NetSuite Procurement Software

What is NetSuite Procurement?

NetSuite Procurement helps companies buy goods and services at the best price and in a timely manner by channeling purchase orders to approved suppliers and pre-negotiated contracts. Save time and money by centrally managing vendors and the procurement process. Improve visibility by generating real-time views into company spend and vendor performance, and enable clear communication throughout the procure-to-pay process. All procurement-related information — from transactions and records to vendor performance and expenditures by department — is consolidated in the procurement dashboard.

What is NetSuite Procurement? (Video)

Centrally manage vendor relationships, automate purchase processes

Simplify Processes

Save time and improve accuracy by automatically linking procurement transactions with vendor records, goods receipts and billing documents.

We use NetSuite for absolutely everything: for assisting sales teams and providing personalized quotes to customers, for driving materials requirements, communicating with suppliers, processing production orders and delivery notes. It’s extremely user-friendly and does whatever we want it to do.

Jennifer Heitt
Financial Controller, Platinum Stairlifts

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NetSuite Procurement Benefits

Increased Profitability. With readily accessible information of all items a vendor is supplying, purchasing managers can negotiate better contracts and capitalize on economies of scale.
Better Visibility. All vendor information and related projects are located within a single place, ensuring buyers can easily access complete, relevant data.
Improved Vendor Relationships. Vendors and buyers can collaborate in real-time via the vendor portal, allowing them to easily share documents and ideas.
Cost Controls. Purchase orders define costs for items requested and eliminate unexpected price increases and invoices that don’t match what was ordered.
Identification of Variances. Three-way matching highlights variances between the PO and receiving and billing records.

NetSuite Procurement Features

Save time with easy-to-use automation capabilities, reduce costs by channeling purchases to approved suppliers and pre-negotiated contracts and improve visibility via real-time insights into company spend and vendor performance.

Source Management

Sourcing management equips employees with the tools to select vendors able to supply the quality of goods you expect at the price you need to maximize profits.

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Purchase Management

Tracking purchases is an important step in maintaining inventory. Knowing what’s on order, in what quantities and when goods will be received makes it easier to optimize inventory levels.

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Invoice Processing

Effectively manage vendor payments by automating receipt of ordered items, processing bills and planning payments in a timely manner.

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Vendor Management

Centrally manage all aspects of your vendor relations. NetSuite vendor management simplifies supplier communication and vendor performance.

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Indirect Procurement

NetSuite SuiteProcurement brings indirect procurement inside of NetSuite, providing added visibility into purchases and their impacts on budgets. Buyers shop directly from a supplier’s online store and check out. SuiteProcurement then automatically creates a purchase request, initiates the approval process and automatically transmits the purchase order once approved to the vendor.

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Challenges NetSuite Procurement Solves

Poor Vendor Communication. The vendor portal provides a centralized place for vendors and buyers to communicate and collaborate and keep all relevant project details and documents.
Vendor Compliance. Ensure vendors understand and are in compliance with regulations and corporate standards.
Unnecessary Spending. Approval processes ensure purchase requests are approved before being processed into an order and sent to a supplier.
Inaccurate Data Capture. Upon receipt of an order, mobile scanners can be set to “force scan,” ensuring all relevant data is entered before items can be received.
Manual Processes. Minimize the manual processes involved in issuing a new PO to a vendor by using existing purchasing contracts and blanket POs.
Poor Supplier Performance. Use simple workflows and the vendor scorecard to effectively track vendor performance.

SuiteSuccess – Your proven path to success

Leveraging more than 25 years of experience working with tens of thousands of organizations, across all industries and business sizes, our SuiteSuccess customer lifecycle methodology helps customers transform their business. It starts by building an AI-powered, integrated business suite with industry-specific solutions. Then we engage with your business to ensure that we’re addressing your specific needs and guiding you along the way on how to best consume and optimize NetSuite to solve challenges of today and the future. This approach helps ensure customers experience faster time-to-value, better ROI, and greater employee adoption.

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How Much Does NetSuite Procurement Cost?

Companies of every size, from pre-revenue startups to fast-growing businesses, have made the move to NetSuite. Looking for a better way to run your business but wondering about the cost?

Users subscribe to NetSuite for an annual license fee. Your license is made up of three main components: core platform, optional modules and the number of users. There is also a one-time implementation fee for initial setup. As your business grows, you can easily activate new modules and add users – that’s the beauty of cloud software.

NetSuite Procurement is available as an add-on module.

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