Companies profit from goods and services by finding ways to produce them at a lower cost than their final sales price. Procurement management is about ensuring that businesses get the best price available. That means constantly monitoring essential factors like production time, quality, quantity, and location. Tasks common to procurement include:
Sourcing involves checking out and managing suppliers used by your company. You must conduct thorough research and ensure that the suppliers can support your overall business strategy. You also have to define supplier quality standards and metrics by which you measure whether they are living up to your expectations.
Proper sourcing is essential to ensuring that your organization always has what it needs to fulfill its objectives successfully. You want to ensure that you have a steady flow of goods relied upon by your business for continued success and customer satisfaction.
The Software-as-a-Service solution provides organizations with all the functionality necessary to deal with global sourcing and procurement. You can adapt individual processes to handle specific business needs using Dynamics 365 Supply Chain Management.
In a typical scenario, someone submits a requisition when they require a product. You can use Dynamics 365 Supply Chain Management to set up product catalogs to help guide users through selecting a product. If a product isn’t available, you can still allow users to submit requests to the purchasing department to determine how they can make the purchase.
Procurement department responsibilities include the need to identify suppliers from whom they will purchase products and services. Your D65 Supply Chain Management instance can handle your need to:
You can set up purchase order workflows within D65 Supply Chain Management to submit for approval. Users can confirm the purchase orders and track them through different stages until it’s time to set up an invoice or cancel the order. The platform prepopulates fields with vendor information to limit the amount of keying required by users. However, users can override default values if they choose.
You can create trade agreements within D65 Supply Chain Management for sourcing and procurement. They are vendor lists that record price, discount, and rebate terms. You can assign specific dates outlining the period during which the agreement is valid. You also capture negotiated pricing and discounts within purchase agreements, which outline your organization’s commitment to purchase certain volumes or pay a certain amount under specific conditions.
Set up delivery schedules to plan out the delivery of orders on specific dates. You can initiate a direct delivery from a sales order. Doing so automatically generates a package ship for a sales order at the same time you record a product receipt for a purchase order.
Keep track of when products arrive within a warehouse and receipts generated confirming our purchase. You can also track the receipt of non-physical orders using Dynamics 365 Supply Chain Management.
Workflows document your global sourcing and procurement business process flows within a system and capture who assumes responsibility for completing tasks or signing off on the document. Benefits of using workflows include
Go to Procurement and Sourcing, then navigate to Setup -> Setup -> Procurement and Sourcing workflows. Once you’re there, you can set up a new workflow by choosing one from the available list.
You can collaborate with vendors using the vendor collaboration portal. Other essential vendor functions available include:
The available workflows make it easier to ensure that negotiated pricing gets applied correctly. Integrating your supply needs with your vendor catalogs can also make procurement faster. The centralized platform lets you identify trends and places where you might be able to achieve additional cost savings.
Revolutionize the way you handle your business processes using Dynamics 365 SaaS products. Internet eBusiness Solutions (iES) can show you ways to increase efficiency among your workforce and find ways to lower costs with the right D65 solutions. Learn more by contacting one of our experts today.