The procurement management process comprises of transactional purchases of goods and services, as well as integration with accounts payable to complete the source-to-settle cycle by supplying supporting documentation to assist with the processing of supplier invoices for payment. The appraisal, selection, and development of formal contractual agreements, as well as the management of the company’s ongoing supplier relationships, are all part of procurement management.
PACIFYCA by ATC Online is a comprehensive Procurement Management Solution that is designed to digitize your end to end procurement process from requisition to receipt. It is a totally flexible solution that enables organizations to take entire control of the purchase requisition procedure while also providing complete visibility into the purchasing process. PACIFYCA lets you control your company’s budget and save time. Our procurement software platform unifies end-to-end procurement features for direct and indirect expenditure management on a single cloud-native platform. It includes a full set of procurement tools integrated into a single unified procurement system, removing the need for separate software, plugins, or tools to manage certain operations.
PACIFYCA helps to streamline the end-to-end procurement process, driving digital transformation, raising the effectiveness of your procurement team to a whole new level, and expanding its strategic reach and influence on the organization. Some of the most important features of our Procurement Solution are showcased in this article.
Purchase Requisition (PR) Process
PACIFYCA removes the time-consuming and laborious processing of Purchase Requests. Employees will no longer be required to submit physical documents for approvals. PR request in the relevant format may be created online on the software platform, thus allowing direct order submission and approval. The PR process of PACIFYCA ensures the following:
- The software may be set to give a structured custom form for gathering purchase requirements in a structured manner, with the option to bulk upload purchase requirements into the system.
- Purchasers may simply fill out digital Purchase Requisition forms and send requests to suppliers digitally by providing price, quantities, and service length information.
- Remote & timely approvals or rejections (in some cases) of PRs
- Appropriate approvals based on designation & hierarchy
- Clear communication in real time by the way of PR status & reminders for approvals
- End to end monitoring of PRs
Purchase Order (PO) Management
PACIFYCA supports the whole PO life-cycle, from development to approval and transfer to vendors, in a timely and effective manner. Employees who are eligible can generate POs immediately from requisitions for catalogue, punch-out, and non-catalog products, as well as services and support, in both standard and blanket orders. Our PO management system guarantees that only essential purchases are made. Thus, justifying the cost incurred on the purchase.
- PACIFYCA ensures that businesses may track the status of an order in real time. This function aids in the administration of purchase orders. It maintains track of purchases and sends notifications and automated alerts to stakeholders when there is an update on the PO status. If a worker launches a PO, he or she will desire regular status updates on its progress. Allowing customers to check in at any time to view the progress of their purchases would reduce the amount of enquiries and the time spent answering them. Status visibility will aid in gauging workflow processes and identifying inefficient areas to address.
- Users may configure PACIFYCA to build Purchase order processes by department and at various financial levels, as well as set up approval channels for a simplified business process. Such automated PO approval methods improve visibility and control in buying operations, assisting firms in increasing overall efficiency.
- PACIFYCA enables policy compliance and expense transparency with customizable rule-based PO approval procedures. The system allows purchase orders to be tracked and approved from anywhere, at any time, on any device, employing a rule-based provisional approach to channel purchase order approvals.
- PACIFYCA has been designed to execute a complete paper-less PO process from documentation to release of the order.
- All PO information is stored and secured and can be effortlessly retrieved at any given time by authorized personnel.
Contract Management
It is vital to manage procurement contracts effectively. Handling the procedure manually might take a long time. PACIFYCA, on the other hand, may assist in speeding contract development through guided authoring, which employs a preapproved set of clauses, predefined templates, language and incorporated rules based participation. PACIFYCA can help buyers create feasible contracts quicker by the automating along with the standardization of the contract management workflow. They receive a 360-degree view into their contracts while keeping expenses under control. Buyers may thus take charge of the contract management process in order to get visibility into agreements, reduce cycle times, and monitor compliance.
The technology makes extensive use of analytics to uncover potential contract language violations from set norms. Document approvals are enforced through auditable procedures. The platform provides a safe, searchable contract repository with comprehensive tracking and audit history, allowing users to find what they need fast. Automated renewal control systems alert procurement teams with early notice of contract expirations, allowing them to take proactive action and prevent potential pitfalls.
Vendor Management
With its Vendor Management module, PACIFYCA handles all of your vendors on the fly, from onboarding to narrowing down for selection. Users may expediently register suppliers, view vendor information, and use numerous catalogues.
- Buyers can create their own registration formats or use pre-set forms to collect the information they need to better understand potential vendors. Based on the information gathered, administrators may add new vendors and allow them to amend their payment terms, policies, certificates, and other business-critical documents by giving them access to a self-service dashboard. This ensures that all supplier profiles are correct and up to date.
- PACIFYCA provides an approved vendor database available to all employees and stakeholders involved in the purchase order process. This will make it easier to execute purchases in real-time as customers may search the database for a verified, previously employed supplier with whom they have had an experience in the past. Thus, employees will be able to pick a supplier with confidence and in a timely manner.
- PACIFYCA allows buyers to handle RFQs, RFPs, and RFIs without spending time acquiring information from numerous vendors. They may quickly make digital Request for Quote (RFQs) to find the finest supplier to meet their needs with trustworthy best price and other facts. Digital RFQs allow users to easily evaluate and pick the best vendor offer for their firm.
- All POs, PRs, contracts, and privileged vendor payment information are all accessible from one location.
- PACIFYCA manages all vendor activities using a specialized vendor interface, where suppliers may easily login and update their own activities. All of information may then be easily connected with the organization’s database to provide real-time updates on vendor activity.
- Aside from managing vendor onboarding paperwork and approvals, PACIFYCA may also be set up to restrict vendors from participating in future activities in the event of a non-compliance issue, or even to blacklist them if necessary.
- PACIFYCA simplifies the process of evaluating essential aspects regarding potential suppliers such as financial soundness, adherence to the company’s code of conduct, and other elements that qualify them as a partner. Once certified, the system assists in the management of ongoing supplier relationships by alerting procurement experts when a supplier’s credentials are about to expire.
- The system also alerts users when new information becomes available that might affect a supplier’s credentials, capabilities, or risk profile. The system offers real-time supplier information to help buyers choose the best vendors, such as bids filed, purchase order history, active contracts, issues related, and more.
- PACIFYCA may assist in developing results-driven action strategy to mitigate and manage supplier engagement concerns, as well as proactively improving supplier relations to keep strategic sourcing efforts on track.
Invoice Management
PACIFYCA harmonizes the invoice management process, including invoice matching, approval, and payment, while also assuring correctness and compliance. The software allows for bespoke approval procedures and automates the invoice verification and approval.
- PACIFYCA supports customizable approval workflows as well as automatic intelligent invoice matching functionality such as 2, 3, or N-ways matching options to validate invoices against Transactions, Purchase Orders, Good Receipt Notes, and service entry sheets, eliminating duplicate invoices or incorrect data entries.
- The software supports automated email notifications to approvers for invoice approval.
- With PACIFYCA, invoice processing is quicker because the appropriate information is delivered to the right person at the right time, allowing them to make the best choice. The invoice has a complete history of all interactions and invoice activities, making it easily auditable.
- The software supports automated email notifications to approvers for invoice approval.
- PACIFYCA has a GST calculator for goods in different regions. TDS deduction is also automated at the item level by the software.
- PACIFYCA offers flexibility to access invoices anytime, whether they are current or archived, from anywhere.
- Payment terms can be incorporated into the system as per contract and the software ensures that they are adhered to at the time of processing of invoices for payment.
Accounts Payable
The Accounts Payables Module of PACIFYCA makes it simple for businesses to establish and manage long-term relationships with their vendors. All outstanding vendor balances are kept up to date for accurate reporting or lookup at any moment, from document input through vendor payment. The solution enables fast vendor record inquiry for auditing to swiftly assess outstanding vendor balances, payment and discount history.
PACIFYCA guarantees that a suitable payment method is selected based on the invoice due date or the discount due date. This enables for better cash flow management. Cheques can be issued or funds transferred electronically with online banking or with payment gateways, depending on the prevalent payment option mutually agreed upon. Additionally, invoice payments can be tracked in real-time. If an error is discovered on an invoice, it can be reversed, changed, and re-issued for the correct amount.
- PACIFYA ensures end to end automation of accounts payable process
- Buyers may create an unlimited number of suppliers with different classes, payment terms, due dates, and discounts using PACIFYCA.
- PACIFYCA displays a dashboard view of vendor activity and allows users to reach down to the original transaction for any Payables record to track the transaction’s movement through the system.
- PACIFYCA features a multitude of reporting options, including conventional Vendor Statement and Vendor Trial Balance reports, among others.
- PACIFYCA aids in the management of a company’s cash flow by enhancing financial control. The solution streamlines the payment selection process by displaying vendor history at the user’s fingertips.
Analytics & Reports
By employing AI-driven algorithms to assist procurement teams evaluate success against spend targets, PACIFYCA collates critical spend data to give comprehensive insights, granular-level visibility, and total control over spending. The software makes it simple to track savings by displaying real-time information on all cost-cutting initiatives in a single interface, including bill of materials, projects, categories, and stock keeping units (SKU).
Users can set spending limits (by period, category, location, etc.). The software may be customized to provide notifications to the procurement department when procurement expenditures approach or surpass predefined limitations. Calculation and tracking of spend variances versus budgets (at the enterprise/department/project level) is also supported.
- Tailored formats for scheduled/ad hoc procurement KPI reporting.
- Metrics on spending like total spend, spend vs. budget, and spend under management.
- Metrics for cost savings like savings via volume discounts or early payment discounts.
- Metrics at the category level like number of suppliers in category, average payment time/Category.
- Average Procurement/PO Cycle duration
- Cost/Invoice
- Cost/PO
Conclusion
PACIFYCA Procurement Management Solution is an automation software package that unifies all aspects of a company’s procurement process into a single platform.
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