Procurement Module
" If you don’t drive your business, you will be driven out of business. "
The procurement module in ERP manages all procurement-related activities such as evaluation, selection, supplier relationship handling, vendor management in procurement, and raising requests for quotation (RFQ) electronically without manual effort. This procurement module eases your administrative burden and provides an easy-to-use working system that can be operated from your phone as well. TheERPHub procurement management system offers all these features, along with other key functions such as RFQ handling and vendor registration.
Procurement Management ERP Software Solutions
Procurement Management ERP Software Module
Other features of the modules that complete the work cycle of the procurement module in ERP.
Bill of Material
When a Sales Order is placed, a Bill of Material or Bill of Quantity is generated for procurement, which is usually a list of materials to be used for manufacturing the product. This process is smoothly handled within the procurement management system.
Purchase Requisition
Based on the availability of inventory in store, a Purchase Requisition is generated for procurement of the remaining material. This function is efficiently managed through our procurement management software.
RFQ
RFQ (request for quotation) is generated based on the Purchase Requisition and is emailed automatically from the application to the respective registered supplier or approved vendor.
Quotations
Once quotations are received, rates and payment terms are entered into the system for comparison. This helps streamline vendor management in procurement and improves decision-making.
Prepare Purchase Order
Based on requirements, you can confirm one quotation and prepare a Purchase Order efficiently within the procurement module.
Vendor Registration
To get multiple quotations, we have developed an additional module known as Vendor Registration and RFQ. This supports smoother operations and strengthens vendor management in procurement processes.
Vendor Registration
Every manufacturing company has links to various suppliers and these suppliers are connected to the company through vendor registration. The company stores all details about the suppliers' names, addresses, turnover, the industries they deal with and the items they provide. The database of every new vendor who joins through vendor registration is maintained in the same manner. This structured approach supports efficient management through a reliable procurement management system.
Optional Module
This is an optional module where you can directly add a vendor as a supplier and create a Purchase Order. However, generally the vendor registration process is followed, through which the supplier is authenticated based on the documents provided and only then approved. This ensures better control when integrated with procurement management software.
Registration
Just as a lead becomes a client, in the same way, the vendor who registers under vendor registration becomes an approved supplier within the system.
Transfer to Supplier
A transfer-to-supplier option is available, allowing the vendor registration details to be moved easily into the supplier management module. This smooth transition helps streamline RFQ activities, especially when generating a request for quotation using automated tools such as RFQ software.
What is RFQ ?
The major advantage of vendor registration is that you don’t need to contact each vendor individually to get the rate list comparison and payment method. There is an RFQ system, which means request for quotation. Make an RFQ document in which you mention your requirements about the quantity, quality and other necessities of the material. Also specify the due date and the payment terms and conditions, and then submit the document. The system will generate a print of the document in a specific format. Then you can send that RFQ document to the approved vendors or registered suppliers through email. When the vendors reply to your mail with their quotation of the material, you can easily compare them. Then you can finalize the quotation you like the most. Then you can make a purchase order out of it and can include an annexure, comments, etc. through the integrated system. You can issue the purchase order via system-generated email. In the procurement module in ERP, various documents are generated, such as Purchase Requisition, RFQ, Purchase Order Issue and Purchase Order Service.
Streamline Procurement with TheERPHub’s Vendor Registration & RFQ Module
Simplify procurement with TheERPHub's intuitive module, electronically managing supplier evaluation, selection, and RFQs. Accessible from any device, it reduces manual effort and administrative burdens.
Features of Vendor Registration & RFQ Module
- Vendor Registration: Maintain a detailed supplier database, adding new vendors seamlessly.
- RFQ System: Simplify rate comparisons and payment methods with easy-to-create, electronic RFQs.
- Purchase Orders: Generate and issue purchase orders with annexures via system-generated emails.
Benefits of Vendor Registration & RFQ Module
- Efficient supplier management and procurement.
- Easy quotation comparisons.
- Automated Purchase Requisitions, RFQs, and Purchase Orders.
" If you don't drive your business, you will be driven out of business. "
