NetSuite Procurement Module
All-in-One Solution to Drive Supply Chain Management & Procurement Success
The NetSuite Procurement module helps companies buy goods and services at the best price and in a timely manner by channeling purchase orders to approved suppliers, managing the supplier approval process, generating real-time views into company spend and vendor performance, and maintaining records of all purchases.
All procurement-related information — from transactions and records to vendor performance and expenditures by department — is consolidated in the procurement dashboard.
This NetSuite module also helps you keep tabs on real-time metrics regarding vendor performance and company spending for reporting and decision-making while helping you reduce costs.
Want more information on how NetSuite Procurement can help your business?
NetSuite Procurement Module Benefits
Increased Profitability
With NetSuite Procurement, your purchasing managers will be able to negotiate better contracts and capitalize on economies of scale by having access to all information that a vendor is supplying. This includes price lists, contracts, addenda, and more.
Cost Controls
Using NetSuite Procurement, purchase orders define costs for items requested and eliminate unexpected price increases and invoices that don’t match what was ordered.
Better Visibility
All vendor information and related projects are located within a single place, ensuring buyers can easily access complete, relevant data.
Identification of Variances
NetSuite Procurement features three-way matching that highlights variances between the PO, receiving, and billing records.
Upgraded Vendor Relationships
Vendors and buyers can collaborate in real-time via the vendor portal, which allows them to easily share documents, fostering collaboration and facilitating the exchange of ideas.
Best NetSuite Procurement Features
Save resources with easy-to-use automation capabilities, reduce costs by channeling purchases to approved suppliers and pre-negotiated contracts, and improve visibility via real-time insights into company spending and vendor performance.
NetSuite’s sourcing management capabilities help you select vendors that are able to supply the quality of goods you expect at the price you need to maximize profits. This simplifies the process, ensuring all vendors receive the same information and submit their quotes. Once selected, NetSuite Supply Chain Management centrally manages all communications with vendors, ensuring a clear exchange of information and avoiding costly mistakes.
The invoice processing capabilities in NetSuite help companies maintain positive vendor relationships by automating the receipt of ordered items, processing invoices, and remitting payments in a timely manner. After you enter a purchase order into the system and enter the purchase order number, NetSuite performs a three-way match between documents to ensure all data is accurate. Once approved, the accounts payable department determines which bills to pay and at what intervals to optimize cash flow.
With NetSuite vendor management, all information related to each vendor is located within a central record. This makes it easy for purchasing managers to access relevant data and keep supply chains on track. Providing vendors with an online portal to collaborate, communicate and stay connected is a great way to increase efficiencies and reduce back-and-forth via email. Vendor scorecards track supplier performance and help keep costs down and quality up.
Using NetSuite’s purchase management functionality delivers cross-functional benefits by simplifying the process of placing, managing, and expediting purchase orders. Companies can track PO activity in real time and know what’s on order and in what quantities–key for optimizing inventory levels. Vendors have access to their accounts through a vendor portal, allowing them to track all their purchase orders.
Fast & Efficient NetSuite Procurement Setup
ScaleNorth’s team of experienced NetSuite consultants can implement and optimize NetSuite and its relevant modules for your business to maximize the ROI of your ERP investment.
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