Procurement is an arduous, back-breaking task for any manufacturer; learn how Dynamics 365 comes to the rescue!
Irrespective of how small or big a manufacturing organization is, procurement is always a Herculean task – given the number of activities it encompasses – purchase requisition, reviews, supplier and contract management, negotiation, invoice approval, record keeping, and more. Having to perform each of these tasks using manual, paper-based models and several back-and-forth emails can have a cascading effect on the bottom line – costing huge losses in terms delayed purchases, missed discounts, and transaction disputes.
A Modern Enterprise System Can Help Ease Procurement Challenges
Achieving procurement goals while optimizing organizational spend is a constant concern, and requires manufacturers to embrace tools like Dynamics 365 FO (now Dynamics 365 Finance + Dynamics 365 Supply Chain Management) to transform a painfully slow and erroneous procurement strategy to a fast and efficient one. Using Dynamics 365, manufacturers can not only streamline their procurement process; they can also achieve the desired results while saving cost, reducing time, and building win-win relationships.
Dynamics 365 Offers a Gamut of Capabilities to Achieve Procurement Excellence
Dynamics 365, with its Procurement and Sourcing module, allows manufacturers to streamline the complicated procurement process and keep it as transparent as possible. By allowing manufacturers to define purchasing policies and configure customized workflows, it enables effective handling of all aspects of the procurement process while offering better control over every stage of the procurement lifecycle.
In-built automation sets the stage for significant time and cost savings through minimized data entry and verification; since reports do not require significant data collection, analysis, and presentation, they can easily be designed and accessed via dashboards using real-time data. Automated processes also help streamline compliance and auditing processes.
Using Dynamics 365, Manufacturers can:
- Set up product catalogs to allow employees to choose from a selection of available products
- Enable the purchasing department to determine how products that have been requested are supplied.
- Customize the purchasing workflow to include the option of requiring approval and set spending limits to constrain requisition spending.
- Identify suppliers, seek bids, and select a supplier that best meets the requirement specifications.
- Send comprehensive purchase inquiries to vendors to establish prices, discounts, and delivery dates.
- Create purchase orders either manually, as an outcome of master planning, or through the processing of purchase requisitions or purchase agreements.
Simplify the Procurement Process and Shorten the Lifecycle with Dynamics 365
If you’re looking to minimize the chaos of manual, paper-based processes, simplify the procurement process and shorten the procurement lifecycle, a unified application like Dynamics 365 can take care of all your procurement needs. You can seamlessly manage contracts, onboard and collaborate with vendors, monitor on-time delivery performance while minimizing costly errors and achieving all your procurement goals with ease.