Control spending by effectively managing vendor relationships and automating purchase processes

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.

NetSuite purchasing manager dashboard
NetSuite Purchase Order details page

Simplify Processes

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

We save both time and money by centrally managing vendors and the procurement process. By doing so, we improve visibility across our operation by generating real-time views into our costs and vendor performance. This means we have clear communication throughout the process, ensuring that all parties are on the same page.

Bruce Fitzgerald
COO, Extel

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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 capitalise 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 maximise profits.

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NetSuite dashboard

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 optimise inventory levels.

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NetSuite dashboard

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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NetSuite dashboard

Vendor Management

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

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NetSuite dashboard

Challenges NetSuite Procurement Solves

  • Poor Vendor Communication. The vendor portal provides a centralised 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. Minimise 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.
faster time value

Faster Time to Value

NetSuite has packaged the experience gained from tens of thousands of worldwide deployments over two decades into a set of leading practices. These practices pave a clear path to success and are proven to deliver rapid business value and get you live on NetSuite in a predictable timeframe. Intelligent, stepped implementations begin with sales and span the entire customer lifecycle, so there’s continuity from sales to services to support.

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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Resources

Data Sheets

Access specifications, features and benefits of NetSuite Procurement.