The company must have an efficient procurement management process flow in place to oversee the cash flow expenses. Embracing digital solutions that offer automation, procurement life cycles that simplify processes for improved operations. Moving toward automation is one of the best decisions for the purchasing department in a long-term business and increased productivity.
Manual procurement management is a time-consuming and labor-intensive function, with lost documents, slow approval cycles, and uncontrolled costs. Difficult to manage as a result of the chaos, supplier relationships suffer because of inefficient dispute resolutions, poor vendor management, late payments, and more.
PMS Software to be added in pinoy-web-application.com.
Capital expenditure requests are the most critical processes in a business organization to manage the approval of financial expenses and enduring financial decisions to purchase. A CapEx Request is the first step to initiate and provide information or documents attached to support their suggested expenditure.
Create a Request CapEx must have an available budget within a year per asset classification to restrict or control the expenditure by the management that decides additional budget if required. The sequential approval flow is reviewer, recommendation, and final approval, after final approval, said CapEx, is automatically sent to the next cycle of process Request For Quotation (RFQ).
CapEx request approved in final approval is automatically queued in purchasing department looking a supplier or request price quotation. Suppliers participating in Request For Quotation (RFQ) should input data in the canvass sheet data entry and subject to purchasing head approval to select a qualified supplier.
After Request For Quotation (RFQ) and Canvass Sheet approval approved is automatically queued in Purchase Request (PR) to input the requested item. All resource documents like approved CapEx, canvass sheets attachment have hyperlinks in PR Entry for easy retrieval as a reference during data entry.
To be update upon completion for every module w/ check mark. Any suggestion who knows the process of procurement life cycles are welcome to comment.