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.

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. 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 3^rd 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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