Purchase management basically is a function in any enterprise that works to save money and enhance profits. Hence, it becomes one of the most important departments in a company. Cost savings can be achieved if the purchasing decisions are effective.
The SRM System is the systematic approach to evaluating vendors that supply goods, materials and services to a company. It enables businesses to manage their relationships between their vendors.
With SRM System
Company can...
1. Monitor POs by setting different approval levels
2. Check the POs status and supplier acknowledgement
3. Reports of product costing and supplier’s performance in formulating strategies
4. Outstanding report for ordered goods or payments
5. Transparency of product cost and create a friendly competitive environment among suppliers
6. Budgeting suppliers payment fund and planning credit supplier strategy
With SRM System
Suppliers can...
1. View the PO detail and acknowledge PO
2. Check the outstanding status and payment advice
3. Get an overview of outstanding amount and POs to be delivered
4. Know the unique selling point of competitors to create an effective strategy
5. Assist to monitor your inventory levels and alert you when they fall below reorder levels
6. Receive reminder letter after certain days of PO issuance (coming soon)
Need some
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