The company must have an efficient procurement management process flow in place to oversight 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, 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. CapEx Request is the first step to initiate and provide information or documents attached to support their suggested expenditure.
Creating a Request CapEx must have an available budget within a year per asset classification to restrict or controll the expenditure by the management that decides additional budget if required. The sequential approval flow is reviewer, recommending, and final approval, that after final approval approved said CapEx is automatically sent to 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. Supplier participates RFQ should input in the canvass sheet data entry and subject for purchasing head approval to select a supplier.
After 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 and we will appreciate it very much.