Procurement is never an easy and one-way process. Process-wise, from Purchase Request to compliant RFQ to PO and finally invoice and receipt to complete Procure-to-Pay process; Financial-wise, from Budget Allocation to various levels along company hierarchy and across types of spending (CapEx vs. OpEx); Compliant-wise, to ensure every step is under approval and comply with company policies. Managing procurement means managing costs, budgets, and, sometimes, business success.
Budget Control and Approval
Budget allocation to customer-defined expense categories and functional departments
Pre-set rule-based approval flows to ensure process compliance
Up-to-date budget utilisation to ensure effective cost control
Vendor Management
Vendor onboarding with approvals
Vendor credentials
Preferred Vendors
Procurement Management
Purchase Request by teams/individuals
Compliant RFQ
Purchase Order & receipt
OCR-powered vendor bills and account payables creation (Hyperlink to OCR-powered Procure-to-Pay)