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Procurement Software Salesforce Vendor Management System

17 Common Challenges in Procurement Management & Their Solutions

17 common challenges in procurement management and their solutions

Procurement Management

Procurement can be complicated and challenging to manage due to various factors such as regulations and pricing.

One major challenge is shifting the focus from short-term cost savings to a more comprehensive approach that includes strategic supplier relationships and long-term cost efficiencies.

Businesses recognize the importance of procurement systems in achieving their goals. A reliable procurement system improves accuracy, efficiency, and speed. Standardizing procedures and following best practices is crucial.

Despite efforts to standardize, challenges still arise in procurement, ranging from organizational issues to human errors. These challenges can negatively impact procurement and purchasing.

Here is a list of common procurement challenges and some simple solutions to address them in organizations.

The 17 Common Challenges in Procurement and How to Overcome Them
  1. Allowing Poor Quality for Lower Costs

Many businesses prioritize cost over quality, which can have negative impacts on products. Sacrificing quality to save money is a common practice, but it comes with risks.

Solution: Gathering consumer feedback helps strike a better balance between cost and quality. Our Procurement KPI Dashboard can track key quality and cost indicators, allowing you to identify declining trends and take remedial actions.

  1. Providing Unclear Specifications & Requirements

Unclear specifications and requirements in the procurement process can lead to misunderstandings and unsatisfactory results.

Solution: Clearly communicate your organization’s requirements to suppliers to ensure better outcomes.

  1. Not Assessing Suppliers Before Doing Business

Many organizations skip supplier assessment and rely solely on what suppliers promise. This lack of evaluation can lead to issues and untrustworthy experiences in procurement.

SOLUTION: Conduct thorough supplier assessments before selecting any supplier. Involve major suppliers in problem-solving processes to foster trust and positive outcomes.

  1. Not Fully Understanding Supplier Capabilities

Lack of understanding about supplier capabilities can result in dissatisfaction and problems in procurement. Setting unrealistic expectations can be disastrous in the long run.

SOLUTION: Continuously monitor suppliers to ensure they meet delivery demands and standards. Start with incremental goals and hold regular supply reviews to discuss performance and improvement ideas.

  1. Not Agreeing on Important KPIs

Critical Key Performance Indicators (KPIs) are essential for effective procurement. Simply focusing on factors like cost reduction or quick delivery may not be enough to drive real impact.

SOLUTION: Agree on important KPIs and make them a central part of regular supply reviews. Balance cost, customer value, quality, and speed in your procurement strategy.

  1. Lack of Transparency

Withholding crucial information from suppliers limits their ability to provide value. Lack of transparency, such as market trends or sales forecasts, can strain relationships.

SOLUTION: Communicate openly with suppliers and share necessary information. Keep them informed about demands and updates to foster collaboration.

  1. Lack of Trust

Zero trust towards suppliers can hinder procurement processes and create issues. Building trust is crucial for effective problem-solving and positive improvements.

SOLUTION: Show a level of trust in your key suppliers. Demonstrating confidence can enhance problem-solving methods and strengthen relationships.

  1. Doing Business Without a Formal Contract

Working with suppliers without formal contracts can lead to problems. While creating contracts may be challenging, it is necessary to ensure clear terms and protect both parties.

SOLUTION: Establish a fair and thorough process for formal contracts. Regardless of supplier size, prioritize official agreements to mitigate procurement issues.

  1. Lack of Clearly Defined Procurement Processes

Not defining essential procurement processes, such as supplier development or Procure-to-Pay, can lead to reactive problems.

SOLUTION: Utilize procurement systems and leadership principles that provide clear and compelling business processes.

  1. Accidental Orders

Ordering the wrong items or quantities can cause procurement problems. Timely follow-up and maintaining a good relationship with suppliers can help rectify mistakes.

SOLUTION: Establish a strong connection with your supplier to address accidental orders promptly. Building a good relationship can prevent significant difficulties.

  1. Continuing to Work with Inflexible Suppliers

Risk management and negotiation play a significant role in procurement decisions. Suppliers who are inflexible or unwilling to accommodate your business needs can create challenges.

SOLUTION: Look for suppliers who are open to negotiation and can meet your business requirements. Maximize performance by working with adaptable suppliers.

  1. Not Having a Development Plan for Buyers/Procurement Managers

Lack of support and development opportunities for procurement team members can hinder their growth. Neglecting their continuous development is a common procurement challenge.

SOLUTION: Provide support for continuous development, such as procurement courses, blogs, and books. Invest in your procurement team’s growth to enhance their skills.

  1. Lack of Accurate Data

Relying on erroneous procurement data can lead to inventory issues and affect the bottom line. Accurate and reliable data is crucial for making informed procurement decisions.

SOLUTION: Ensure you have access to accurate data and avoid making decisions based on unreliable information.

  1. Overemphasis on Cost Reduction

While cost reduction is important, focusing solely on lowering costs can overlook other critical factors. Considering the total cost, quality, delivery, and lead time is essential for successful procurement.

SOLUTION: Evaluate the impact of cost reduction projects on the overall performance and consider all relevant factors beyond price.

  1. Uncertainty about Supplier Development or Replacement

Identifying the right suppliers to develop or replace requires careful consideration. Providing necessary support and services is vital for their continuous development.

SOLUTION: Investigate suppliers’ motivations for participating in development programs and find ways to influence suppliers who are not dependent on your business to engage in training and development.

  1. Ignoring Time Costs

Lower prices often come with longer lead times. However, organizations often fail to analyze the cost implications, missed deadlines, waste, and working capital associated with longer lead times.

SOLUTION: Consider the time factor when selecting suppliers and find a balance between price and meeting your organization’s demands.

  1. Tolerating Unnecessary Risk

Procurement systems should include risk assessments to address supply disruptions and their implications. Avoiding unnecessary risks is crucial to prevent procurement problems.

SOLUTION: Be proactive in identifying potential risks and implement measures to mitigate unnecessary risks.

Conclusion :

Many organizations encounter various procurement problems and challenges. To address these issues, implementing best practice procurement systems can integrate effective measures and high-performance business processes.

We hope you found our comprehensive guide to the top procurement solutions helpful. If you believe there are any procurement issues that we have missed, please share them in the comments below!

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SRM Key Features

RFX & E-Auction

One Software That Offers All In One Solution For RFx & E-Auctions India’s Most Decorated and 100% Secure Online e-Auction Platform That Makes ProVen The Best Supplier Relationship Management (SRM) Solution.

ERFX

Move away from spreadsheets and manually compare quotations and information from vendors. Cloud Expert’s eRFX solution – ProVen lets you manage all your RFIs, RFQs, RFPs, RFTs, and Auctions, in one system.

Forward Auctions

Exploit forward auction strategies to help net revenues and worth conveyance.

Reverse Auctions

Deploy reverse auction strategies to maximize savings and innovate procurement operations.

Supplier Management

One Software That Offers All In One Solution For RFx & E-Auctions India’s Most Decorated and 100% Secure Online e-Auction Platform That Makes ProVen The Best Supplier Relationship Management (SRM) Solution.

Find New Suppliers

Move away from spreadsheets and manually compare quotations and information from vendors. Cloud Expert’s eRFX solution – ProVen lets you manage all your RFIs, RFQs, RFPs, RFTs, and Auctions, in one system.

Sourcing Optimiser

Enhance your most normal obtaining process, eRFX, and contract talks in the quickest way possible. Leverage ProVen&apos’s intelligent APIs to concentrate all obtaining information onto a solitary stage and improve on the most confounded processes with quicker direction.

Spend Analytics

Open the window to make your spending analysis more astute with ProVen. Open fundamental examples by solidifying a lot of spending Data and assist your Procurement Team to eliminate blind expenditures, screen conduct, and gain further bits of knowledge.

Integration

You can link your processes and technology using ProVen’s smart APIs. This will make different systems work well together. You don’t need to collect information from various tools anymore. You can make your procurement system better.

Contract Management

Say Goodbye to misplaced and mismanaged paper contracts with ProVen’s Contract Management Software. You can say goodbye to risks and lost savings too. It helps you to handle all types of contracts easily, securely, and without using paper and ink. It simplifies the creation, execution, and management of your contracts.

Tail Spend Management

Save up to 20% of your procurement budget by reducing unplanned or uncontrolled spending. ProVen can help you manage your tail spend and find more savings by giving you a clear view of your spending.

Cost Optimization

See where you spend money in your supply chain and find ways to save. Procol’s smart dashboards show you information about how much products cost, details about suppliers, and trends in prices. You can use this information to cut down your expenditure.

Connect with an expert who can share more about our solutions and answer any questions you have.

ProVen Can Revolutionize Procurements For You.

CALL FOR DEMO (+91 9591961422)

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Categories
Procurement Software Salesforce Vendor Management System

The Ultimate Guide to the Top 16 Procurement KPIs.

The Ultimate Guide to the Top 16 Procurement KPIs.

Procurement Software

Nowadays, businesses want procurement teams to do more than just save money. They want them to improve the procurement process and make it sustainable. But for doing that, they need the right data. So, they track various metrics called Procurement KPIs (Key Performance Indicators).

The procurement process has become more than just buying things. It’s now a crucial part of the business’s growth strategy. The procurement manager has the important job of monitoring and managing their team’s performance.

Procurement KPIs and metrics are important because they help measure how well the procurement team is doing. They are used to monitor, evaluate, manage, and improve the procurement function. Procurement leaders rely on these metrics to enhance their procurement process.

What are Procurement KPIs?

Procurement KPIs are tools used to measure and track how well an organization manages its procurement processes. These KPIs help evaluate and control spending, quality, time, and cost.

They also help businesses align with their overall process goals, procurement strategies, and business objectives. It is important to measure the efficiency of the procurement process. THis is very important especially during economic downturns, as it plays a crucial role in the supply chain.

Key Performance Indicators (KPIs) are metrics that measure specific aspects of performance. Procurement KPIs are more detailed. It’s specific goals that can be easily monitored on a monthly or daily basis.

What are the Benefits of Performance Management using KPIs for Procurement?
  • Focus on important areas like cost reduction and quality improvement.
  • Decreased conflict caused by goal confusion and unclear expectations.
  • Clearly defined shared goals that promote teamwork and relationships.
  • Ability to compare performance year after year to identify trends.
  • Improved communication on performance matters.
  • Motivation to achieve better performance.
  • Support for collaborative buyer-supplier relations through integrated performance measurement.
What are the main categories for measuring procurement performance?
  • Cost: Focus on reducing expenses and improving profitability.
  • Time: Ensure efficient supply chain management and quick responses to customer needs.
  • Quality: Monitor supplier performance to maintain high-quality products and services.
  • Technology: Assess suppliers’ capabilities and development processes for new products.
  • Spend Management: Track and optimize procurement expenditure and supplier relationships.
Specific Procurement KPIs include:
  1. Average Cost per Order: Measure the average cost of processing an order.
  2. Percentage Change in Cost vs Previous Year: Track cost fluctuations over time.
  3. Cost Avoidance: Reduce potential future costs.
  4. Implemented Cost Reduction: Measure tangible cost savings achieved over time.
  5. Purchase Price Variance: Identify discrepancies between actual and standard costs.
  6. Procurement ROI: Evaluate the profitability of procurement investments.
  7. Supplier Quality PPM: Measure supplier quality performance.
  8. Supplier Defect Rate: Calculate the percentage of substandard products received from suppliers.
  9. PO Accuracy: Ensure accuracy in Purchase Order delivery.
  10. Supplier Lead Time: Measure the time it takes for suppliers to ship orders.
  11. Purchase Order Cycle Time: Track the time from purchase request to order submission.
  12. Vendor Availability: Evaluate the supplier’s ability to respond to urgent needs.
  13. Spend Under Management: Monitor the percentage of procurement expenditure controlled by procurement management.
  14. Number of Suppliers: Assess supplier dependency and diversity.
  15. Days Payable Outstanding: Measure the average time taken to pay bills and invoices.
  16. Tail Spend: Monitor small-value purchases conducted outside contracts.

Using cloud-based digital procurement solutions can help businesses measure KPIs, gain insights, manage risks, and improve profitability.

Our Products

Contact Us
  • Recent Posts

SRM Key Features

RFX & E-Auction

One Software That Offers All In One Solution For RFx & E-Auctions India’s Most Decorated and 100% Secure Online e-Auction Platform That Makes ProVen The Best Supplier Relationship Management (SRM) Solution.

ERFX

Move away from spreadsheets and manually compare quotations and information from vendors. Cloud Expert’s eRFX solution – ProVen lets you manage all your RFIs, RFQs, RFPs, RFTs, and Auctions, in one system.

Forward Auctions

Exploit forward auction strategies to help net revenues and worth conveyance.

Reverse Auctions

Deploy reverse auction strategies to maximize savings and innovate procurement operations.

Supplier Management

One Software That Offers All In One Solution For RFx & E-Auctions India’s Most Decorated and 100% Secure Online e-Auction Platform That Makes ProVen The Best Supplier Relationship Management (SRM) Solution.

Find New Suppliers

Move away from spreadsheets and manually compare quotations and information from vendors. Cloud Expert’s eRFX solution – ProVen lets you manage all your RFIs, RFQs, RFPs, RFTs, and Auctions, in one system.

Sourcing Optimiser

Enhance your most normal obtaining process, eRFX, and contract talks in the quickest way possible. Leverage ProVen&apos’s intelligent APIs to concentrate all obtaining information onto a solitary stage and improve on the most confounded processes with quicker direction.

Spend Analytics

Open the window to make your spending analysis more astute with ProVen. Open fundamental examples by solidifying a lot of spending Data and assist your Procurement Team to eliminate blind expenditures, screen conduct, and gain further bits of knowledge.

Integration

You can link your processes and technology using ProVen’s smart APIs. This will make different systems work well together. You don’t need to collect information from various tools anymore. You can make your procurement system better.

Contract Management

Say Goodbye to misplaced and mismanaged paper contracts with ProVen’s Contract Management Software. You can say goodbye to risks and lost savings too. It helps you to handle all types of contracts easily, securely, and without using paper and ink. It simplifies the creation, execution, and management of your contracts.

Tail Spend Management

Save up to 20% of your procurement budget by reducing unplanned or uncontrolled spending. ProVen can help you manage your tail spend and find more savings by giving you a clear view of your spending.

Cost Optimization

See where you spend money in your supply chain and find ways to save. Procol’s smart dashboards show you information about how much products cost, details about suppliers, and trends in prices. You can use this information to cut down your expenditure.

Connect with an expert who can share more about our solutions and answer any questions you have.

ProVen Can Revolutionize Procurements For You.

CALL FOR DEMO (+91 9591961422)

Checkout The Other Blogs

RFI Vs RFP Vs RFQ

07/07/2023 No Comments

RFI Vs RFP Vs RFQ In today’s business world, there are many options for enterprises looking to switch immigration providers. They consider factors like service,

Read More »
Categories
Procurement Software Salesforce Vendor Management System

ProVen Revolutionary Procurement Software

Procurement Software
Procurement Software

ProVen Revolutionary Procurement Software

Procurement Software
Revolutionary Procurement Software :

Revolutionary procurement software is here! It’s advanced, flexible, easy to use, affordable, highly secure, and can be set up within 7 days to improve your procurement management

Our Solutions

With our procurement management software, you can automate your procurement processes. We designed our processes to be self-sufficient, reducing the need for manual work. This includes important tasks like tender assessment, raising and approving purchase orders, selecting and ordering products or services, receiving invoices, managing contracts, and more.

Our solutions simplify your sourcing and purchasing workflows, providing you with a cost-effective and user-friendly solution. Our aim is to give you complete control over your procurement processes without requiring excessive manual effort.

By automating key processes and promoting transparency, Procol helps organizations achieve industry-leading efficiency and impressive return on investment (ROI).

Our Solutions

RFX & E-Auction

One Software That Offers All In One Solution For RFx & E-Auctions India’s Most Decorated and 100% Secure Online e-Auction Platform That Makes ProVen The Best Supplier Relationship Management (SRM) Solution.

ERFX

Move away from spreadsheets and manually compare quotations and information from vendors. Cloud Expert’s eRFX solution – ProVen lets you manage all your RFIs, RFQs, RFPs, RFTs, and Auctions, in one system.

Forward Auctions

Exploit forward auction strategies to help net revenues and worth conveyance.

Reverse Auctions

Deploy reverse auction strategies to maximize savings and innovate procurement operations.

Supplier Management

One Software That Offers All In One Solution For RFx & E-Auctions India’s Most Decorated and 100% Secure Online e-Auction Platform That Makes ProVen The Best Supplier Relationship Management (SRM) Solution.

Find New Suppliers

Move away from spreadsheets and manually compare quotations and information from vendors. Cloud Expert’s eRFX solution – ProVen lets you manage all your RFIs, RFQs, RFPs, RFTs, and Auctions, in one system.

Sourcing Optimiser

Enhance your most normal obtaining process, eRFX, and contract talks in the quickest way possible. Leverage ProVen&apos’s intelligent APIs to concentrate all obtaining information onto a solitary stage and improve on the most confounded processes with quicker direction.

Spend Analytics

Open the window to make your spending analysis more astute with ProVen. Open fundamental examples by solidifying a lot of spending Data and assist your Procurement Team to eliminate blind expenditures, screen conduct, and gain further bits of knowledge.

Integration

You can link your processes and technology using ProVen’s smart APIs. This will make different systems work well together. You don’t need to collect information from various tools anymore. You can make your procurement system better.

Contract Management

Say Goodbye to misplaced and mismanaged paper contracts with ProVen’s Contract Management Software. You can say goodbye to risks and lost savings too. It helps you to handle all types of contracts easily, securely, and without using paper and ink. It simplifies the creation, execution, and management of your contracts.

Tail Spend Management

Save up to 20% of your procurement budget by reducing unplanned or uncontrolled spending. ProVen can help you manage your tail spend and find more savings by giving you a clear view of your spending.

Cost Optimization

See where you spend money in your supply chain and find ways to save. Procol’s smart dashboards show you information about how much products cost, details about suppliers, and trends in prices. You can use this information to cut down your expenditure.

Our Products

Contact Us
  • Recent Posts

Connect with an expert who can share more about our solutions and answer any questions you have.

ProVen Can Revolutionize Procurements For You.

CALL FOR DEMO (+91 9591961422)

RFI Vs RFP Vs RFQ

07/07/2023 No Comments

RFI Vs RFP Vs RFQ In today’s business world, there are many options for enterprises looking to switch immigration providers. They consider factors like service,

Read More »
Categories
Vendor Management System Procurement Software Salesforce

Vendor Management System (SRM) – 18 Points That Makes ProVen Next Generation Procurement Software

Vendor Management
Vendor Management

ProVen The Next Generation Procurement & Vendor Management Solution - SRM

Vendor Management Solution
Procurement Challenges:
  • The current purchase process is both inefficient and lacks transparency.
  • Floating RFQs and obtaining quotations is a time-consuming procedure.
  • There is a higher likelihood of paying a higher price for products of lower quality.
  • There is a risk of corruption and revenue loss.
Benefits of ProVen VMS (Procurement & Vendor Management Solution):
  1. Save Time: Collaborate digitally with Vendors and the purchase team.
  2. More Savings: More Bids, Better Prices, Better Negotiation possibilities, More Savings.
  3. Transparency: Increase the Transparency and Efficiency in the Procurement process.
  4. Reduce Corruption: between vendors and procurement teams if there is any.
  5. Improve Efficiency: Centralized, automated purchase Management system.
  6. Information on Finger Tips: Maintain all RFQs, Quotes, auctions & Dashboards of all supplier activities.
  7. Reduce Purchase Time: Increase Efficiency and Save Revenue.
  8. Unlock Potential Savings: By choosing the best suppliers based on quantitative and qualitative analysis.
  9. Real-time Reports: Onscreen reporting and exportable reports for record-keeping.

Vendor Management

Next-Generation Procurement Software

We offer an advanced procurement and vendor management solution that is not only flexible and user-friendly, but also cost-effective, secure, and capable of optimizing your procurement process.

 Vendor Onboarding Process:

  • Our vendor onboarding process involves creating a vendor log in and sharing it with the vendor for them to fill up their information in our VMS.
  • The vendor needs to attach the required documents as suggested by our system, and then submit the record for verification and approval.
  • Once approved, the vendor will be updated as an active vendor and their data will be pushed to the ERP system using API on a real-time basis.

By providing a supplier portal, we can save you thousands of hours by allowing vendors to manage communications, transactions, and issue resolution online through our VMS. You can also access supplier information anytime from anywhere through any device.

Our flexible registration rules make it easy to onboard suppliers and handle category-specific supplier requirements. With the end-to-end auditability of the entire contract life cycle available to all business users, you can have complete transparency and control over your procurement process.

  1. Product Master: The product master will be created in the ERP system with all the required and important information. Once the product is active in the ERP system, it is pushed to our VMS application through API on a real-time basis.
    Our system has different templates that can onboard any category of goods or products, including raw materials, finished goods, logistics, services, CAPEX, OPEX, and more. With our comprehensive product master and flexible templates, you can easily manage your procurement process and make informed purchasing decisions.
  2. Vendor Products: We provide a user-friendly interface for vendors to easily select the products they deal with and add them to their profile in just a few clicks. When new products are added to the product master, vendors are notified to add them to their profiles. This ensures that vendors receive relevant RFQs related to the products they deal with.
    For those products related RFQs are visible to respective vendors, and they have the option to submit a quote for those RFQs. Our system sends SMS, WhatsApp, bell, and pop-up notifications to vendors when a new RFQ is available or any RFQ is about to close or hit the end date.
    This ensures that vendors are aware of relevant RFQs and can respond in a timely manner, thereby optimizing the procurement process for both the vendors and your organization.
  3. Purchase Requisition: Our Vendor Management System provides seamless integration with your existing ERP system through API integration. This enables you to get your Purchase Requisition / Purchase Indent Data on a real-time basis directly into our system once PR is approved.
    In addition, our system allows you to create Purchase Requisitions / Purchase Indent directly within the ProVen App.
  4. Create RFQ from Purchase Requisition: Once your Purchase Requisition records are available in our ProVen VMS system, you can easily select the Purchase Requisition records and create an RFQ. Our system enables you to create a single RFQ from multiple Purchase Requisition records
  5. Share RFQ with Vendors: Our ProVen VMS system allows you to easily share the RFQ with all vendors who deal with the respective products. Alternatively, you can search for vendors or suppliers based on different parameters and share the RFQ with selected vendors. This flexibility ensures that you can reach out to the right vendors and obtain the best value for your procurement needs.
  6. Notify Vendors for New RFQ: Our ProVen VMS system ensures that vendors receive timely notifications about the RFQs shared with them. Vendors will receive notifications via email, WhatsApp, and SMS once you share an RFQ with them. In addition, our system provides bell notifications and pop-up notifications within the vendor portal once they log in. This ensures that vendors are aware of new RFQs and can respond promptly
  7. The vendor will Submit Quotation: Our ProVen VMS system enables vendors to easily review the RFQs and submit their quotes online through our platform. Vendors can also attach additional documents as required.
    In case vendors do not want to submit a quote for any reason, they can simply click on the regret button and provide the reason for not submitting the quote. This ensures transparency in the procurement process and enables you to obtain the best value for your procurement needs.
  8. Quote Comparison Table ( QCT ) & Vendor Selection: Our ProVen VMS system simplifies the vendor selection process by enabling you to easily compare the quotes received from different vendors for your RFQ. You can compare the quotes based on various factors such as price, quality, delivery time, and other relevant parameters.
    Once your organization has selected the vendor you want to work with, you can finalize the vendor through our VMS system and notify them accordingly. This ensures that the vendor selection process is streamlined, transparent, and efficient
  9. Purchase Order Process: Once the vendor has been finalized, a purchase order (PO) will be created from your ERP system. Once the PO is approved in your ERP application, it will be made available in our ProVen VMS system on a real-time basis through API integration.
    If needed, you can create a purchase order (PO) directly in ProVen VMS system as well. Once the PO is approved, it can be pushed to your ERP system through API integration.
    The PO will be shared with the vendor through email and our VMS portal, and the vendor will be notified via email, WhatsApp, and SMS for any new purchase orders. This ensures that the vendor is promptly informed of any new purchase orders and can begin preparing to fulfill the order.
  10. Delivery Milestones: Buyer can specify the delivery milestones in the purchase order (PO), including the delivery date, location, quantity, and quality standards. These delivery milestones will be created in your ERP system and pushed to your VMS system through API integration, making them easily accessible to vendors through the VMS portal.
    To ensure the timely delivery of goods or services, notifications will be sent to both the vendor and buyer based on the delivery milestone due date. These notifications can be sent via email, WhatsApp, SMS, bell notifications, and pop-up notifications, as per the frequency and preferences set by the buyer. This helps to ensure that both the vendor and buyer are aware of the delivery schedule and can take necessary actions accordingly.
  11. GRN (Goods Receive Note): Once the goods or services have been delivered, the receiving department will check them against the PO to ensure that everything has been received as ordered. GRN records will be created in the ERP system. GRN data can be pushed from ERP to VMS through API Integration and made visible to Vendors as well.
  12. Purchase Invoice / Vendor Invoice: After receiving and verifying the goods or services, the invoicing department will input the Vendor Invoice or Purchase Invoice into the ERP system. The Vendor Invoice will be immediately sent to the VMS system through an API integration, making it visible to the corresponding vendor in real time.
  13. Vendor Payment: After receiving and verifying the goods or services, the invoicing department will input the Vendor Invoice or Purchase Invoice into the ERP system. The Vendor Invoice will be immediately sent to the VMS system through API integration, making it visible to the corresponding vendor in real-time.
  14. E-Auction Process:  
    1. Identification of goods or services to be auctioned: To begin the eAuction process, the first step is to determine the goods or services that will be up for auction. The auction organizer will compile a list of items to be auctioned, including descriptions and relevant details. Additionally, the creation of an Auction Record can be accomplished with a single click from a Purchase Requisition.
      Once the items are identified, the auction organizer or buyer will establish the auction by setting parameters such as the starting bid price, bid increments, the time of the auction’s conclusion, and any other pertinent details.
    2. Bidding: During the eAuction process, the Sellers or Vendors will bid on the goods or services that are up for auction through the online platform (VMS) in real time. The winning bid will be the one with the lowest value, and the Vendor with this bid will be considered the Winner or L1.
      However, the Buyer may decide whether to award the contract to L1, L2, or L3 based on a variety of criteria such as Delivery Time Period, Payment Terms, Price, Quality, Vendor ratings, and other factors.
    3. Auction End: The auction will end at the pre-determined time, and the Lowest bidder will be declared the winner.
    4. Payment and delivery: After the eAuction concludes, the winning Vendor will receive a Purchase Order (PO) for the item, and they will then make arrangements to deliver the item as per the requirements specified. However, the Buyer retains the option to award the order to L1, L2, or L3 based on criteria such as Delivery Time Period, Payment Terms, Price, Quality, Vendor ratings, and other relevant factors.
    5. Auction Report: Various Reports can be generated from the VMS application related to Auction. Some of the reports are as follows
      • No of Bidders
      • No of the Items Auctioned
      • Total Savings in Comparison with Last Purchased Price
      • First Bid and Last Bid Comparison Report for Each Bidder
      • Price Revision History Report for any Vendor

15. Contract Management System: Say goodbye to misplaced and mismanaged paper contracts. With contract management software, you can eliminate the creation, execution, and management of any type of contractual agreement.
VMS provides a simple and secure way for you to manage your contracts, eliminating the risk associated with poorly managed documents and increasing your Savings.

  1. Define contract requirements: Identify the goods or services required, the quantity needed, delivery requirements, and any other specifications.
  2. Identify potential suppliers: Research potential suppliers and their capabilities, reputation, and pricing.
  3. Negotiate the contract: Discuss terms and conditions with the chosen supplier, including price, delivery schedule, quality standards, warranties, and dispute resolution procedures.
  4. Draft the contract: Create a written agreement that reflects the negotiated terms and conditions.
  5. Execute the contract: Sign and date the contract, and distribute copies to all parties. And update Contract Information in the VMS system.
  6. Renew or terminate the contract: Determine whether to renew the contract or terminate it when it expires or when one of the parties breaches its obligations.

16. VMS Analytics: Our robust solution offers a 360-degree view of supplier performance to help you make important decisions. Use smart analytics to aggregate key metrics like supplier profiles, scorecards, audit reports, and assessments at one place and derive positive outcomes.

    1. Current Purchase Price Vs. Previous Purchase Price
    2. Initial Quotes Vs. Final Quotes and Savings
    3. Year on Year Comparison On Products (Per Unit Cost / Total Cost) etc
    4. Year on Year Comparison On Products Category (Per Unit Cost / Total Cost) etc
    5. Top Spend Products to Least Spend Products
    6. Product List with Price Increment % (Year on Year for last 5 years) (Last year cost 100 / This year cost 130)
Benefits of ProVen VMS :
  1. Cost Optimization: Gather and manage more bids in a centralized dashboard to optimize costs in procurement. Automated WhatsApp and Email notifications to Vendors will encourage them to place more bids which will help the buyer to get the best quote for the best products.
  2. Reduce Procurement Cost: The conventional procurement process is often nontransparent, time-consuming, and inefficient. Obtaining quotes from multiple Vendors, negotiating with each of them, and finalizing a quote can be a lengthy and cumbersome process.
  3. Vendor Communication: Multi-channel supplier communication via Email, SMS, WhatsApp, and within App communication.
  4. Increase Negotiation Efficiency: Move away from traditional in-person negotiations and manual overheads by leveraging automated bidding systems with all intricate event details.
  5. Quicker Sourcing Cycle: Conduct several eAuction events simultaneously using pre-built templates, providing a seamless and transparent experience for both Buyers and Suppliers.
  6. Maximize Profit Margins: VMS intuitive dashboard helps create a dynamic, competitive bidding environment to help the buyer get the best possible market price.
  7. Integration: Integration with 3rd Party ERP system.
  8. Compare Quotation Online & Real-time Basis: Say goodbye to “old school” spreadsheets and the burden of manually comparing quotations and information obtained from Vendors. Our solution enables you to systematize and manage all of your Request for Quotations (RFQs), Quotations, and Auctions in a single location, eliminating the hassle and complexity.

 Vendor Rating Process:

  1. There must be an option for buyers to rate vendors based on different parameters
  2. Like Communication
  3. Response Time
  4. Quality of material
  5. Delivery Time
  6. Cost of material etc

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Salesforce Customer Support

Choosing Right Salesforce Partner – 4 Points You Need Analyse

4 Benefits You Need To Keep In Mind While Choosing Right Salesforce Partner
Salesforce Partner

Salesforce is a strong platform that can assist organizations with smoothing out their tasks, incrementing efficiency, and further developing client connections. Nonetheless, executing and overseeing Salesforce can be a complex and tedious cycle, particularly for organizations that don’t have in-house skills. This is where Salesforce partner companies come in.

Salesforce partner companies will be associations that have gone through a thorough confirmation process and have exhibited skill in executing and supporting Salesforce implementation. These organizations offer a scope of administrations, including counseling, customization, reconciliation, preparation, and support.

Here are A few Critical Advantages of Choosing a Salesforce partner company:

  1. Expertise: Salesforce partner companies have a group of ensured experts who have top-to-bottom information on the stage and are prepared to convey top-tier arrangements. They can assist you with recognizing the right Salesforce implementation support for your business, plan and execute a tweaked arrangement, and offer continuous help and support.
  2. Customization: Each business is unique, and a one-size-fits-all approach doesn’t work. Salesforce accomplice organizations can assist you with altering the stage to meet your particular necessities and business processes. They can likewise coordinate Salesforce with different frameworks and Configuration, like CRM, ERP, and Marketing Automation, to make a consistent work process.
  3. Support: Salesforce partner companies offer complete help administrations to guarantee that your Salesforce arrangement is dependably ready to go. They can assist you with investigating issues, give preparation to your group, and proposition continuous help and upkeep.
  4. Cost-Effectiveness: Working with a Salesforce accomplice organization can set aside your time and cash over the long haul. Accomplice organizations have the aptitude and assets to convey arrangements proficiently and successfully, and they frequently offer adaptable estimating choices to meet your spending plan.

All in all, picking a Salesforce partner company can give your business the mastery and backing you want to boost the advantages of Salesforce partner companies can help you alter and streamline the stage to meet your particular necessities and offer continuous help to guarantee that your answer is continuously moving along as expected.

Conclusion

A successful Salesforce implementation can significantly further develop your business activity, yet it’s a long way from being a simple way; the cycle requires efforts and skill both from your and the partner’s side. It’s crucial for business, truth be told. Know about the targets and imperatives of the venture and ensure that they are surely known by a potential counseling accomplice. Picking the right partner can be a tough job, yet, whenever done appropriately, it can carry worth to all levels of your organization.

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