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Business World Procurement Management is an integral part of the Business World solution, a fully-integrated suite of ERP solutions for companies in the professional services and public sector. It provides automation and all back-office processes for purchasing, from requisition to invoicing to posting.
Procurement Management combined with Business World’s workflow automation capabilities provides organizations with the capability to automate and standardize their entire purchasing process, from entering requirements to paying vendors. The solution allows both centralized and decentralized processes, enabling more responsive procurement practices without surrendering control.
Automated workflow in Business World’s Requisitions module streamlines the time-intensive process of procurement. The decentralized capabilities of Requisitions make it easier for managers and employees to find and acquire the products, supplies and resources they need - in a timely manner. Business World’s embedded approval processes ensure tight control over purchasing to reduce inefficiencies and ensure correct processes are in place and archived.
Users creating a new requisition have the flexibility to initiate a requisition via the Business World workstation or through self-service via the web. Users can buy from approved vendors, initiate a product search or generate a request for quote. Workflow rules enable requisitions to be automatically routed for approval or modification by supervisors. Status of requisitions can be checked on-line. Automatic reminders can be sent to authorizers, keeping the process moving forward quickly and efficiently.
Once a requisition is approved, it can automatically generate a warehouse order, purchase order or internal order, ensuring accurate and timely fulfillment.
Requisitions saves time for both the person making the requisition and those in the purchasing or warehouse department, as they no longer need to respond to sourcing questions, spend time on the telephone, or process manual paperwork. It improves the flow of information around the organization so there is complete visibility of all purchases. Finally, by speeding up the procurement process, operational delays can be avoided, improving productivity.
Business World’s Purchasing module provides back-office support for the purchasing process and integrates with General Ledger, Accounts Payable, Inventory Management, Sales Ordering and Contract Accounting. Purchasing provides control and information across multiple vendors, products, rule sets, languages and payment terms.
The automated expenditure controls in Purchasing-including budgetary controls, authorization linked to roles, spending, limits and invoice matching -ensures optimum use of the organization’s financial resources. And the eProcurement functionality delivers time- and money-saving benefits that were once reserved only for the largest organizations. XML receipt of order confirmation ensures that the maximum number of invoices can be matched automatically, saving time and freeing staff to focus on exceptions.
Finally, the powerful reporting capabilities of Purchasing give critical information for the organization to achieve the best possible terms from suppliers. What’s more, report views of purchasing information can easily be changed as the organizational needs evolve.
Invoice Management delivers the power and functionality of specialized financial workflow tools, yet maintains a simplicity and intuitive ease of use that allows all parties—even infrequent users—to benefit.
Business World efficiently manages invoices with a variety of features, including XML input, scanned documents, OCR scanning, purchase order matching, workflow distribution and ledger posting.
These provide significant advantages, including:
The Business World Purchase Cards functionality provides “pre-approval” to employees so they can purchase high volume/low value items without going through the standard purchase process. This eliminates the overhead associated with managing numerous individual transactions. Business World automatically posts purchase card transactions to the appropriate accounts, further streamlining the process.
The Inventory Management in Business World provides the ability to value inventory from an accounting perspective, while ensuring that operations are able to acquire the inventory needed to meet production requirements. It integrates with Purchasing to simplify optimization of inventory levels and ensure that delivery deadlines are met while costs are minimized.
Integration with Sales Order Processing
Integration of the sales order processing with Business World Procurement Management allows a salesperson to confirm inventory levels, delivery dates and pricing when placing an order.
"Business World Procurement Management" is part of the UNIT4 Business World line of products, developed by UNIT4 Business Software.