Integrated End-to-End Procurement
What is it?
Unit4 Business World Procurement is part of a fully integrated financial management system solution that supports, automates and standardizes all stages of the indirect purchasing and procurement cycle – from requisitioning to paying vendors. These include: the initial identification of a need for products and services; expenditure approval; electronic data and information exchange with suppliers; goods delivery; expediting and inspection; invoice matching and payment settlement.
Who is it for?
The procurement management system is designed for organizations that want to control costs and streamline their procurement practices without sacrificing control – equally suited for both centralized and de-centralized purchasing processes. It enables procurement managers to move away from operational, day-to-day tasks and instead focus on managing and negotiating stronger supplier relationships, scrutinizing spend and purchase decisions, to ultimately evolve the procurement function from a cost- to a profit-centre.
A single point of entry
Employees are given a single, easy-to-use screen for procurement of goods or services. The same screen is used, whether ordering: electronically, from a marketplace; traditionally, by paper order; or from another department or area of the business. Business World Procurement will automatically identify and apply the correct buying process specified for a particular employee or role. This boosts adoption rates internally and externally, as well as improving visibility of the purchasing cycle.
Reduced maverick buying and strengthened relationships with suppliers
A single, centralized procurement management system provides the basis for clearer, more complete and accurate analysis of the organization’s suppliers and spending patterns, enabling you to aggregate spending via preferred or strategic suppliers and negotiate better terms and prices.
Better purchasing information with lower overheads
Users can “punch-out” from within the purchase entry screen to collect accurate product and pricing information from suppliers’ marketplace portals or websites. This allows better accuracy and control, without incurring the overhead of in-house catalogue management.
Full authorization and budgetary control
Business World’s Workflow tools tailor authorization and approval to match the requirements of each particular organization, department or type of spend – making the process as simple or as multi-layered as you need it to be. For example, Workflow automates the transfer process from requisition to purchase, eliminating manual intervention. Workflow’s ability to manage and monitor any combination of step-by-step or simultaneous authorization procedures reduces cost and time – eliminating over-spending, which is especially important in today’s climate of fiscal restraint.
Our comprehensive range of procurement management features includes:
Workflow process automation– automatic routing for approvals or modification by supervisors, for example:
- purchase orders
- internal orders
- order confirmations
- goods received
- electronic invoices
- purchase invoices
- supplier invoices
- automatic reminders and status checks to identify bottle-necks.
Web requisitions – for expenditure controls, secure punch-out capabilities to supplier websites/marketplaces, automatic order generation upon approval and advanced product search capabilities.
Supplier groups – for common treatment rules, default accounting information, and template payment and discount terms.
Electronic purchasing – supporting EDI standards, order and invoice transfer, invoice receipting and automatic invoice matching.
Automated expenditure controls – including budgetary controls, authorizations linked to roles and user defined spending limits.
Invoice management – document management for scanned invoices, XML data transfer support, optical character recognition (OCR) scanning, purchase order matching, workflow distribution and ledger posting.
Automated controls and checks – to monitor discrepancies between ordered quantities and/or invoiced amounts.
Integrated payment settlement capabilities – such as electronic banking, direct debits and purchase cards. Self-billing is also facilitated through the electronic processes inherent in the module.
What is the Business World Advantage?
A broader integrated solution
The strengths of Procurement are multiplied, when used as a fully integrated part of the broader Business World Enterprise Resource Planning (ERP) solution. For example:
Core Financials – general ledger, accounts payables, expenditure controls/funds checking, fixed asset accounting for capital purchases.
Inventory Management – identifying items that may be in stock, to avoid unnecessary procurement.
Project – immediate update of project costs, based on purchase information, thus ensuring accurate project costs.
You Make the Rules with Unit4 Business World
Unit4 Business World is a cloud ERP solution that enables service-centric organizations in the public and private sectors to gain a significant advantage over their peers. Its leading-edge architecture facilitates faster innovation at a lower cost and with less disruption. The result is more opportunity and smarter operations.
Easy Growth – Business World customers have the ability to scale up quickly and easily.
Effortless Innovation – Experimentation and innovation are built into Unit4’s flexible finance and accounting structures.
Seamless Mergers and Acquisitions – The system supports a streamlined integration of acquisitions, as it establishes controls and compliance without disrupting operations.
Efficient Divestiture – In times of change, you can scale back quickly and smoothly, as you effectively manage divestment scenarios.
Reduced Operational Costs – Users eliminate inefficiencies and spend more time and money on the customer and addressing risk.
Business World customers enjoy business flexibility* in addition to lower TCO** because they need a fraction of the usual resources required to operate and evolve the system.
*IDC Survey “The Financial Impact of ERP Architecture on the Annual Cost of Business Change”
**Eval-Source market comparison “Which ERP Architecture Best Handles Business Change?”