Moreover, businesses also have to deal with low-cost and regularly-used material that should be scheduled for auto-ordering whenever they reach the point of depletion. In addition, it is also important to ensure that businesses never overstock or become under-stock of that particular material. Besides, other material might need Purchase Requisition (PR) and management approval to initiate the process.
Considering how complicated the process of P2P is, various businesses are looking for an efficient ERP system that integrates and automates all the major stages of the P2P process. There is a need for end-to-end ERP suite that can include modules for order management, inventory management, and financial accounting. And, this is where our P2P ERP helps.
PBOPlus believes in developing solutions that can value our customers with respect to cost, time, and quality. With extensive research and analysis, our consultants and developers have thoughtfully designed P2P ERP to help in streamlining the process with 100% visibility at every step.
We want to eliminate all the bottlenecks in the process of P2P and maximize your buying power.
Unlike the other open source solutions, our ERP identifies and categorizes the materials to be purchased based on the urgency of the requirement. The categories are as follows:
For Random Unplanned (RM) and Planned Dynamic (PD) materials, the Purchase Requisition (PR) notification is sent to the senior authorities in the organization for approval. The authorized body approves the PR based on the previous record and purchase history. For Planned Static (PS), our system automatically generates PR as the minimum stock value is fixed. So, whenever any PS material reaches the threshold, the system automatically generates the request for the order.
It gives a clear picture of ‘what to order’ and ‘when to order’
It provides a real-time display of stock availability
It simplifies the purchase approval and vendor follow-up process
It eliminates the paperwork calculations required for inventory management
It comes with a lagging indicator to ensure every step of Procure to Pay (P2P) is completed in the predefined order
It is customizable with respect to the changing needs of your material
It ranks the vendor based on the price and past experience to help you select the most affordable purchasing option
It uses the JIT approach to place the order well in advance to avoid the purchase delay
It helps you to make relatively better decisions in terms of purchase and finance
It eliminates the need for manual intervention, saving the time of your human resource to be employed for more useful work
Our ERP system efficiently stratifies and shares important data among the designated personnel to make quick and informed decisions.
According to our experts, more than 75% of organizations are still using open source software to manage their Procure to Pay (P2P) cycle. Besides, most of them are also using archaic procurement software integrated with their accounting software. This is similar to using a hammer to crack a nut. Although it ensures the work done, it is certainly not the right tool.
Misapplications of similar kinds as cited above can stir the problem further as the work done will not be truly productive. It can damage your bottom line and your chances to deliver desired goods and services on time to your customers.
Moreover, ad-hoc decisions taken by the senior management can often lead to an increase in the cost of procurement. Therefore, in order to gain a competitive edge, there is a need to let go of the traditional methods and adopt new and right procurement methods based on the latest technology.
Getting on time goods/services at a reasonable price following each step of the Procure to Pay (P2P) process is the need of the hour.
For your Procure to Pay (P2P) to be truly successful, it should enable buyers to get ‘what they want’ and exactly ‘when they want it’. The process should carry out on a seamless channel that connects requisitions to purchasing and payables and make buying as simple as possible. And, our Procure to Pay (P2P) ERP promises more than this.
Our ERP solution gives comprehensive Procure to Pay (P2P) functionality with seamless user experience. It can also be customized as per your business requirements and demands.
As soon as the order for purchase is placed, this module identifies and categorizes the materials which are to be purchased as Random Unplanned, Planned Static, and Planned Dynamic. It also defines and develops the scope of the procurement plan, procedure, estimates, and budget.
Our ERP automatically creates Purchase Requisition (PR) of the material with respect to department, cost, and quantity required. It keeps track of the available budget and the used budget for the particular department to raise the PR. Next, the PR is sent to the manager for approval. The order is then processed based on the previous purchase record. All of this happens on a single module, where tracking of each activity is easy and traceable.
After the PR is sent to the Purchase Department, this module sends a notification to the designated personnel to conduct vendor research. Our ERP consolidates the list of vendors with respect to a variety of products that fall under utilization or compliance of your organization. Our ERP makes it easy for the purchase department to filter and rank the vendors on the basis of cost, quality, payment terms, and past experience. The list with best quotations is then forwarded for the selection process to get approval from the purchase head.
The purchase head of the organization gets a notification to approve the order on the basis of cost, payment terms, and urgency of the material. The purchase head selects the best quotations that are cost-saving and creates the Purchase Order (PO). It is quick and easy to send the PO to the respective vendor and take follow-ups to ensure order fulfillment. Our ERP also tracks and record every step that gets matured to the final stage of Procure to Pay (P2P).
When the material reaches the gate, the ERP system will generate an entry form that needs to be filled with accurate date, time, and type of material received. The received material then undergoes Quality Check (QC). After a successful QC, the material is then sent to the store. Our ERP predefines the location of the material in the store. You can anytime view and track your material.
The received material is then allocated from the store to the respective user upon a request. Through ERP, it is easy to send a request to the store in order to receive the material as soon as it reaches the organization.