Manage your vendors, process RFQs, establish contracts and enforce procurement policies.
NetSuite’s manufacturing functionality can be configured in three different ways, depending on how much control and influence is required in the production process. The work order is typically the main control document for manufacturers, but NetSuite also offers the ability to work in an environment without work orders, which is often advantageous for those following lean principals. NetSuite’s advanced manufacturing module offers the ability to manufacture in batches with automatic batch creation, full traceability, production control and scheduling.
CRM was one of the pillars that NetSuite was built on and those key features also apply to the ability to manage vendor relations. Vendors can be easily onboarded and then audited on a regular basis using workflows. Every transaction is tracked, analyzed and then included in the vendor scorecard, letting users easily keep track of vendor performance. The vendor portal is an additional free feature that allows users to quickly and easily collaborate on current and future projects.Key Capabilities:
Establishing commercial terms and ensuring compliance is a critical part of maintaining a business’s cost control. NetSuite allows users to do this using our purchasing contracts feature. Contracts can be established manually or automatically from the RFQ process and can also be created for future dates with automatic activation. Minimum and maximum spend can be defined, and NetSuite also keeps track of the total amounts purchased, billed and received.
Automate the requisitioning and purchasing processes from a user-configurable Procurement dashboard.
Executing on purchasing plans to meet service level expectations is a mission-critical business function. NetSuite is designed to help businesses manage and automate cross-functional tasks and to make the process of placing, managing and expediting purchase orders incredibly simple. Combined with NetSuite’s global capabilities, companies can easily manage all of their purchasing needs anywhere, anytime.
Creating and managing purchase orders is one of the simplest aspects of the system. The order items screen is the main place a user goes to monitor the list of items to be replenished, whether they are generated from the supply planning process, blanket POs or re-order point parameters. NetSuite allows you to order a mix of inventory, expense and service items on the same order. If there is a purchasing contract in place, the appropriate pricing will be applied automatically. Reminders can be customized to let you know when orders are expected to be received. Simple lists in NetSuite help to automate and expedite the purchase order management process.
NetSuite offers two approval processes out-of-the-box. The first is a simple approval process based on a dollar amount assigned to the employee. For more advanced approval processes, businesses utilize the SuiteFlow approval routings that come with customizable sample workflows. Workflows can be modified to consider aspects such as department budgets, location, item type or project. The graphical nature of the workflow tool makes it easy to create, monitor and maintain.
Easily match purchase orders, item receipts and vendor bills with configurable workflows to optimize cash flow.
Automating the receipt of ordered items, processing vendor bills and planning payments in a timely manner are key in vendor relationship management. NetSuite’s graphical workflow tool (SuiteFlow) can be configured to establish the criteria you want to use to manage this process. Encouraged collaboration between the requestor, purchaser, vendor, receiver and accounts payable promotes optimal vendor relations.
Receiving and entering invoices from suppliers is the first step in the process of completing the procure to pay cycle. When a vendor is submitting an invoice against a purchase order, NetSuite lets users select the order it was based upon and pre-populates all of the relevant information for verification. Vendor bills can also be manually entered, imported from a CSV file or automatically imported through web services in cases where tighter integration is desired.
Once the purchase order, receipt and bill have been entered into the system, the formal process of comparing and matching these documents begins. NetSuite has standard fields to determine the typical matching criteria that should be used along with several SuiteFlow-based workflows that allow you to handle exceptions while automatically approving those that comply based on pre-defined specifications. Once approved, the accounts payable department can determine which bills to pay and in which timeframe to optimize cashflow.