you ease in tracking, paying, and procurement management integrated.
An explanation of the main features that you can find in HashMicro’s ERP system procurement is as follows:
1. PO, RFQ, dan PR management
This feature can give you easy access to instantly convert purchase requests into purchase orders. With this feature, you can create and send supply requests to different suppliers at once.
2. PR approval management
Secondly, the feature is related to PR approval management. This feature will make it easier for you to approve purchase requests from various business locations with just a click. In addition, you can safely supervise procurement activities within your company and avoid misuse of data.
3. Online portal for suppliers
This system provides the main features created for vendors who cooperate with your company. The online portal for suppliers features a unique portal for vendors to share their catalogs. You can also do the tender process through this portal to get the best offer easily.
4. Vendor rating
Another critical feature is vendor rating. ERP system procurement provides a feature for assessing your vendor or supplier to measure their performance. You can rate vendors based on service, product quality, price, delivery time, etc.
This feature will make it easier for you to determine which vendors you can choose to cooperate with. Thus, your procurement process can run smoothly.
5. Blanket Order Management
Do you have a problem in the execution of procurement planning that does not match the realities in the field? If yes, then the blanket order management feature can be your solution.
This feature can help you order goods according to the price and time you have agreed with the supplier. In addition, you can also send recurring orders automatically without worrying about something being missed.
6. Landed cost calculations
The last feature that you can find is landed cost calculations. Using this feature, you can find out the total cost of purchasing your product. Not only that, but this feature also facilitates you to know other costs, such as taxes, insurance, and currency conversion.
Why Do You Need ERP System Procurement for Your Business?
ERP system procurement has various features and benefits to support your business activities. These key features can be your reference to the improvements you can make in the procurement process of your business.
Therefore, you do not need to hesitate anymore to get this system to facilitate your operational activities. There are several reasons why you need an ERP system procurement for your business:
- ERP system procurement is connected to three other modules: inventory management system, CRM sales, and accounting system. The integration of this software can make it easier for you to carry out your business operations efficiently.
- A strong reason for you to need ERP procurement is its easy use. This system provides many features to easily access your business procurement data wherever and whenever you are.
- The importance of this system will help you keep business operations under control. This system already facilitates you with excellent features, such as RFQ, PR, and PO. These features can help you track and supervise procurement processes within your company. Therefore, you can keep business processes running smoothly and avoid fraud or misuse of data.
ERP system procurement is a system that is created to control the cost of procurement of goods in a company to be more efficient. This system has four benefits: full traceability, easy backorder management, controlled procurement costs, and timely payments. It also provides a wide range of features that can help you avoid fraud.
The benefits and features of ERP procurement can make it easier for you to carry out your business efficiently. HashMicro’s procurement software can be your solution for launching the procurement process with just one system. Immediately switched to HashMicro, the best ERP system for procurement to improve the efficiency and operational effectiveness of the company. Don’t wait – Test the free demo now and explore!