Procurement System Management
Why should you opt Procurement System Management of NextPro?
For companies in any industry, smart procurement practices are essential for ensuring efficient operations and an optimal bottom line. Put simply, procurement comprises all activities and processes involved in acquiring needed goods and services from external parties. This may include everything from office supplies, furniture, and facilities to heavy equipment, consulting services, and testing and training.
Properly managing all procurement activities not only keeps business operations running smoothly; it also saves money, time, and resources. Procurement management ensures that all items and services are properly acquired so that projects and processes can proceed efficiently and successfully. In short, proper procurement management is imperative for avoiding costly delays and errors.
– Contract Management
– Digital Procurement Transformation
– Direct Procurement
– Procure to Pay Service
– Source to Contract
– Spend Management
– Supplier Management
– Unified Supply to Pay Management
When it comes to interaction between 2 or more businesses or between business and supplier then it is done by some paperwork called Contract and documentation. This paper plays a major part in completing the deal if there is a little bit of error in those papers then it will be hard to complete the deal. If lost a business will face a loss of lots of money and reputation and these 2 things are not worth betting on.
It is like hiring a third party as of outsourcing a person who will handle all the paper of contract from a vendor, supplier, other businesses or employees. But instead of filling a cabinet or hiring an outsource you can go with us. Our tool is capable of handling all the paperwork and the documentation that a contract need. Our tools understand all the steps that need to perform to achieve an effective contract management deal.
Steps of Contract Management
Preparation of Contract
Consult and Draft Contract
Approval before Final Strike
Execute the Contract
Managing Renewal, Auditing and more
Contracts are legal papers and it is the first step of any conversation between business so one should not take it lightly. Contracts must be made after having the right information on the other party. Any lacking in the information may lead the deal in catastrophic damage.
NextPro Contract Management
All the above processes need a separate resource that will handle all the above points. But you can do it with our tool. It will also save your time as well as the cost invested in the new resource. Now your procurement team can focus on the other part of the procurement of the business.
Digital Procurement Transformation
Transformation of Your Business with Digital Power of Procurement
Getting a supply of material, supply, services and other assets with the optimized and effective ROI is been hard till now. With NextPro’s Procurement Services businesses can achieve their goals.
We at NextPro are working along with digital technologies like automation, analytics to come up with solutions that will hit right on the target and eliminate the problems in business.
Why go with Digital Procurement Transformation?
World is adapting the digital procurement solution so that they can save time, have a great experience of transparency, serve their services with better user experience and get a perfect equation between cost and investment into the business.
This is your time and chance to grab the opportunity that can be brought to you by the transformation of your business with digital technology and procurement solutions proposed by our industries.
How NextPro’s Procurement Services Works?
We are approaching you with these digital solutions that are engineered not only from the experience of our professionals who are experts in their native industry but with the effects that a business can have with the transformation power of technology and procurement.
Once you ask to yourself and see how much your services or business needs NextPro’s Procurement services. Once your services or business running parallel with our strategies and plans, you will know how handsome your ROI will look.
Why you need Digital Procurement Transformation?
Solutions that are made exclusively for the problems of your business.
Insight that will create transparency.
Using saved time in other business work and innovative ideas.
Give your user a better Experience.
Reduces your cost and increase your return.
Eliminate most of the human error’s possibility.
Direct Procurement is the methodology that keeps its eyes on the importation of the raw material, goods or raw sources. These are imported usually into big amount and require to be acquired from the best supplier at the best cost so that it will not affect the return at the end of the month or year.
Procurement may look like it is working along with other management process and other strategies of the business, but it remains completely stand-alone entity in business. All the direct spending roots lie indirect procurement regions. And direct procurement does not work alone, it goes along with the indirect procurement.
Businesses build teams of the procurement experts who are building strategies effective in the direct acquisition of the raw material or the sources. These experts are usually helped with Procurement software like ours that help them in saving the time and cost of spend in the purchase.
What Helps Direct Procurement?
Planned Sourcing: We provide you all the reports and data on how you can manage your direct sourcing or purchasing raw material at lower cost and at significantly better results. This helps you to put your efforts on the other tasks and let it handle the management of the sourcing so that you can come up with more solutions to make the business grow.
Controlling Contract: While purchasing a business put so many efforts from the paperwork to the purchasing process. Our tool reduces this time and efforts by eliminating not the required process and completing the rest process for you. With our tool, the data of contract have the flow of water that will be running during the whole contract cycle.
Organize Supplier: To have control on all of the suppliers your procurement team needs to have a tool that provides you the essential information of all the suppliers and in a right and sorted way. This is where we come in to control the data and give you the information that you need.
Procure-to-Pay: If you want to work on the strategies, increase demand and production while keeping the cost under control, a procurement team needs software like ours. It makes the deployment of strategies and framework very easy to apply and effective.
Procure to Pay Service
Most of the time procure to pay is misunderstood with a software that takes care of the Procure and Finance steps but actually it is a process starting from the procuring following with some steps like ordering, invoice, documentation and then cash flow.
Most of the business and service providers are currently facing problems in their cash flow process. This is the result of having a bad procure to pay process implemented in your business. NextPro is one expert that can optimize this process for you and will save your time cycle of the cash.
Why Procure to Pay Service?
P2P or Procure to Pay or in financial language Purchase to Pay is a process that starts with identifying the need of goods, ordering it, making invoices and documentation, paying for it, managing inventory and some few more.
By optimizing this process with NextPro’s Procure to Pay services you can reduce the cost of your spend on the goods or services. Also, it will increase the user’s purchase experience and will save the time of both ends.
NextPro’s Procure to Pay
NextPro makes sure that its pioneering solution for procure to pay gives you a cutting edge with your competitors and increases a better user experience and service serving experience of yours.
Also, while this procurement solution is applied to your business it will reflect on your annual reports and you will know how it is saving time for both by reducing cost and time of execution of P2P process.
Procure to Pay Flow Chart
- Identify the need for goods
- Ordering goods
- Creation of Documentation
- Matching Invoice Data
- Invoice Payment
- Acknowledging Payment and Shipping Order
- Receiving goods
- Manage Inventory
Source to Contract
It is another part of the Procurement Outsourcing that a business uses to gain more return at the end of the month. This process takes care of three parts, Spend, Source, Contract. The team we owe knows how well you can plan to increase your year to year revenue and keep this progress on the track.
Your Procurement team may possess expertise in their field but what will happen if they cannot give it their 100%. Sounds scary, right? Our help in Source to Contract gives your team a relaxation to work on their part, strategies, and solutions. They may make your relationship with suppliers stronger, more transparent and trustworthy.
The Process of Source to Contract
First in this comes the spending. What good you are purchasing, how much you are investing all got tracked and controlled in this section of the solution. This improves the cost management and goods selection process. Our team will also prepare you for the upcoming results and opportunities. We will also be seeking all the opportunities that we can grab to reduce the cost spending.
To understand the sourcing, one need to study the dynamics of the market and sourcing. A detailed understanding of the current market, conditions, and all the key the supplier gives us the upper hand in making a strategy that is more advanced than the previous one. Our intelligence is based on the values, from the results that we have already delivered. This intelligence helps us in executing the best strategy for the procurement of your business.
Our Contract Management tool can handle all the paper of contract from a vendor, supplier, other businesses, or employees. It is capable of handling all the paperwork and the documentation that a contract needs. Our tools understand all the steps that need to perform to achieve an effective contract management deal.
The manager plays a vital role in Procurement Solution suit and keeps its eyes on all the spending that a business is making. It does not matter if that spending is small, big, direct or indirect, its duty is to keep track of every dollar that you are spending who much you are making from that investment.
Spend Management tool works along with the procurement team and trading team. This control the supplier, source, and purchase entity of the business. Like mentioned, it manages all the addressable spending that the business is doing. By automation of cycle form the source to the settlement it sees everything. This way it reduces the cost and risk in the finance section of the business. So, if you are spending even a single dollar into your business or service it will tell you every future opportunity, future risk and more. It is like the integration of technology and the procurement team of the business. This perfect melody of these two helps a business to control its spending.
The Process starts from the digitization of the information and entity like supply, source, contract. Not just these big things but it also starts controlling invoice, documentation, payments and others. It gathers all the information in one place and makes an analysis report of that data. This data helps the procurement team in finding the right solution and strategies for the business.
Unified Tools with Spend Management
- Planned Sourcing: We provide you all the reports and data on how you can manage your direct sourcing or purchasing raw material at lower cost and at significantly better results. This helps you to put your efforts on the other tasks and let it handle the management of the sourcing so that you can come up with more solutions to make the business grow.
- Controlling Contract: While purchasing a business put so many efforts from the paperwork to the purchasing process. Our tool reduces this time and efforts by eliminating not the required process and completing the rest process for you. With our tool, the data of contract have the flow of water that will be running during the whole contract cycle.
- Organize Supplier: To have control on all the suppliers your procurement team needs to have a tool that provides you the essential information of all the suppliers and in a right and sorted way. This is where we come in to control the data and give you the information that you need.
- Procure-to-Pay: If you want to work on the strategies, increase demand and production while keeping the cost under control, a procurement team needs software like ours. It makes the deployment of strategies and framework quite easy to apply and effective.
Today’s world has gone too much competitive, complex and dynamic as it is growing into the globalization. All businesses once in a life cycle has met a need to have a supplier. This is where a business needs a supplier management program that is controlled by procurement solution team. This is how a business fills the gap of competitiveness and complexity of the market.
What is Supplier Management?
A practical evolution of the market and supplies available in it is done by this management tool. They perform analysis of the different information like their previous sell, price, what is the current need of the market, their relationship with previous clients and more. All these data are compiled into a brief note that makes a final analysed report on which supplier can give us more profit with quality goods and less cost.
Need of Supplier Management
So, if you are still thinking why your business needs a supplier management then let us explain it with 2 major points that you should consider.
- To get the status of the supplier’s performance as per business’s standards
- To update the performance wherever needed while keeping the supplier lifecycle unaffected.
These 2 points are the reason why one business need supplier management into their procurement team. This way one can assure that they are making the maximum revenue from the investment they are doing. This also helps in building a transparent relationship with the supplier that will help them in future.
Benefits of Supplier Management
An effective growth into the supplier base
Controlling Quality while Saving Cost
Transparency in Supplier-Business Relation
Relevant Parameters are Tracked for Compliance
Tally Supplier’s Performance
Support Suppliers with Development Program
Knowing the Supplier Better
Controlling Supplier Risks
Updating the Procurement Solutions
Unified Supply to Pay Management
Managing just some small stuff or problems in a business is not call procurement. Here at NextPro we like to look beyond the boundaries to know what is coming and how can we prepare ourselves for it. Unified Supply to Pay Management also lies in our sight because managing a few costs is not going to pay us the result we want.
Our Unified Supply to Pay Management solution is the best thing that will happen to your business. It provides best practices of the strategies combined with enterprise goals and life cycles. This integration of different strategies results in achievement of the urgent and bottom-line goals of the business or enterprise.
NextPro’s Unified Supply to Pay Management Tool
Tracking all the spend money, sources and other is the cornerstone to lead a business to a strategic sourcing program. This is the way to let you know where you are spending your money, who or what is causing that money flow and one above all, are you getting what you have invested is worth it?
Tracking the Saving
In a business, there are always several projects that are running to save your investment. The thing that pains here is managing and tracking these savings and reach the final goal.
Sourcing strategies are the entity on which procurement businesses start to build their source management. Execution of these strategies ensure that there is no problem with sourcing. This makes easy for you to find out which supplier is right for your business.
Our main focus is on managing and reducing the time that a normal contract takes time to manage. Utilization of the time and tech to reduce time and cost spend on the contract can help in coming up with more Procurement Solutions for the business.
This part of the Procurement or Unified Supply to Pay solution gives us a brief about all the suppliers that are into your supply chain. From that supply chain, it will make suggestions and recommendations on what supplier we should use, which supplier will give us more chances of saving and good return.