PO Lifecycle Management: Filling the Gaps

NetSuite is a powerful and versatile Cloud ERP (Enterprise Resource Planning) solution that, among other things, has brought considerable improvements to the purchase order process. Now you can easily automate such tasks as PO creation, order release, and receipt transactions. You can eliminate tedious manual input and free your team for more profitable pursuits.

But what happens between the release of the Purchase Order and onboarding the goods?

There are some gaps between your NetSuite ERP and your supplier network when it comes to complete PO lifecycle management. That’s true whether you’re running the standard NetSuite purchasing module, NetSuite Native Demand Planning/MRP, or a SuiteApp MRP partner.

Mind the Gap

SourceDay can help you fill in the gaps by adding functionality complementing your NetSuite ERP capabilities. We’ll show you how to reach the next level of business process automation and achieve complete  PO lifecycle management.

Effective PO management begins before the purchasing process. The first gap comes even before the creation of the PO. SourceDay’s RFQ Collaboration tool allows you to automate the Request for Quote process. You can simultaneously send RFQs to all existing and potential suppliers.

Review Bids from Multiple Vendors & Award Business by Line Item

Once vendors have submitted their proposals, you can review them in an easy-to-read format that facilitates comparison. Then you can award the bid or even split it by line item between multiple suppliers.

Next comes managing the PO with SourceDay’s  PO Collaboration tool. Manage all your orders in a single dashboard.

After a PO enters NetSuite, SourceDay will take over to ensure you receive an acknowledgment from the supplier. That way, everyone is on the same page right from the start, and your PO lines are confirmed.

Stop Chasing PO Updates from Vendors and Suppliers

If the PO remains unchanged, the order will move right through your PO management process to shipping and receiving.

But 50% of all POs change after they are created. Managing the change introduces more gaps. SourceDay’s PO solution helps you manage change orders,  including alerting your supplier and receiving acknowledgment of the changes. This all occurs within the system, right down to individual PO lines.

Eliminate the email chains, post-it notes, and paper copies. Because everything, including changes, is in one system, everyone has access to the same up-to-date information. Everyone in your organization and your suppliers know the status of each order.

Also, shipping information is tracked within the system, and it will flow back into NetSuite automatically.

SourceDay’s central dashboard offers additional tools. The supplier scorecard tracks critical KPIs such as acknowledgment rates, responsiveness, and on-time delivery for each of your suppliers in real-time. You can see readily how your suppliers are performing and which are most valuable to you. Tracking suppliers’ efficiency also helps you determine areas in which your collaboration could improve.

Further Benefits of SourceDay

A significant benefit of using the SourceDay solution is that SourceDay is 100% free to your suppliers. Have an unlimited number of suppliers connected with your SourceDay solution and allow them to automate also. They will perform better and thus become a more efficient and effective collaborative supplier. With SourceDay in place, you can create collaborative partnerships that lead to growth and increased profits.

A complete end-to-end PO lifecycle management system will allow your team to manage your organization’s cash flow more reliably. You’ll also have the insight necessary to avoid back orders and missed opportunities. Eliminate the use of paper and the resources wasted on buying it, using it, and filing it. And automating your business processes helps you reduce input error and ensure data integrity inside NetSuite on all things PO-related.

NetSuite Cloud ERP is a powerful tool, and SourceDay brings that power to your purchasing operations. For full PO lifecycle management capability, SourceDay fills in the gaps. It provides all the functionality you need to fully manage your POs from creation to receipt by extending NetSuite’s purchasing capabilities to your supplier network.

At SourceDay, we integrate with your ERP to automate purchase order PO management and enable supplier collaboration. Contact our team at SourceDay to see how we can help your business.

By SourceDay, sourceday.com

 

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