Purchase management basically is a function in any enterprise that works to save money and enhance profits. Hence, it becomes one of the most important departments in a company. Cost savings can be achieved if the purchasing decisions are effective.
The SRM System is the systematic approach to evaluating vendors that supply goods, materials and services to a company. It enables businesses to manage their relationships between their vendors.
With SRM System, company can...
- Monitor POs by setting different approval levels
- Check the POs status and supplier acknowledgement
- Reports of product costing and vendor’s performance in formulating strategies
- Outstanding report for ordered goods or payments
- Transparency of product cost and create a friendly competitive environment among suppliers
- Budgeting vendors payment fund and planning credit vendor strategy
Vendors can...
- View the PO detail and acknowledge PO
- Check the outstanding status and payment advice
- Get an overview of outstanding amount and POs to be delivered
- Know the unique selling point of competitors to create an effective strategy
- Assist to monitor your inventory levels and alert you when they fall below reorder levels
- Receive reminder letter after certain days of PO issuance (coming soon)