The purchase requisition process is critical to organisations in establishing buying procedures and managing spending costs wisely. Ensure your procurement management system is capable of delivering peak performance at all times with these practical tips.
Make Purchases More Visible and Accessible
Can all the relevant parties in the organisation gain access to and oversee the buying processes, including any changes and updates that may occur?
The visibility and quick access to the procurement process with all the information it entails becomes essential for inventory management, stock control, logistics and operations across the organisation.
Intra-departmental decision makers and top management needs to rely on accurate information to establish more efficient procedures for the business, including procurement and inventory control.
Increasing purchasing visibility through a centralised, transparent, and efficient ERP system assists the relevant departments in better communication and decision-making processes where purchase requisitions are concerned.
The new release of Dynamics 365 for Operations is Microsoft’s new business solution for medium to large organisations. Dynamics 365 for Operations was previously known as AX7 and is a single software system that helps run businesses more effectively. It is a digitally transformed financial and operational ERP system.
Improve Company Cost and Purchase Time
Are all purchases made throughout the business, cost-effective, managed effectively, and going to the relevant parties for approval?
Relying on multiple spreadsheets to create, share, and track documents concerning purchase approvals and orders is time-consuming and no longer effective.
An ERP system can aggregate relevant procurement data in one secure place, and simplify communication and sharing across departments – including purchase requisition approvals.
Furthermore, streamlining the purchase process offers better control over procurement costs, employee spending, and company budgets. It ensures the organisation receives the best price and manages inventories to the best of its ability.
Think, for example, of the increased likelihood of significant discounts and price renegotiations.
Easily Integrate and Scale Procurement Data
Does your procurement system integrate with your financial system and other critical business applications?
There are significant benefits for organisations who digitise and integrate their purchase processes into an ERP software capable of managing costs and inventory; scale, automate, update and streamline processes; and monitor and track document and data sharing in real time.
The successful integration of procurement information within a user-friendly ERP system is beneficial for both purchases and vendors in clarifying purchase order information, optimise inventory, and protect themselves against financial audits.
As important as those processes are, it is as important to accurately and securely manage your internal stock requisitions.
Stores Requisition Management (SRM) for Dynamics AX, or otherwise known as internal requisitions, has been designed to improve the functioning of stores within an organisation.
The Stores Requisition Management (SRM) or internal stock requisition extension integrates with the inventory and warehousing management module within Dynamics AX to support and streamline your organisation’s internal stock requisition processes.