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Uncovering Procurement Excellence

A definitive to solve your procurement issues
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Transform Your Business: Supplier Management System Mastery

Effective supplier management is essential to any organization's success and longevity in the quickly changing business environment of today. With the advent of advanced technology, businesses now have access to powerful tools and solutions to streamline their supplier management processes, thereby enhancing efficiency and driving growth. In this comprehensive guide, we delve into the world of supplier management systems, exploring their definition, significance, challenges of manual processes, and key features that make them indispensable in modern business operations.

 

What is a Supplier Management System?

A supplier management system is a comprehensive software solution designed to streamline and automate the entire supplier lifecycle, from onboarding to performance evaluation. It provides businesses with a centralized platform to manage supplier information, contracts, performance metrics, and communications effectively. By digitizing and standardizing supplier management processes, organizations can achieve greater visibility, control, and collaboration across their supplier network.

 

Understanding the Importance of Supplier Management

Supplier management plays a pivotal role in ensuring operational efficiency, cost savings, and risk mitigation for businesses of all sizes and industries. By establishing strong relationships with suppliers and maintaining transparent communication channels, organizations can drive innovation, improve product quality, and enhance customer satisfaction. Moreover, effective supplier management enables businesses to adapt to market dynamics, regulatory changes, and emerging trends swiftly, thereby gaining a competitive edge in the marketplace.

 

Key Features of a Supplier Management System

A Supplier Management System (SMS) is an essential tool for businesses to effectively manage their relationships with suppliers and ensure smooth operations throughout the supply chain. Here are key features:

Supplier Information Management

  • Centralizes all supplier data including contact information, contracts, certifications, and performance history.
  • Enables easy access to critical supplier information for various departments within the organization.

Supplier Onboarding

  • Streamlines the process of onboarding new suppliers by automating documentation, qualification, and approval workflows.
  • Facilitates the collection of necessary documents such as W-9 forms, insurance certificates, and compliance certifications.

Performance Monitoring and Evaluation

  • Tracks supplier performance metrics such as delivery timeliness, quality of products/services, and adherence to contract terms.
  • Provides insights through analytics and reporting tools to assess supplier performance and identify areas for improvement.

Contract Management

  • Manages supplier contracts from negotiation to renewal, ensuring compliance with terms and conditions.
  • Alerts stakeholders to contract milestones, renewal dates, and potential risks, minimizing contract-related issues.

Risk Management

  • Identifies and assesses potential risks associated with suppliers, such as financial instability, geopolitical factors, or regulatory compliance issues.
  • Implements risk mitigation strategies and contingency plans to minimize disruptions to the supply chain.

Supplier Collaboration

  • Facilitates communication and collaboration between the organization and its suppliers through a centralized platform.
  • Enables real-time exchange of information, updates on orders, and resolution of issues, fostering stronger relationships.

Supplier Performance Improvement

  • Provides tools and resources to work collaboratively with suppliers to address performance issues and drive continuous improvement.
  • Establishes performance improvement plans and monitors progress towards achieving mutually beneficial goals.

Compliance and Regulatory Management

  • Ensures compliance with industry regulations, standards, and certifications across the supply chain.
  • Manages documentation and audits to demonstrate adherence to legal and regulatory requirements.

Supplier Segmentation and Categorization

  • Segments suppliers based on criteria such as spend volume, criticality, and strategic importance.
  • Helps prioritize resources and focus efforts on key suppliers to maximize value and minimize risk.

Supplier Relationship Management (SRM)

  • Cultivates strong, mutually beneficial relationships with key suppliers through proactive communication, collaboration, and performance incentives.
  • Aligns supplier objectives with organizational goals to drive innovation, cost savings, and competitive advantage.

 

Benefits of Implementing a Supplier Management System

Centralized Supplier Information

A Supplier Management System serves as a centralized repository for all supplier-related data and documentation. By consolidating information such as contracts, certifications, performance metrics, and contact details in one accessible platform, organizations can eliminate data silos and enhance visibility across the supply chain.

Enhanced Supplier Visibility and Performance Tracking

With an supplier management software in place, businesses gain real-time visibility into supplier performance metrics. Features such as scorecards, KPI tracking, and performance analytics enable organizations to monitor supplier performance against predefined benchmarks. This transparency facilitates data-driven decision-making and empowers companies to identify underperforming suppliers early, mitigating potential risks to operations.

Automated Workflows and Processes

One of the primary advantages of implementing an supplier management system is the automation of manual processes. Workflow automation streamlines tasks such as supplier onboarding, qualification, and evaluation, reducing administrative burden and minimizing human error. Automated notifications and alerts ensure timely action on critical tasks, fostering efficiency and responsiveness in supplier management.

Compliance and Risk Management

In industries subject to stringent regulatory requirements, compliance with quality, safety, and ethical standards is paramount. An supplier management system provides tools for monitoring supplier compliance with regulatory mandates and internal policies. Features like audit trails, document management, and compliance tracking facilitate adherence to regulatory standards, reducing the risk of non-compliance penalties and reputational damage.

Improved Collaboration and Communication

Effective communication is essential for successful supplier relationships. Supplier Management Systems facilitate seamless communication between stakeholders, suppliers, and internal departments. Features such as messaging platforms, document sharing, and collaboration tools promote transparency and foster stronger partnerships with suppliers, leading to enhanced collaboration and innovation.

Cost Savings and Efficiency Gains

By optimizing supplier relationships and streamlining procurement processes, an supplier management solution can result in significant cost savings and efficiency gains. Centralized vendor management reduces the likelihood of duplicate orders, minimizes maverick spending, and enables better negotiation leverage with suppliers. Additionally, improved supplier performance and reduced cycle times contribute to overall operational efficiency.

Strategic Supplier Development

An supplier management solution supports strategic supplier development initiatives by providing insights into supplier capabilities, strengths, and areas for improvement. By leveraging data-driven insights, organizations can identify opportunities for supplier development, collaboration, and innovation. This proactive approach fosters long-term partnerships and drives continuous improvement throughout the supply chain.

 

Is It Possible to Implement a Supplier Management System?

In today's rapidly evolving business landscape, implementing a Supplier Management System (SMS) has become not only possible but increasingly necessary for companies striving to optimize their operations and maintain a competitive edge. With advancements in technology and the availability of sophisticated software solutions, businesses of all sizes can now streamline their supplier management processes like never before.

A robust supplier management platform empowers organizations to effectively oversee their relationships with suppliers, ensuring seamless communication, efficient collaboration, and adherence to quality standards and deadlines. By centralizing supplier data and automating routine tasks such as procurement, invoicing, and performance evaluations, businesses can enhance operational efficiency, minimize errors, and mitigate risks associated with supply chain disruptions.

Investing in a comprehensive supplier management software goes beyond mere feasibility—it represents a strategic decision to modernize and future-proof your supply chain management practices. With the right system in place, businesses can gain valuable insights into supplier performance, identify areas for improvement, and foster stronger, more mutually beneficial relationships with key partners.

 

Why You Should Invest in a TYASuite Supplier Management Software

TYASuite Supplier Management platform stands out as a leading solution in the realm of supplier management, offering a comprehensive suite of features designed to meet the diverse needs of modern businesses. Here's why investing in TYASuite supplier management software can propel your organization towards success:

Streamlined Processes

TYASuite supplier management system streamlines the entire supplier management process, from onboarding to performance evaluation, through intuitive workflows and automation. By eliminating manual tasks and minimizing administrative overhead, businesses can allocate resources more efficiently and focus on strategic initiatives.

Enhanced Visibility

With TYASuite supplier management solution, businesses gain real-time visibility into their supplier ecosystem, enabling proactive decision-making and risk management. By consolidating supplier data in a centralized platform, stakeholders can access critical information whenever they need it, fostering transparency and accountability across the supply chain.

Improved Compliance:

Compliance with regulatory requirements and industry standards is paramount in today's business environment. TYASuite supplier management platform offers built-in compliance features, such as audit trails and document management capabilities, to ensure adherence to legal and ethical guidelines. By maintaining compliance, businesses safeguard their reputation and mitigate the risk of penalties or legal issues.

Strategic Insights

TYASuite supplier management software leverages advanced analytics and reporting tools to provide actionable insights into supplier performance, trends, and opportunities. By harnessing data-driven intelligence, businesses can optimize their sourcing strategies, negotiate favorable terms, and drive continuous improvement throughout the supply chain.

Scalability and Flexibility

Whether you're a small startup or a multinational corporation, TYASuite supplier management software can scale to accommodate your evolving needs. With customizable modules and flexible deployment options, businesses can tailor the system to align with their unique requirements and scale up as their operations expand.

 

Apr 18, 2024| 8 min read| views 7 Read More

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ERP Implementation Key Phases: Mastering Your Strategy

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Indirect Procurement: Navigating Challenges & Benefits

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How to Buy the Best Vendor Management System for Business

The Vendor Management System (VMS) landscape has undergone considerable evolution, driven by organizations' recognition of the necessity for efficient supplier management. A VMS enables the automation and optimization of supplier management processes, fostering streamlined workflows and improved collaboration. In today's fast-paced commercial environment, successful organizations must strategically manage their suppliers and vendors. A robust VMS is instrumental in achieving this goal by streamlining processes, enhancing efficiency, and facilitating seamless collaboration with suppliers. As enterprises continue to grow, the demand for advanced vendor management solutions becomes increasingly imperative.

What is Vendor Management System?

A  VMS is a software solution designed to facilitate and streamline the process of managing vendors and suppliers. It serves as a centralized platform for organizations to track, evaluate, and communicate with their vendors effectively. A vendor management typically includes features such as supplier onboarding, performance tracking, contract management, invoice processing, and reporting capabilities.

The primary goal of a VMS is to improve efficiency, reduce costs, mitigate risks, and enhance collaboration between organizations and their vendors. By providing visibility into vendor activities and performance metrics, a vendor management tools enables businesses to make informed decisions, optimize vendor relationships, and drive better business outcomes.

Top Features Vendor Management Solutions Should Have

Now that we've outlined the considerations for selecting a best vendor management solution, let's delve into the essential features that every vendor management solutions should possess:

1. Supplier Onboarding and Registration:

A robust vendor management should streamline the supplier onboarding process, making it easy for new vendors to register and submit necessary documentation. This feature ensures a centralized database of all suppliers.

2. Automated Workflow Management:

Automation is key to efficiency. Look for a vendor management system that automates workflows related to supplier approvals, performance evaluations, and invoice processing. Automated workflows reduce manual intervention and minimize errors.

3. Real-time Reporting and Analytics:

Real-time data access is essential for making well-informed decisions. A vendor management software with robust reporting and analytics capabilities provides insights into supplier performance, compliance, and overall efficiency.

4. Document Management:

Centralized document management is essential for storing and retrieving important documents such as contracts, certifications, and communication records. This feature ensures transparency and compliance.

5. Performance Monitoring and Scorecards:

Evaluate a vendor management tool's ability to monitor supplier performance through scorecards and predefined KPIs. This feature aids in identifying top-performing suppliers and areas for improvement.

6. Compliance Tracking and Alerts:

Ensure that the vendor management solutions has built-in tools for tracking and ensuring supplier compliance with regulatory requirements and internal policies. Automated alerts for compliance issues enhance proactive risk management.

7. Invoice and Payment Processing:

An effective vendor management software should streamline the invoicing and payment processes, reducing the likelihood of errors and delays. Look for features such as automated approval workflows and integration with financial systems.

8. Vendor Communication and Collaboration:

Facilitate effective communication and collaboration with vendors through the vendor management software. Features like messaging, document sharing, and collaboration portals enhance transparency and strengthen supplier relationships.

9. Audit Trail and Security:

Security is paramount in vendor management. A vendor management tools should maintain a comprehensive audit trail of all activities, ensuring accountability and compliance. Robust security features protect sensitive vendor data.

Key Criteria for Selecting a Best Vendor Management System

Choosing the best vendor management system is a critical decision that can significantly impact an organization's efficiency and profitability. Here are key considerations to guide you through the selection process:

1. Assessing Your Organization's Needs:

Before embarking on the software selection journey, conduct a thorough analysis of your organization's specific requirements. Identify the pain points in your current supplier management processes and outline the features that would address these challenges.

2. Vendor Management Software vs. Vendor Management System:

Distinguish between standalone vendor management software and comprehensive vendor management systems. While software may focus on specific functions, a full-fledged system integrates multiple functionalities for a holistic approach to supplier management.

3. Customization Capabilities:

Look for a vendor management tool's that offers customization options to tailor the system to your organization's unique needs. The ability to configure workflows, fields, and reporting parameters ensures a seamless fit with your existing processes.

4. Integration with Existing Systems:

Seamless integration with other enterprise systems, such as Enterprise Resource Planning (ERP) and Human Resource Management Systems (HRMS), is crucial for data consistency and efficiency. A best VMS should complement and enhance your existing technology stack.

5. User-Friendly Interface:

Select vendor management tool's that has an easy-to-use interface. A system that is easy to navigate and understand will contribute to higher user adoption rates and minimize the learning curve for your team.

6. Scalability:

Consider the scalability of the vendor management tool. As your organization grows, the software should be capable of accommodating an increasing number of suppliers and expanding functionalities without compromising performance.

7. Vendor Compliance and Risk Management:

Evaluate the vendor management solutions capabilities in ensuring vendor compliance with regulatory requirements and internal policies. An effective system should also include features for assessing and mitigating potential risks associated with suppliers.

8. Mobile Accessibility:

In an era of remote work and on-the-go decision-making, a vendor management software with mobile accessibility is essential. Ensure that the system provides a seamless experience on various devices, allowing users to manage vendors and access critical information anytime, anywhere.

Why TYASuite Vendor Management Software Stands Out

1. Seamless Supplier Onboarding

TYASuite vendor management solution simplifies and accelerates the supplier onboarding process. The platform enables businesses to swiftly onboard new suppliers, reducing lead times and enhancing operational agility.

2. Proactive Risk Management

TYASuite goes beyond traditional supplier management by incorporating proactive risk management features. The system identifies potential risks and provides actionable insights to mitigate them, ensuring a resilient and secure supply chain.

3. Collaborative Communication

Successful vendor management is based on effective communication. TYASuite vendor management solution's facilitates collaborative communication between buyers and suppliers, fostering transparency and building stronger, more productive relationships.

4. Centralized Data Repository

TYASuite vendor management solution acts as a centralized repository for all vendor-related data. This ensures that all stakeholders have access to up-to-date information, promoting data accuracy and reducing the likelihood of errors.

5. Continuous Performance Monitoring

Performance monitoring is critical for assessing supplier effectiveness. TYASuite vendor management tool offers real-time performance monitoring tools, allowing businesses to identify areas for improvement and recognize top-performing suppliers.

6. Enhanced Compliance Management

Maintaining regulatory compliance is non-negotiable in today's business environment. TYASuite vendor management system includes robust compliance management features, keeping businesses aligned with industry standards and regulations.

7. Cost-Effective Solution

TYASuite stands out as a cost-effective solution for businesses of all sizes. The platform's modular approach allows organizations to select the features they need, avoiding unnecessary expenses and optimizing their investment.

Choosing the Best vendor management system Solution is a strategic decision that can significantly impact a business's efficiency and success. TYASuite vendor management software stands out as a superior choice, offering a comprehensive solution that addresses the diverse needs of modern businesses. With its user-friendly interface, customizable features, and advanced capabilities, TYASuite empowers organizations to elevate their vendor management practices and thrive in an increasingly competitive

Mar 07, 2024 | 7 min read | views 74 Read More
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Procure-to-Pay Process: A Comprehensive Guide [2024]

Optimizing procurement procedures is essential for businesses looking to achieve efficiency, cost-effectiveness, and strategic sourcing in the fast-paced business environment of today. One such crucial process that plays a pivotal role in procurement management is the Procure-to-Pay process. This comprehensive guide aims to shed light on the intricacies of the procurement-to-pay process, its significance, flow, benefits, challenges, and the role of Procure-to-Pay solutions and software in streamlining operations.

What is Procure-to-Pay Process?

The Procure-to-pay process, often abbreviated as procure-to-pay, represents a systematic approach to managing the entire procurement lifecycle. It encompasses every step from the initial identification of a need for goods or services to the final payment to the supplier. The primary stages of the procurement-to-pay process include requisition, sourcing, purchase order creation, goods receipt, invoice verification, and payment.

Requisition

The process initiates with the identification of a need within the organization. This could be anything from raw materials for manufacturing to services required for a specific project. The requisition phase involves the creation and approval of a purchase request.

Sourcing

Once the requisition is approved, the organization then identifies potential suppliers and negotiates the terms of the agreement. This step involves evaluating supplier performance, pricing, and other relevant factors.

Purchase Order Creation

With the supplier selected, a purchase order (PO) is created detailing the agreed-upon terms and conditions. This document acts as a contractual agreement between the buyer and the supplier.

Goods Receipt

Upon the delivery of goods or completion of services, the organization acknowledges receipt through the goods receipt process. This step ensures that the received items match the specifications outlined in the purchase order.

Invoice Verification

After the goods receipt is confirmed, the organization matches the supplier's invoice against the purchase order and goods receipt. Any discrepancies are addressed and resolved during this stage.

Payment

Once the invoice is verified, the organization proceeds with the payment to the supplier, completing the procure-to-pay cycle.

Why is Procure-to-Pay Important?

The procure-to-pay process holds immense importance for organizations across industries. Several key factors highlight the significance of an efficient procurement-to-pay process:

Cost Savings

Efficient procurement-to-pay processes lead to cost savings through negotiated supplier agreements, optimized procurement workflows, and reduced errors in invoicing and payments. 

Increased Transparency

By integrating the entire procurement lifecycle, organizations gain transparency into their spending patterns, supplier relationships, and overall procurement performance.

Compliance and Risk Mitigation

A well-structured procure-to-pay process ensures compliance with regulatory requirements and mitigates risks associated with fraud, errors, and supplier non-compliance.

Enhanced Efficiency

Automation of the procurement-to-pay process eliminates manual tasks, reducing processing time and improving overall efficiency. This results in quicker response times and enhanced agility in procurement operations.

Procure-to-Pay Process Flow:

Step 1: Digital Transformation with Procure-to-Pay Software

The procure-to-pay process landscape is witnessing a significant shift towards digital transformation. Organizations are increasingly adopting advanced procure-to-pay software solutions to automate and streamline their procurement processes. These software solutions offer features such as e-procurement, automated approval workflows, and real-time analytics.

Step 2: Integration of Artificial Intelligence (AI) and Machine Learning (ML)

The integration of AI and ML technologies into procure-to-pay solutions enhances data analysis, decision-making, and predictive capabilities. These technologies facilitate smarter supplier selection, improved demand forecasting, and more accurate cost estimations.

Step 3: Enhanced Supplier Collaboration

In the evolving procurement-to-pay process landscape, collaboration with suppliers is gaining prominence. Organizations are leveraging technology to establish seamless communication channels, ensuring real-time updates on inventory levels, order status, and delivery schedules. This collaborative approach fosters stronger supplier relationships and improves overall supply chain efficiency.

Step 4: Mobile Procurement Accessibility

The procure-to-pay process is becoming more accessible through mobile devices. Mobile procurement apps enable stakeholders to initiate, approve, and track procurement activities on-the-go, promoting flexibility and responsiveness in the procurement workflow.

Step 5: Blockchain for Procurement Security

Blockchain technology is increasingly being integrated into procurement-to-pay (p2p) process to enhance security and transparency. Blockchain ensures secure and tamper-proof record-keeping, reducing the risk of fraud and errors in the procurement cycle.

Benefits of Procure-to-Pay Solutions:

Now that we've explored the key steps in the procure-to-pay process, let's delve into the benefits that organizations can reap by implementing procure-to-pay solutions.

Efficiency and Time Savings: Procure-to-pay software streamlines and automates many manual tasks, reducing the time required for procurement processes. This efficiency not only saves time but also allows employees to focus on more strategic aspects of their roles.

Cost Reduction: Automation and optimization of procurement processes lead to cost savings. By eliminating manual errors, reducing paperwork, and negotiating favorable terms with suppliers, organizations can achieve significant cost reductions throughout the procure-to-pay lifecycle.

Improved Visibility and Control: Procure-to-pay solutions provide real-time visibility into the procurement process, enabling organizations to track purchases, monitor spending, and enforce compliance. This enhanced visibility contributes to better decision-making and risk management.

Enhanced Collaboration: Collaboration between different departments, such as procurement, finance, and operations, is crucial for a seamless procure-to-pay process. Procure-to-pay solutions facilitate communication and collaboration, breaking down silos and fostering a more integrated approach to procurement.

Compliance and Risk Management: Procure-to-pay software helps organizations enforce compliance with internal policies and external regulations. This ensures that all procurement activities adhere to established guidelines, reducing the risk of legal and financial repercussions.

Procure-to-Pay Process Challenges:

Despite the numerous benefits, organizations may encounter challenges in implementing and maintaining an effective procure-to-pay process. Understanding these challenges is essential for devising strategies to overcome them.

Integration Issues: One of the common challenges is the integration of procure-to-pay software with existing ERP systems. Ensuring seamless communication between these systems is crucial for a cohesive and efficient procurement process.

Resistance to Change: Introducing new processes and technologies can be met with resistance from employees accustomed to traditional procurement methods. Training initiatives and efficient change management techniques are needed to overcome this reluctance.

Supplier Onboarding and Relationship Management: Establishing and maintaining strong relationships with suppliers is vital for successful procurement. Challenges may arise during the onboarding process, and ongoing relationship management becomes crucial for a smooth procurement-to-pay process.

Data Security and Compliance: With the increasing prevalence of cyber threats, ensuring data security in the procurement-to-pay process is a constant challenge. Organizations must implement robust security measures to protect sensitive information and comply with data protection regulations.

Complex Regulatory Landscape: Navigating the complex and evolving regulatory landscape poses a challenge for organizations, especially those operating globally. Staying abreast of changes in regulations and ensuring compliance can be resource-intensive.

Conclusion:

The procure-to-pay process is a cornerstone of effective procurement management, and leveraging procure-to-pay solutions can significantly enhance efficiency, reduce costs, and improve overall organizational performance. Despite the challenges, organizations that proactively address these issues can establish a robust procure-to-pay framework that aligns with the evolving business landscape.

 

 

Feb 22, 2024 | 7 min read | views 126 Read More
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Choosing the Right Eprocurement Software - 2024 Guide

Organizations are increasingly relying on technology to improve efficiency and streamline their procedures in the quickly changing procurement landscape. Eprocurement has emerged as a game-changer, offering a digital procurement solution to manage the procurement lifecycle seamlessly. As businesses seek to stay ahead in 2024, the choice of the right eprocurement software becomes pivotal for success.

This comprehensive guide aims to navigate the intricate world of Eprocurement system, providing valuable insights into the key considerations and features that organizations should weigh when making this critical decision. Whether you're a seasoned procurement professional or a newcomer to the field, this guide will empower you with the knowledge needed to make an informed choice.

What is Eprocurement Software?

Eprocurement software, short for electronic procurement software, is a digital procurement solution designed to streamline and automate the procurement process within an organization. It replaces traditional, manual procurement methods with a digital procurement platform that facilitates the entire procurement lifecycle. The primary goal of eprocurement system is to enhance efficiency, transparency, and collaboration in the procurement process.

eProcurement Process

1. Identification of Need

The eProcurement process kicks off with the identification of organizational needs. Be it managing inventory levels, fulfilling project requirements, or anticipating demand, the eprocurement system (electronic procurement system) provides a structured approach to assess and address these needs promptly.

2. Sourcing

Sourcing the right suppliers is a critical phase in procurement. Electronic procurement software allows organizations to efficiently search for suitable suppliers and evaluate their offerings. This digital approach streamlines the supplier selection process, ensuring alignment with organizational needs and maximizing value.

3. Contract Management

Negotiating and executing contracts are pivotal steps in procurement. eprocurement software facilitate seamless contract management, formalizing terms of engagement between the buying organization and its suppliers. This digitalization ensures transparency and a mutual understanding to foster strong supplier relationships.

4. Supplier Onboarding

Smooth collaboration begins with effective supplier onboarding. Eprocurement system simplifies the process of registering suppliers and establishing working relationships. This stage ensures alignment with expectations and operational processes, setting the foundation for successful procurement partnerships.

5. Catalog Management

Incorporating electronic catalogs (eCatalogs) and punchouts is crucial for quick and convenient ordering within the eprocurement software. Efficient catalog management enhances accessibility to a diverse range of products and services, simplifying the procurement journey for users.

6. Requesting, Approving, Ordering, Receiving

Core transactional activities find a streamlined digital procurement platform within eprocurement systems. Users can easily submit purchase orders, obtain necessary approvals, receive goods, and manage returns, ensuring an efficient and error-free procurement process.

7. Budgeting

Effective budgeting is integral to strategic financial management. eprocurement software aids in planning and allocating funds for projects and cost centers, ensuring the optimal distribution of financial resources to meet organizational objectives.

8. Monitoring and Managing Suppliers

Continuous tracking of supplier performance is simplified through eprocurement systems. Organizations can proactively address issues, fostering a healthy vendor relationship and ensuring the smooth dynamics between the buying organization and its suppliers.

9. Reporting and Analysis

The final stage involves collecting and analyzing data generated throughout the e-procurement process. Comprehensive reporting and analysis provided by online procurement software aid in identifying opportunities for improvement and cost reduction. This data-driven approach contributes to ongoing refinement and optimization of procurement strategies.

Key Features When Choosing Eprocurement Software

1. Scalability and Flexibility

As businesses grow and evolve, their procurement needs may change. It's crucial to select eprocurement system or software that can scale with your organization and adapt to evolving requirements. Look for solutions that offer scalability and flexibility in terms of user capacity, transaction volume, and functionality customization.

2. Integration Capabilities

Seamless integration with existing systems and software applications is essential for ensuring smooth data flow and minimizing manual workarounds. Evaluate eprocurement system options based on their compatibility with your ERP system, accounting software, supplier databases, and other relevant tools. Robust integration capabilities can streamline processes and enhance efficiency across the procurement lifecycle.

3. User Experience and Adoption

A user-friendly interface and intuitive design are critical for driving user adoption and maximizing the benefits of eprocurement software. Prioritize solutions that offer a clean, intuitive interface, along with comprehensive training and support resources to facilitate smooth onboarding and user adoption. A positive user experience can accelerate the transition to digital procurement and foster collaboration among stakeholders.

4. Supplier Management Capabilities

 Effective supplier management is essential for maintaining strong supplier relationships, minimizing risk, and ensuring timely delivery of goods and services. Evaluate eprocurement system based on its supplier management capabilities, including supplier onboarding, performance monitoring, compliance management and communication tools. A robust supplier management module can streamline supplier interactions and enhance transparency throughout the supply chain.

5. Compliance and Security Features

Compliance with regulatory requirements and data security standards is paramount in procurement operations. Choose eprocurement software that incorporates robust compliance and security features, such as data encryption, access controls, audit trails, and compliance monitoring tools. Ensure that the software provider adheres to industry best practices and regulatory guidelines to mitigate risks associated with data breaches and non-compliance.

6. Analytical Capabilities

Data-driven insights are instrumental in optimizing procurement strategies, identifying cost-saving opportunities, and mitigating risks. Look for eprocurement system that offers advanced analytics and reporting capabilities, allowing you to track key performance indicators, analyze spending patterns, forecast demand, and identify areas for process improvement. Thorough analytics enable procurement teams to drive organizational improvement and make well-informed decisions.

Why TYASuite Eprocurement Software is Excellent

TYASuite Eprocurement software or eprocurement system stands out for its excellence due to its user-friendly interface, robust customization options, seamless integration capabilities, and advanced automation features. It offers efficient supplier collaboration, ensuring smooth communication and document sharing. The Eprocurement system prioritizes compliance and security, adhering to industry standards. With powerful reporting and analytics tools, it provides valuable insights for strategic decision-making. TYASuite is scalable to accommodate business growth, emphasizes mobile accessibility, and offers responsive customer support. These factors collectively contribute to its superiority in simplifying and optimizing the procurement process compared to other.

Conclusion 

The effectiveness, agility, and financial performance of your company can all be significantly impacted by your strategic choice of eprocurement software. Through meticulous assessment of crucial factors like adaptability, capacity for integration, user-friendliness, supplier supervision, legal compliance and analytical proficiencies, enterprises can discern a procurement solution that conforms to their distinct demands and sets them up for prosperity in 2024 and beyond. In an increasingly digital and linked world, companies may use eprocurement system as a driver for innovation, growth, and competitive advantage by adopting emerging trends like artificial intelligence (AI), blockchain, sustainability, and cloud-based procurement solutions.

Contact us now for a complimentary demo! Start exploring our solutions today with a free demonstration  free demo from our expert team!

 

Feb 20, 2024 | 7 min read | views 112 Read More
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How To Use Inventory Accounting To Improve Supply Chain Efficiency?

What is Inventory Accounting? 

Inventory accounting is crucial to managing the flow of goods and materials in supply chains. It involves the systematic recording, tracking, and valuation of inventory held by a business at various stages, from raw materials to finished goods. Inventory can be a significant portion of a company's assets, and effective management is essential for optimizing operations and financial performance.

Role of Inventory Accounting 

  • Track the value of inventory throughout the supply chain
  • Accurately report inventory assets and liabilities on the balance sheet
  •   Help businesses to make informed decisions about inventory levels and order quantities
  • Comply with accounting standards, such as Generally Accepted Accounting Principles (GAAP)

Importance of Efficient Inventory Management for Businesses 

Having a proper inventory management system is crucial for both small businesses and big corporations. It enables businesses to keep track of supplies, determine accurate prices, and effectively manage sudden changes in demand without compromising customer experience or product quality. An efficient inventory management system coupled with right procurement software ensures companies maintain the right stock levels to meet demand and strike the right balance between excess stock and stock-outs, optimizing operations.

Furthermore, a well-run e-commerce inventory management system prevents stock-outs, preserving a company's reputation with customers. Reducing the need for excessive safety stock levels also leads to cost savings. In conclusion, inventory management is a critical aspect for any company seeking to run its operations smoothly and efficiently, ensuring overall success in the market.

Exploring Advanced Inventory Management Software

In today's digital age, businesses can benefit from advanced inventory management software that offers a range of features to streamline inventory accounting. These software solutions provide real-time tracking of inventory levels, automate data entry, support various valuation methods, and even offer demand forecasting capabilities. Integration with sales and purchasing systems further enhances efficiency, reducing lead times and improving overall inventory management. By leveraging these inventory management tools, businesses can make informed decisions, respond promptly to changes in demand, and optimize their inventory accounting processes for greater operational efficiency and cost savings.

Benefits of Using Inventory Management Dashboards 

Inventory management dashboards are valuable tools that provide a visual representation of key inventory metrics and performance indicators. They offer numerous benefits to businesses looking to optimize their inventory accounting processes such as 

  • Real-time Insights: Dashboards provide real-time data on inventory levels, turnover rates, stock movements, and more. This up-to-date information empowers decision-makers to take timely actions to prevent stock outs or overstocking.
  • Customizable Reporting: Inventory management dashboards can be tailored to display specific metrics and KPIs relevant to a company's unique inventory accounting needs, making it easier to analyse performance.
  • Data Visualization: Visual representations, such as graphs and charts, make complex inventory data easy to understand and interpret, enabling quick identification of trends and issues.
  • Performance Monitoring: Dashboards allow businesses to monitor the effectiveness of inventory management strategies and identify areas for improvement.
  • Enhanced Collaboration: These tools facilitate communication and collaboration among different teams involved in inventory management, ensuring everyone stays informed and aligned with business objectives.

 Strategies for Elevating Supply Chain Efficiency

Hack 1: Streamlining Inventory Tracking and Reporting 

Streamlining inventory tracking and reporting involves implementing real-time solutions like barcode scanners, RFID tags, and sensors for continuous monitoring of inventory levels. These technologies transmit data to a centralized database, enabling immediate access to crucial information. Data analytics plays a crucial role in identifying trends, accurately forecasting demand, and optimizing inventory levels to minimize the risk of stockouts and backorders.

Centralizing the inventory management system simplifies tracking and reporting by consolidating inventory data into a single platform. Automation optimizes resource allocation, and regular audits ensure data accuracy. Integrating these streamlined approaches empowers businesses to maintain optimal inventory levels, meet customer demands efficiently, and make well-informed decisions for sustained growth, leading to enhanced supply chain responsiveness and improved customer satisfaction.

Hack 2: Efficient Procurement and Vendor Management 

Efficient procurement and vendor management play a critical role in streamlining inventory accounting. By integrating it with procurement processes, businesses can ensure better coordination between inventory levels and purchasing decisions, leading to accurate demand forecasting and proactive replenishment strategies. This reduces the risk of stockouts or excess inventory and facilitates cost analysis for informed decisions on inventory costs and supplier selection.

Leveraging technology like vendor management systems streamlines the procurement process, fosters transparency, and improves decision-making for optimal inventory levels and overall supply chain performance. By implementing these practices, businesses can achieve cost efficiencies, reduce lead times, and enhance inventory management for improved performance in the supply chain.

Hack 3: Maximizing Cost Savings through Inventory Accounting 

To achieve maximum cost savings, businesses can utilize inventory data analysis to identify optimization opportunities. By analyzing historical and real-time inventory data, cost-saving measures such as reducing excess inventory, implementing just-in-time inventory systems, and renegotiating contracts with suppliers for better pricing can be identified.

Integrating these strategies with effective cost management in supply chains, such as optimizing order quantities, consolidating shipments, and implementing efficient inventory control mechanisms, businesses can achieve significant cost reductions and strengthen their competitive advantage.

Hack 4: Enhancing Demand Forecasting and Planning 

To improve demand forecasting and planning, businesses can leverage inventory accounting data for more accurate predictions. By analyzing historical sales data, turnover rates, and relevant metrics, they gain insights into demand patterns and can adjust inventory levels accordingly. This proactive approach reduces stockouts, meets customer demands effectively, and optimizes inventory management. Regularly monitoring customer demand, and market trends, and fostering collaboration between inventory and sales teams further enhances demand alignment, improves customer satisfaction, and minimizes excess inventory costs.

Hack 5: Compliance and Regulatory Management in Inventory Accounting 

Compliance and regulatory management are critical aspects of inventory accounting. Ensuring compliance with inventory accounting standards is essential for accurate financial reporting and adhering to industry regulations. By implementing audit trails and reporting mechanisms, businesses can maintain accountability in their inventory management practices. These measures help track inventory transactions, verify data accuracy, and ensure transparency in the supply chain. By adhering to inventory accounting standards and maintaining robust audit trails, businesses can confidently navigate regulatory requirements and uphold their financial integrity.

Conclusion 

Inventory accounting plays a vital role in streamlining supply chains and boosting overall business performance. By adopting real-time inventory tracking, cost-effective procurement, precise demand forecasting, and compliance management, businesses can achieve greater efficiency and cost savings. These efficient inventory accounting practices empower companies to become more agile, responsive, and customer-focused, leading to sustainable growth and improved financial stability. Harnessing the power of inventory accounting provides a significant competitive edge, enabling businesses to navigate challenges successfully and excel in the dynamic market landscape.

 

Aug 22, 2023 | 7 min read | views 138 Read More
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Top 20 Features of a Good Compliance Management System

What is a Compliance Management System? 

A compliance management system is a structured framework and set of processes designed to ensure that an organization adheres to all relevant laws, regulations, policies, and industry standards. The primary goal of a compliance management system is to mitigate and manage the risks associated with non-compliance and promote ethical behaviour within the organization.

The Essential Features of a Compliance Management System

1. Regulatory Compliance Tracking 

A regulatory compliance tracking solution automates and streamlines compliance operations, saving time and effort. It removes inefficient processes, making compliance procedures more agile and responsive to new updates. Financial institutions can leverage the platform to stay updated on regulations, assess internal procedures, and prevent regulatory fines. It turns compliance management into a value-adding function for the organization.

2. Compliance Task Management 

This feature allows organizations to manage their compliance tasks, such as creating, assigning, and tracking tasks related to regulatory compliance. This is done by creating a workflow and then tracking the progress of each task through the workflow. The workflow can be a simple checklist, or it can be a more complex system that includes due dates, notifications, and approvals.

3. Document Management 

Document management is a system or process that captures, tracks, and stores electronic documents. This includes PDFs, word processing files, digital images of paper-based content, and other types of electronic files. Document management can save you time and money by providing document security, access control, centralized storage, audit trails, and streamlined search and retrieval.

4. Automated Alerts and Reminders 

Automated alerts and reminders are an essential feature of compliance task management systems. They involve the use of technology and software tools to automatically notify relevant individuals or teams about upcoming or overdue compliance tasks. These alerts and reminders help ensure that crucial compliance activities are not overlooked or delayed, reducing the risk of non-compliance.

5. Compliance Risk Assessment 

A compliance risk assessment is an essential part of governance, risk, and compliance (GRC). It involves identifying, evaluating, and mitigating risks related to adhering to laws, regulations, and internal policies. The goal is to proactively address potential compliance risks, ensuring effective governance and risk management. Integrating GRC principles helps organizations navigate regulatory requirements and uphold ethical standards.

6. Compliance Reporting 

Compliance reporting is the process of collecting, analyzing, and reporting on an organization's compliance activities. This information is typically used by management to track compliance progress, identify areas where compliance needs to be improved and demonstrate compliance to regulators and other stakeholders.

7. Audit Trail and Logs 

An audit trail is a chronological record of system activities. It can be used to track who has accessed a system, what they have done, and when they have done it. Audit trails are an important part of any compliance program, as they can help to demonstrate compliance with regulations and protect against fraud and misuse.

8. Training and Awareness 

This is an important part of any compliance program. By training employees on the organization's compliance policies and procedures, organizations can help to ensure that employees understand their responsibilities and are aware of the risks associated with non-compliance.

9. Incident Management 

Incident management is the process of responding to and resolving incidents that occur within an organization. Incidents can be anything from a minor technical issue to a major security breach. Having a well-defined incident management process in place, organizations can minimize the impact of incidents and protect their assets.

10. Data Security and Privacy 

Data security and privacy are essential for any organization that deals with sensitive compliance information. By ensuring that data is properly secured and protected, organizations can help to protect their employees, customers, and shareholders from data breaches and other security incidents.

11. Integration with Regulatory Updates 

With the help of this feature, the compliance management system is constantly updated to reflect new rules. This is important because regulations are constantly changing, and organizations should ensure that their compliance program is up-to-date. The software must give users a simple way to keep track of regulatory alterations and update their compliance program accordingly.

12. Multi-Regulatory Compliance 

This allows the compliance management System to support compliance with various regulations applicable to different industries and jurisdictions. This is important for organizations that operate in multiple jurisdictions or that are subject to multiple regulations. The software provides an easy way to track and manage compliance with different regulations.

13. Customizable Compliance Workflows 

Customizable compliance workflows allow the compliance management Software to be customized to the organization's specific compliance requirements and processes. This is important because each organization has its own unique compliance requirements and processes. The software should provide a way to easily customize workflows to meet the organization's specific needs.

14. Vendor Compliance Management 

This feature allows the compliance management system to track and manage the compliance of vendors and third-party partners. This is important because vendors and third-party partners can pose a significant compliance risk to organizations. The software should provide a way to easily assess and manage the compliance of vendors and third-party partners.

15. Role-Based Access Control 

Role-based access control restricts access to sensitive compliance information based on user roles and permissions. This is important to protect sensitive compliance information from unauthorized access. it easily defines and manages user roles and permissions

16. Compliance Dashboard 

This feature provides a comprehensive dashboard providing real-time insights into the organization's overall compliance status. This is important for organizations to track their compliance progress and to identify areas where they need to improve. This e-compliance dashboard provides a clear and concise overview of the organization's compliance status, including compliance metrics, risk assessments, and compliance alerts.

17. Electronic Signature and Approval 

The electronic signature approval allows the compliance management system to obtain electronic signatures and approvals for compliance-related documents and tasks. This is important to streamline the compliance process and reduce the risk of errors. This provides an easy way to obtain electronic signatures and approvals.

18. Record Retention Management 

This feature manages the retention and disposal of compliance-related records in compliance with regulatory requirements. This is important to ensure that compliance records are properly retained and disposed of in accordance with regulatory requirements. The software offers a simple method for controlling the preservation and destruction of compliance records.

19. Cloud-Based and Mobile Accessibility 

The cloud-based and mobile accessibility makes the compliance management system accessible via the cloud and has mobile compatibility for ease of access and collaboration. This is important for organizations that need to access compliance management systems from anywhere and on any device. It is accessible via the cloud and is also compatible with mobile devices.

20. Continuous Monitoring 

This feature implements continuous monitoring mechanisms to identify and address compliance issues in real-time. This is important to ensure that compliance issues are identified and addressed promptly.

Conclusion 

A comprehensive compliance management system with features such as multi-regulatory support, customizable workflows, vendor compliance tracking, role-based access control, a compliance dashboard, etc., is essential for organizations to efficiently navigate complex regulatory landscapes, mitigate risks, and maintain a culture of compliance. Such a system enables streamlined processes, real-time insights, and secure management of compliance-related tasks, ensuring organizations can meet their obligations, protect their reputation, and achieve sustainable success.

 

Aug 09, 2023 | 7 min read | views 365 Read More
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TYASuite

Plan Procurement: The Ultimate Guide for Business Success

Embracing the Plan Procurement Approach 

Time is an extremely valuable resource that may make or break a company's success in the fast-paced business environment of today. Organisations need effective procurement procedures to save waste and maintain their competitiveness.. Fortunately, with the advancement of technology, procurement software has emerged as a powerful ally, transforming the way companies handle their procurement activities.

Let's explore how integrating the right software can revolutionize your procurement process and save you valuable time and resources with a Plan Procurement approach.

Streamline procurement process with plan procurement approach

Centralized and Automated Purchasing 

With the adoption of procurement software and a planned procurement approach, businesses can centralize their purchasing operations through a single, digital platform. By strategically outlining procurement needs and requirements, organizations ensure that all purchases align with their business objectives. Automated workflows and processes eliminate the need for manual paperwork, time-consuming phone calls, and back-and-forths with stakeholders. Authorized users within the organization can access a digital repository of product catalogs, pricing details, and contracts, resulting in time savings, reduced errors, and other such advantages of e-procurement.

Streamlined Vendor Management 

Finding and managing vendors can be a tedious and time-consuming task. However, with procurement software, you can create a centralized database of approved vendors, complete with their contact information, product catalogs, and pricing details. Ensuring that you engage the right vendors for your specific requirements is achievable through a well-thought-out plan procurement strategy. Additionally, automated vendor onboarding and performance monitoring features further simplify the vendor management process, allowing you to allocate more time to critical tasks.

Efficient Sourcing and Bidding Processes 

Procurement software can greatly expedite the sourcing and bidding process under the plan procurement framework By electronically creating and releasing requests for quotations or proposals (RFQs/RFPs), you can reach a larger pool of potential vendors in less time. The software's algorithms can analyze bids, compare prices, and evaluate vendor suitability, empowering your procurement team to make informed decisions swiftly. This approach enables faster supplier selection and contract negotiation, saving time while ensuring you get the best value for your investments.

Real-time Inventory Management 

Keeping track of inventory is essential for a seamless procurement process. Procurement software solutions seamlessly integrates with your inventory management system, providing real-time visibility into stock levels, usage patterns, and reordering requirements. With a plan procurement strategy in place, you can proactively plan inventory replenishment, ensuring that crucial materials are always available when needed.  Quick access to accurate inventory information empowers your procurement team to make faster, data-driven decisions, minimizing stockouts and emergency purchases, which co-incidentally are the benefits of e-procurement.

Enhanced Data Analytics and Reporting 

Procurement software generates detailed reports and analytics on various procurement variables, such as spend analysis, vendor performance, and cost reductions. You can leverage these insights to identify opportunities for process improvement and optimize procurement strategies by incorporating a plan procurement approach. Timely and accurate data facilitate faster decision-making, saving valuable time and resources over the long term.

Conclusion 

Significantly enhancing efficiency, accuracy, and time-saving in your procurement processes can be achieved by embracing a plan procurement strategy and utilizing the right procurement software. By automating repetitive tasks, centralizing information, and integrating with other systems, you can streamline your procurement operations, gain better control over your supply chain, and free up time for strategic activities. With the precious time saved, your organization can focus on driving growth and innovation, and ultimately improving the bottom line in today's fast-paced business landscape.

 

Aug 01, 2023 | 4 min read | views 217 Read More
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TYASuite

A Practical Guide To Quotation Management

What is Quotation Management?

Quotation Management is the process of requesting, collecting, and evaluating quotations from vendors. It is a crucial part of the procurement process because it helps organizations to get the best possible prices for the goods and services they need.

Steps involved in Quotation Management 

1. Identifying the need for a quotation

The first step is identifying the need for a quotation. This means determining what goods and services are required along with the quantity. For example, if an organization is looking to expand its workspace, they have to hire a contractor.

2. Gathering requirements 

Once the quotation requirement is identified, the next step is gathering requirements. For example – the organization needs to purchase new office furniture, determine the quality of the furniture, stationery items, etc.

3. Sending out requests for quotations (RFQs) 

After gathering requirements, you have to send requests for quotations to potential vendors. It is important to note that the RFQ should include all the information about the requirements such as item specifications, delivery date, payment terms, etc. For example – the organization should specify the type and quantity of the furniture required, the number of stationery items needed, the delivery date, etc.

4. Receiving and reviewing quotations 

Once the RFQs are sent, the organization will receive quotations from various vendors that they have to review. The evaluation is done based on the requirements, price, delivery date, payment terms, and vendor reputation.

5. Selecting a vendor 

Vendor selection is done based on requirements and on who has given the best value for money. After evaluating the procurement team will decide on the best-suited vendor.

6. Placing an order 

Now that the vendor is selected, all that is left is to place the order. The order should include every information the vendor needs such as the quantity, quality, and delivery date. 

Why is Quotation Management Important?

Following are a few reasons why quotation management is important for businesses:

1. To get the best possible prices 

Vendors generally have different pricing structures, and may or may not be willing to offer discounts or any other incentives. Thus, by comparing quotations from multiple vendors, organizations can be sure that they are getting the best possible prices for the goods or services they need.

2. To ensure that the goods or services meet the organization’s needs 

Organizations must thoroughly review quotations to ensure the purchased goods or services meet their needs and expectations, including aspects like quality, delivery date, and payment terms, thereby avoiding costly mistakes.

3. To streamline the procurement process 

By automating quotation management, organizations can streamline the procurement process and save time and money. This is because automation can help to reduce the amount of manual work involved in the quotation process, such as sending out RFQs, tracking quotations, and comparing prices. By automating these tasks, organizations can free up their staff to focus on other important tasks.

4. To improve compliance 

Implementing a well-defined quotation management process enables organizations to enhance compliance with procurement regulations. Properly documenting all quotations and vetting vendors for compliance helps avoid costly fines and penalties.

5. To improve decision-making 

Access to all relevant information enables organizations to make better decisions about vendor selection. Having key details like prices, delivery dates, and payment terms in one centralized location facilitates informed choices aligned with the company's best interests.

1. Automated Workflows 

A quotation management system can help organizations to save time and resources by automating many of the tasks involved in the quotation process. This includes tasks such as: sending requests for quotations (RFQ) to multiple vendors, tracking quotation status, comparing quotations from different vendors, negotiating, etc. By automating these tasks, the employees can focus on other important tasks.

2. Improved Accuracy 

The quotation generator software will automatically create quotes thereby manual errors such as typos and incorrect data entries. Moreover, by using this software you can ensure that you are always working with accurate information, and this will help build trust with clients.

3. Enhanced Visibility 

A quote management software provides organizations with enhanced visibility into the quotation process, enabling them to track quotation statuses, identify trends, and pinpoint areas for process improvement. By tracking metrics such as the average time to receive quotations and the frequency of rejections, organizations can make informed decisions to optimize their procurement process.

4. Increase Profit Margins 

A quotation management system, complemented by efficient procurement software, can significantly boost profit margins for organizations. By efficiently comparing vendor quotes, reducing procurement costs, and providing valuable data for better negotiations and discounts, this integrated system ensures careful review and documentation, thereby avoiding unnecessary expenses and invoicing errors. Moreover, streamlining the procurement process with this software saves time and effort, allowing organizations to focus on core operations and revenue generation, ultimately leading to increased profitability

Challenges of Quotation Management Process 

A manual quotation management process can have significant challenges. Some of which include:

1. Lack of Standardization 

There is no standard process for quotation management, which can make it difficult to track and compare quotations. This is because each organization may have its own unique process for managing quotations. This can make it difficult to compare quotations from different vendors and to ensure that all quotations are being evaluated fairly.

2. Time-consuming 

A manual quotation process can be time-consuming, especially when it involves multiple vendors. This is because organizations need to gather information from vendors, review quotations, and negotiate prices. This can be a lengthy process, especially if there are multiple vendors involved.

3. Error Prone 

The quotation process is prone to errors, such as typos or incorrect pricing. This is because the process involves a lot of manual data entry and calculations. Errors can lead to organizations overpaying for goods or services, or to them missing out on opportunities to negotiate better price

4. Compliance Challenges 

Organizations need to comply with a variety of regulations when managing quotations, which can be complex and time-consuming. This is because different industries and countries have different regulations governing the procurement process. Organizations need to ensure that they are complying with all applicable regulations to avoid fines and penalties.

5.Tracking Issues

Managing the involvement of multiple people in the quotation process makes it difficult to track all the changes efficiently, leading to potential discrepancies and version control issues. 

How to Improve your Quotation Management Process?

Improving your quotation management process can lead to increased efficiency, better customer service, and higher chances of closing deals. Here are some steps you can take to enhance your quotation management process:

1. Use a quotation management system 

Using quotation management can save businesses time and money. The software auto-compares and provides accurate quotes, and streamlines quote creation. This eliminates mistakes that   occur normally.

2. Track and compare quotations from multiple vendors

This can help businesses to get the best possible price for their products or services. For example, a quotation management software can allow businesses to store and compare quotes from different vendors, and identify the best option as per their needs.

3. Ensure compliance with regulations 

A quotation management system can be used to store and track compliance-related information, such as pricing, discounts, and terms and conditions. This can help businesses to avoid making mistakes that could lead to legal problems or damage their reputation.

4. Accessible from anywhere anytime 

The software can help businesses to get quotes quickly and easily, even when they are on the go. A quotation management system should be web-based and mobile-friendly so that users can access it from any device. It can help businesses to respond to customer inquiries more quickly and efficiently, and to close deals more quickly.

5. Scalable to meet businesses of all sizes 

This means that the system should be able to handle a large volume of quotes, and it should be able to be customized to meet the specific needs of each business. For example, a quotation management system should be able to support different pricing models, such as fixed-price, time and materials, and cost. This can help businesses to grow and scale their operations without having to replace their quotation management system.

Conclusion 

A well-organized and efficient quotation management process is vital for businesses to obtain the best possible prices for goods and services, ensure compliance with regulations, and make informed decisions. Implementing a quotation management system can streamline the process, automate workflows, improve accuracy, enhance visibility, and ultimately lead to increased profit margins. However, challenges such as lack of standardization, time-consuming manual processes, potential for errors, compliance issues, and tracking difficulties can hinder the smooth functioning of the process. By adopting a robust quotation management system and following best practices, businesses can overcome these challenges and optimize their quotation management process for better results and customer satisfaction.

 

 

 

Jul 26, 2023 | 9 min read | views 604 Read More
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Everything You Need to Know About Cloud Procurement

 Cloud procurement software is a technology solution that enables organizations to streamline and automate their procurement processes. Hosted and accessed through the cloud, this software eliminates the need for on-premises infrastructure and provides users with the flexibility to access it from any location with an internet connection. It offers key features such as purchase requisition management, supplier management, purchase order management,  invoice management,  and integration and collaboration

What Is Cloud Procurement?

Cloud procurement involves utilizing cloud-based technology to streamline and automate the procurement process. It encompasses activities such as sourcing, purchasing, and supplier management, leveraging the scalability, accessibility, and cost-effectiveness of cloud solutions. This approach enhances efficiency, collaboration, and data visibility in procurement operations, leading to improved overall supply chain management.

What are some of the key features of Cloud Procurement? 

1.Purchase Requisition Management: It allows users to create and manage purchase requisitions, enabling employees to request goods or services that need to be procured. It includes features like requisition approval workflows, budget validation, and integration with supplier catalogs.

2.Supplier Management: This feature enables organizations to maintain a centralized database of suppliers, including contact information, contracts, performance ratings, and compliance details. It helps streamline vendor onboarding, track vendor performance, and manage supplier relationships effectively.

3.Purchase Order Management: The software facilitates the creation, approval, and tracking of purchase orders. It allows users to generate purchase orders from approved requisitions, manage order revisions, track order status, and streamline the entire procurement process.

4.Invoice Management: Cloud procurement software streamlines the processing of invoices, enabling users to match invoices with purchase orders and receipts. It automates invoice approval workflows, reduces manual data entry, and improves accuracy in the accounts payable process.

5.Integration and Collaboration: Cloud based procurement software integrates with other enterprise systems like ERP (Enterprise Resource Planning) software, financial systems, and supplier networks. It facilitates collaboration between stakeholders, such as procurement teams, finance departments, and suppliers.

Different Types of Cloud Procurement

There are two main types of cloud procurement - direct and indirect. Let’s see the key differences between direct vs indirect procurement

  • Direct ProcurementThis procurement cloud focuses on acquiring goods and services incorporated directly into a cloud service provider (CSP). The organization engages directly with the CSP and negotiates the terms, pricing, and service level agreements (SLAs) without any intermediaries. Direct procurement grants organizations greater control over the selection of cloud services, allowing them to choose the most suitable CSP. However, the organizations do not have the resources to manage the procurement process
  • Indirect Procurement Indirect Procurement involves organizaitons engaging with third-party intermediaries such as value-added resellers (VARs) or brokers to procure cloud services on their behalf. The intermediaries act as a bridge between the organization and the CSP, assisting with tasks such as vendor selection, contract negotiation, implementation, and ongoing management.

How to Implement Cloud Procurement Strategy?

cloud-procurement-strategy

Implementing Cloud Procurement Strategy

Implementing a procurement cloud strategy involves several key steps to ensure the effective acquisition and management of cloud services. Following are some steps to follow:

1.Define your cloud migration plan

Before implementing a procurement cloud strategy, it's crucial to have a clear plan for migrating your existing systems and applications to the cloud. Assess your current infrastructure, identify dependencies, and create a roadmap for transitioning to the cloud.

2.Choosing the right cloud service

Identify the type of cloud service that aligns with your requirements. Consider integration capabilities, reliability, support options, cost structures, and security and compliance needs. This careful consideration will ensure you select the most suitable cloud service for your organization.

3.Review the responses

Carefully evaluate the responses received from potential cloud service providers. Take into account factors such as cost, performance, security measures, data management policies, and the provider's track record. Request demonstrations or presentations to better understand how their features and services would benefit your company.

4.Contract Negotiation

Initiate contract negotiations with the selected cloud service provider. Clearly outline the terms of your relationship, including important aspects like data ownership, termination clauses, security responsibilities, and service-level agreements. This negotiation phase is crucial to establishing a mutually beneficial partnership.

5.Security

Prioritize security throughout the procurement process. Evaluate the cloud service provider's security measures, such as data protection practices and industry certifications like ISO and SOC. Ensure their security protocols align with your organization's standards and requirements.

6Monitoring

Continuously monitor the performance of the cloud services once they are implemented. Keep a close eye on metrics related to availability, response times, and overall service quality. Promptly address any issues or concerns that arise to ensure the optimal functioning of your cloud services.

Why should businesses adopt Cloud Procurement Software?

Cloud procurement software offers several benefits that can positively impact organizations. Here are some key reasons why businesses should adopt cloud-based procurement:

1.Cost savings

Procurement allows organizations to reduce upfront costs associated with traditional hardware and software purchases. Instead of investing in expensive infrastructure, organizations can adopt a pay-as-you-go model, paying only for the cloud services they use. This cost-effective approach eliminates the need for large capital expenditures and allows for better budget management.

2. Enhanced efficiency and productivity

Cloud services offer improved operational efficiency. Organizations can leverage the cloud's automation capabilities, self-service features, and pre-configured templates to streamline processes and reduce manual tasks. Employees can access cloud services from anywhere with an internet connection, enabling remote work, collaboration, and improved productivity.

3.Access to advanced technologies

Procurement cloud grants organizations access to cutting-edge technologies that may be otherwise cost-prohibitive or time-consuming to implement in-house. Cloud providers often offer a wide range of services, including machine learning, artificial intelligence, big data analytics, Internet of Things (IoT), and serverless computing. Leveraging these technologies can drive innovation, improve decision-making, and enable new business models.

4.Easy Usage

Unlike long-term user training, cloud-based procurement solutions are easy to use. By using cloud procurement solutions, businesses can meet the demands of an evolving market, and also control maverick spending. 

5.E-Invoicing

E-Invoicing is a more efficient and secure way to process invoices when compared to traditional invoices. Moreover, the 3-way matching integration allows the accounts payable team to ensure that the invoice is automatically matched to the purchase order.  This process saves time, money and reduces errors. 

6.Seamless Integration

Cloud procurement platforms can typically integrate with a wide range of other applications, such as accounting software, CRM software, and ERP. This integration can help to automate the procurement process and ensure that data is shared between different applications. It can save businesses time and money, and it can also help to improve accuracy.

Conclusion

Cloud procurement software streamlines and automates procurement processes, reducing costs and boosting efficiency. Key features like purchase requisition, supplier, purchase order, and invoice management provide a comprehensive solution. Implementing a procurement strategy involves careful steps like defining migration plans, choosing the right cloud service, and prioritizing security. Benefits include cost savings, advanced technology access, easy usage, e-invoicing, and seamless integration. Embracing cloud procurement transforms processes and drives better outcomes for organizations.

Jul 25, 2023 | 8 min read | views 347 Read More
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TYASuite

Payment Integration made easy With TYASuite-Zoho Collaboration

TYASuite and Zoho: The Perfect Payment Integration

In this realm of efficient and seamless payment processing, TYASuite has also taken a step forward with its integration of Zoho, a renowned business software suite. This strategic partnership allows TYASuite to provide businesses with a robust payment solution that streamlines operations, maximizes productivity, and ensures customer satisfaction.

Seamless Payment Processing

TYASuite's decision to integrate with Zoho brings unparalleled convenience to businesses seeking a seamless payment processing experience. By leveraging the powerful capabilities of Zoho's integrated payment system features, TYASuite enables businesses to accept payments with ease, eliminate manual processes, and reduce the risk of errors or delays. With a few clicks, businesses can effortlessly manage invoicing, billing, and payment reconciliation, freeing up valuable time and resources.

Efficiency and Productivity

The TYASuite-Zoho payment integration is a game-changer for businesses looking to enhance their efficiency and productivity. By using this procure-to-pay software, TYASuite eliminates the need for manual data entry and reduces the likelihood of human errors. This payment integration allows for swift synchronization of payment information, ensuring accurate and up-to-date records. With more streamlined processes, businesses can focus on core operations, optimize resource allocation, and drive growth.

Secure and Reliable Transactions

Security is paramount when it comes to payment processing, and TYASuite understands this concern. By utilizing Zoho’s robust security infrastructure, TYASuite ensures that businesses can conduct transactions securely and with confidence. Zoho payment gateway adheres to the highest industry standards, safeguarding sensitive payment information from potential threats. Businesses can rest easy knowing that their customer’s data is protected throughout the payment process. 

Enhanced Customer Experience

Delivering an exceptional customer experience is a priority for businesses of all sizes. TYASuite's payment API integration with Zoho enables businesses to provide their customers with a smooth and hassle-free payment experience. Zoho's intuitive interface and user-friendly payment gateway enhance the overall checkout experience, improving customer satisfaction and fostering customer loyalty. By offering a seamless payment process, businesses can differentiate themselves from competitors and leave a lasting positive impression on customers.

Conclusion

With TYASuite's adoption of Zoho for payment integration, businesses can streamline their payment processes, enhance productivity, ensure security, and deliver a superior customer experience. The collaboration between TYASuite and Zoho brings together the best of both worlds, combining TYASuite's industry-leading software solutions with Zoho's robust payment integration features. By embracing this partnership, businesses can revolutionize their financial operations and stay ahead in today's competitive marketplace. Experience the power of TYASuite and Zoho integration for seamless and efficient payment processing today.

 

 

 

Jul 04, 2023 | 3 min read | views 129 Read More
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TYASuite

What is the Need For An Automated Vendor Invoice Management

                               

In today's fast-paced business environment, managing vendor invoices efficiently is crucial for organizations of all sizes. Manual invoice processing can be time-consuming, error-prone, and resource-intensive. However, with the advent of vendor management software, businesses can streamline their invoice management processes, improve accuracy, enhance productivity, and maintain strong vendor relationships.  

What is Vendor Invoice Management?

Vendor Invoice Management (VIM) refers to the systematic process of receiving, reviewing, approving, and processing invoices from vendors or suppliers. It involves various steps, including data extraction, verification, validation, coding, approval routing, and payment. Effective VIM ensures timely and accurate payments to vendors, minimizes payment errors, prevents fraud, and enables better financial control. By implementing vendor management software along with procurement software, businesses can automate and optimize these processes, leading to improved efficiency and productivity.

 Features of VIM

 1. Invoice data

VIM systems provide the capability to enter invoice data from any location, regardless of the format, directly into the organization's Enterprise Resource Planning (ERP) system. Whether a paper document, an email attachment, or an electronic file, vendor invoice management allows for seamless integration and data entry into the ERP system, eliminating the need for manual input.

2. Automated Data Extraction

To extract data from invoices based on tens of thousands of invoice examples, vendor management software uses Intelligent Capture. It eliminates the need for manual data entry and guarantees that pertinent invoice details, such as vendor information, invoice numbers, item descriptions, and amounts, are precisely captured. Due to automation, data extraction takes much less time and effort, is more accurate overall, and has fewer errors.

3. Enhances the evaluation and approval procedure

Vendor management contributes to cost reduction by intelligently identifying and enriching missing information within invoices. They provide controlled and automated exception detection and handling, allowing for parallel approvals, escalations, invoice posting, and reporting. This streamlined evaluation and approval procedure helps optimize the cost per transaction and ensures accurate and timely payments.

4. Utilizes designated workflows

Vendor Management system provides solid and expandable baseline functionality for predefined workflows. This capability reduces the implementation time and deployment costs associated with custom workflow development. Organizations can leverage the preconfigured workflows within the VIM system, tailored to their specific business requirements, to streamline invoice processing and ensure consistent and efficient approval processes.

5. Automated invoice and sorting

Routing and sorting of invoices are automated through the use of designated process steps, which prioritize, sort, and route exceptions depending on user roles, authorization criteria, and schedules to guarantee that only those with the necessary security access and expertise are doing the appropriate actions.

6. Create reports

It offers pre-built reports and data models that enable organizations to translate their findings into actionable insights. The reports are generated based on particular parameters, such as company code, business unit, client, supplier, exception type, liability, etc. By analyzing these reports, businesses can comprehensively view their invoice management processes, identify trends, and make informed decisions to improve efficiency and optimize financial operations.

7. Focuses on specifics

Vendor Invoice Management utilizes intuitive and user-friendly graphical dashboards. These dashboards provide buttons and options that allow users to dig down into the source image, access detailed information, view document files, and access related applications and historical data. This user-centric approach enhances the user experience and facilitates quick access to relevant information for efficient invoice processing.

8. Exception handling

The tools provided by Vendor invoice management systems allow for the effective handling and resolution of invoice inconsistencies. In cases where there are exceptions or discrepancies, users can collaborate within the system, communicate with vendors, and promptly resolve issues. This streamlined exception-handling process reduces delays, ensures accurate payments, and improves vendor relationships by maintaining effective communication channels.

Benefits of using Vendor Invoice Management

Benefits of using Vendor Invoice Management

Benefits of Vendor Invoice Management

Implementing a Vendor Invoice Management system offers numerous benefits such as:

1. Improved efficiency 

Implementing vendor management software significantly improves efficiency by automating repetitive manual tasks. It eliminates the need for manual data entry, reduces processing time, and enables quick and accurate invoice matching and approval. With streamlined workflows, businesses can process invoices faster, enabling timely payments and enhancing overall operational efficiency.

2. Enhanced Accuracy 

Manual invoice processing is prone to errors, such as incorrect data entry, misplaced invoices, or duplicate payments. Vendor invoice management software minimizes these errors by automating data extraction, validation, and verification, ensuring accurate processing and reducing the risk of financial discrepancies.

3. Time and cost savings

Adopting VIM results in significant time and cost savings. Automation reduces the need for manual data entry, validation, and matching, saving valuable employee time. With streamlined workflows and automated processes, organizations can eliminate paper-based tasks, reduce the risk of errors, and avoid costly invoice corrections. These time and cost savings contribute to overall operational efficiency.

4. Scalability and Growth

As businesses grow and the volume of invoices increases, Vendor management software offers scalable solutions to handle higher volumes efficiently. Automating and streamlining invoice processing ensures that organizations can accommodate growing invoice volumes without compromising productivity or accuracy. VIM enables businesses to scale their operations while maintaining optimal efficiency.

5. Enhanced Financial Control

VIM provides better visibility and control over the accounts payable process. Organizations gain a comprehensive overview of their financial operations by automating invoice validation and approval workflows. Accurate and timely data allow for better monitoring of expenditures, improved compliance with payment terms, and enhanced financial decision-making.

6. Stronger vendor relationships

Efficient invoice handling and prompt issue resolution contribute to stronger vendor relationships. Vendor invoice management systems facilitate timely payments to vendors, improving trust and reliability. Effective communication channels within the VIM system enable collaboration between organizations and vendors, leading to prompt issue resolution and dispute management. Strong vendor relationships can result in favorable terms, and discounts, and improve overall supplier performance.

Why shift to automated vendor invoice management? 

A lot of people are involved in the invoice management process. The invoice is sent by the vendor to the person using the product/service. This person then sends the invoice to the accounts payable team, who forwards it to the finance manager and so on. The invoice formats are generally in random file types, different languages, and paper invoices.

These elements make invoice handling a time-consuming and complicated process. Hence the need for automated VIM. 

How to pick the best vendor invoice management system for your company?

VIM is software that aids firms in keeping track of vendor payments and invoices. Invoice monitoring and payment management can be automated with its assistance, and vendor relationships can be more easily managed. 

There are a few aspects to take into account while selecting vendor invoicing management software for your business:

1.What are the features you need in Vendor Invoice Management?

To effectively handle your vendor payments and invoices, be sure the software you choose has the features you need. Consider the following examples of crucial traits:

Being able to: 

        a. Track invoices and payments 

        b. Create reports on invoices and payments

        c. The capability to program automated invoice payment reminders

        d. Compatibility with your accounting program.

2. How user-friendly is it?

You will use this software frequently thus it must be simple to operate and explore. Look for an interface that is simple to use and won't require much training.

3. What is the cost?

Before choosing a vendor, evaluate their prices. Make sure the software is affordable without compromising on features or quality.

Conclusion:

Vendor Invoice Management is a critical aspect of effective financial operations for businesses. By implementing vendor management software, organizations can streamline their invoice processing workflows, enhance accuracy, reduce costs, strengthen vendor relationships, and gain better control over their financial processes. The automated data extraction, customizable approval workflows, integration capabilities, analytics, and reporting features of vendor management software empower businesses to optimize their invoice management and make data-driven decisions. By embracing technology and automating VIM, businesses can unlock new levels of efficiency, accuracy, and financial control, leading to improved overall performance and success in today's competitive landscape.

Jun 29, 2023 | 8 min read | views 419 Read More
TYASuite

TYASuite

10 Reasons to Automate Your Purchase Requisition Workflows

In today's fast-paced business environment, organizations are constantly striving to optimize their processes and increase operational efficiency. One area that often presents challenges is the purchase requisition workflow, which involves a series of steps to request, approve, and process purchases. However, by embracing automation and leveraging eProcurement software, businesses can transform their purchase requisition workflow into a streamlined and efficient operation.This blog will give you insights how automating your purchase requisition workflow will be beneficial.

What is Purchase Requisition Workflow?

A purchase requisition workflow is a sequence of steps and approvals involved in approving the acquisition of products or services within an organisation. It covers the entire purchasing process i.e. from the request to the final approval and creation of the purchase order workflow

What is Automated Purchase Requisition Workflow?

The process of employing technology and software to simplify and speed up the purchasing process inside an organisation is referred to as automated purchase requisition workflow. 

Why should you Automate your Purchase Requisition Workflow?

By automating your purchase requisition workflow through the use of procurement software you can reduce manual errors, increase efficiency and save time. It also improves visibility and control over procurement activities, allowing for cost-reductions and better decision-making. 

Benefits of Automating your Purchase Requisition Workflow 

1. Enhanced Efficiency and Time Saving

Manual purchase requisition workflows are frequently time-consuming and error-prone. By automating the procedure, manual data entry is eliminated, paper work is decreased, and correct and consistent data are produced. Employees can create purchase requisition using predetermined templates or forms with an automated system, saving time and effort. In order to minimise errors and any delays, the system may also validate data, such as budget codes and vendor details, in real-time. Overall, workflow automation makes it possible for requests to proceed quickly from the request stage through approval and processing.

2. Improved Visibility and Transparency

When using manual methods, tracking the status of purchase requests might be difficult. Real-time visibility into each requisition's status is provided by automation, enabling staff members and management to keep track of it at any point in the process. Better departmental collaboration is made possible by this transparency, which also guarantees prompt action. Additionally, historical data and audit trails are easily accessible using an automated system, easing compliance and internal control procedures.

3. Stronger Control and Compliance 

Greater control over the purchasing process is provided via automated purchase requisition workflow. Workflows can be set up to enforce approval hierarchies, financial restrictions, and compliance guidelines, guaranteeing that each demand receives the proper inspection before processing. This control assures adherence to organisational standards and legal requirements while preventing unauthorised purchases, curbing maverick expenditure, and reducing irrational spending. Organisations can keep consistent, auditable records by centralising the purchase requisition workflow, making internal and external audits easier.

4. ROI and Cost Savings

While there are upfront costs associated with installing an automated system, the long-term advantages frequently surpass the expenditure. Over time, costs are reduced as a result of reduced manual labour, the removal of paper-based procedures, decreased mistake rates, and increased productivity. When comparing the costs of human operations to the savings and efficiencies realised through automation, businesses can determine the return on investment (ROI).

5. Faster Approvals

Manual approval procedures can take a long time, particularly when numerous stakeholders are involved. By automating the operation, approval routing can be done in parallel or sequentially according to established criteria and hierarchies. As a result, approval processes are expedited, bottlenecks are diminished, and prompt procurement is ensured, preventing delays in the delivery of goods or services.

6. Improved accuracy and Decreased errors

Human errors like improper data entry or omitted approvals are possible with manual operations. Delays, rework, and financial inconsistencies may result from these mistakes. Automation reduces these risks by applying predetermined business rules and standardized request templates. The programme may instantly check the data and highlight any anomalies or information gaps. Organisations can minimise rework and delays by eliminating errors, which results in lower costs and more production.

7. Improving Supplier Relationships  

Transparency is essential for creating long-term relationships with suppliers and automation promotes it. Both the parties can interact effectively in real-time because of the clearly defined line of disclosure. Everyone involved can see each step. Buyers can confidently place purchases based on the lowest offer, and suppliers can rapidly react to bids. This builds trust, making cost reductions, order tracking, and supplier evaluation easy since it makes cost reductions, order tracking, and supplier evaluation simple to understand. Any complaints can be immediately rectified. 

8. Boosting Productivity

Automating your purchase requisition workflow results in increased productivity. Employees gain the opportunity to concentrate on more strategic and value-added activities by eliminating manual and repetitive duties. Automated technologies shorten approval cycles, speed up the requisition process, and lessen the requirement for paper-based documentation. Operations are streamlined as a result, allowing staff members to focus their time and effort on other important duties. Organisations can increase efficiency levels, successfully meet deadlines, and boost overall business performance through increased productivity.

9. Scalability and Growth 

Purchase requisition process can readily handle growth and rising transaction volumes. The system can accommodate more requests as the organisation grows without affecting effectiveness or performance. This scalability ensures that the flexible workflow for purchase requisition is adaptable enough to suit changing company needs.

10. Adaptability and Personalization  

The workflow for purchasing requisition form has specific requirements for every organisation. When a process is automated, it becomes possible to modify the workflow to meet certain requirements. It is possible to tailor business rules, approval hierarchies, and workflow rules to the structure and purchasing guidelines of the organisation. With this versatility, the system may support intricate approval procedures, multi-level hierarchies, and financial controls while also adapting to meet the changing needs of the organisation.

Conclusion

There are several advantages to automating your purchase requisition workflow, such as  improved supplier relationships, faster approvals, adaptability and personalization, scalability and growth,etc. Organisations may revolutionise their purchase requisition workflow, improve operational efficiency, and propel strategic procurement goals by embracing automation and utilising Procurement software like TYASuite. 

It offers a full range of eProcurement solutions that let businesses automate and improve their workflows for buy requisitions, providing a smooth and effective procurement process from beginning to end. 

 

 

Jun 27, 2023 | 7 min read | views 139 Read More
TYASuite

TYASuite

6 Steps For A Successful Vendor Performance Management

What is vendor performance management?

Your vendors' performance is measured and tracked through a process called a vendor evaluation. This can be carried out on a regular period, like every three months or once a year. The analysis must look at the vendor's financial standing, the quality of their goods or services, their turnaround times, and their customer service. When performing an assessment, it's critical to have a clear grasp of your requirements and goals. This will enable you to spot any potential problem areas in the vendor.

Why is vendor performance management Important?

According to 58% of businesses, time spent using traditional vendor  performance management tools is ineffective. Evaluations of your vendors are crucial since they enable you to make sure that they adhere to your standards and specifications. They also enable you to spot any prospective issues that can harm your business. You can ensure that your vendors are operating at their peak efficiency and address any issues by conducting routine evaluations.

For companies with a global presence, supplier relationship management and the associated sets of diverse business rules can be difficult. For internal and external responsibility and justification of a continued relationship, it is essential to have strong supplier evaluation metrics or a system.

A specific vendor performance management might be useful in a variety of situations including:

·         Laying the groundwork to make another purchase

·         Choosing the most suitable vendor within a category from a group of vendors

·         Replacing unsatisfactory vendors with better ones by filtering out unreliable ones

·         Establishing a routine for cost-benefit analysis

Cost savings, improved process efficiency, and firm profitability all depend on measuring and analyzing vendor performance management. They promote supply chain efficiencies and aid in the prevention of quality problems and post-payment errors.

Vendor Performance Management Checklist

vendor performance checklist

Step 1: Setting Up Performance Indicators

To establish both broad and specific parameters, one should first create an effective vendor onboarding process and evaluation. Without this, the subsequent steps are pointless, or, in the worst case, they may represent incorrect insights that are detrimental to your firm. The following criteria are essential to include on your vendor KPI checklist:

1.       Price

It is important to keep in mind that negotiations can make or break business relationships with suppliers. Your company can undoubtedly establish a big win with suppliers who are prepared to cut their pricing by using scale to their advantage. You can profit from significant or ongoing deals with them as a result. Pay close attention on how closely a business sticks to its expectations; if extra fees, unplanned taxes, or unexpected costs are a common occurrence, you should raise a cautionary tale about the vendor in particular.

2.       Quantity

It is also important to compare the quantities that were ordered with those that were received. Vendors occasionally send a notification confirming and addressing delivery issues.

3.       Cost

Another factor is the expense your business incurs while collaborating with vendors. The cost of the purchased items or services makes up the majority of the factor, but there are other costs as well, such as those related to delivery, transportation, packaging, and waste.

4.       Service

Response time for resolving all kinds of issues and ongoing client engagement indicate excellent service.

5.       Quality

Inspection checks assist in finding any apparent product flaws, rejections, returns, etc.

6.       Payment terms

Agile payment processes and terms provide sourcing firms with payment flexibility, which is considerably better than conventional billing.

7.       Delivery

Timeframes for placing the order and the pre-delivery hold a direct correlation to how satisfied you are with the vendor.

8.       Certifications

Certifications in a certain industry or domain do more than merely mark another box. They guarantee a level of confidence and a minimum standard of quality from the relevant vendor.

9.       Innovation

A vendor who reinvents across the spectrum in their products outperforms rivals who don't have a long-term vision.

10.   Value additions

Value enhancements from most vendors could appear like a nice change. Value adding comes naturally to some people. They might cover concerns and conflicts being resolved, response times, responses to order modifications, etc. 

11.   Compliance

Some forms to check are tax compliance, regulatory compliance, and contract compliance. There are also other regional and more specific domain-related requirements.

Step 2: Categorizing vendors

Classifying vendors into groups of comparable categories is a good place to start when evaluating them. This can be done in a few different ways, including by area and product category.

Step 3: Centralizing and Integrating Data

Typically, 20% of vendors can meet 80% of business requirements. Nonetheless, your business might work with hundreds or even thousands of vendors for various tasks. Bring them all to a single, common channel. As a result, a tool for evaluating suppliers like TYASuite vendor management software is excellent for this.

Step 4: Creating a Robust Assessment Strategy

Above everything, choose a period first before deciding on an evaluation method in order to establish a strong evaluation approach.

Step 5: Collaborating with vendors

The majority of evaluations do not have to be quantitative. In contrast, ongoing supplier-buyer collaboration might end up making bottlenecks much more obvious. Periodic meetings are important, but it's also crucial to remain attentive to the other teams. Feedback sessions help to remove a lot of obstacles.

Step 6: Developing a plan of action

Next, it's important to develop a workable strategy that outlines supplier relationship management specifically. Additionally, you must ensure that your results are put into practice in order to complete the evaluation process. When executed properly using the ideal blend of people, procedures, and vendor management software can help your business exponentially. Additionally, it aids in detecting performance gaps and developing plans to close them.

Techniques and Approaches for Vendor Management

Once you've made the decision to conduct a vendor evaluation checklist, it's crucial to pick the best strategy and methodology. There are many different ways to evaluate vendor performance.

The most crucial element is that you choose a strategy that best suits the requirements of your business. When making a choice, you should also take your resources into account.

Here are some pointers to assist you to conduct a successful vendor assessment:

1. Establish definite goals

It's crucial to establish specific evaluation criteria before you get started. What do you want to accomplish?

2. Determine your standards

Once your goals have been established, you must decide on the parameters by which vendors will be evaluated. Quality, shipping timeframes, customer service, and other factors can be taken into account.

3. Accumulate data

For managing supplier performance, you must collect data from a variety of sources. Financial reports, client survey, interviews, etc. are a few examples of this.

4. Assess data

It's time to conduct an analysis once you have gathered all of the required data. This will enable you to spot any potential weak points in the vendor.

5. Take initiative

You might need to take steps to improve vendor performance based on your results. This can entail revising contracts, switching providers, or putting new practices in place. These pointers along with the use of effective procurement software will help you conduct your vendor evaluation accurately and effectively.

Benefits of Vendor Evaluation

The process of evaluating suppliers has multiple benefits. Among some of the huge benefits are:

·         Making certain that your providers satisfy your requirements and standards.

·         Recognizing any potential issues that might have an effect on your business.

·         Improving vendor performance by taking appropriate measures.

Regular evaluations can help you spot issues early and take action before they have an impact on your business. Supply chain management includes evaluating suppliers, which can help you make sure your company is acquiring the best goods and services available.

Tips for a Successful vendor Assessment

You can carry out vendor evaluation successfully and efficiently by following a few crucial steps which are:

·         Establish your goals and requirements.

·         Choose the vendors you want to assess.

·         Get information and statistics on vendors.

·         Assess vendor performance.

·         Adapt course of action to discoveries.

These pointers will help you execute your supplier evaluation with accuracy and effectiveness. Supply chain management includes evaluating vendors, which can help you make certain that your business is acquiring the best goods and services necessary. Regular evaluations allow you to spot errors early and take corrective measures accordingly.

 

 

Jun 21, 2023 | 10 min read | views 439 Read More
TYASuite

TYASuite

The Ultimate Guide To Streamlining Your Purchase Order Workflow

Efficient management of purchase orders is crucial for any company's procurement process. Purchase orders provide essential details about the products or services being acquired, including pricing, discounts, payment options, and delivery deadlines. To effectively handle and approve purchase orders, businesses are increasingly turning to procurement software.

As per American Productivity and Quality Centre (APQC), purchase order, and approval expenses can be reduced by up to 75% and invoice processing costs can be reduced by up to 90% using procurement automation.

Your company must have a purchase order workflow to effectively manage and approve orders.

In this article, we will discuss the Purchase Order Workflow in details starting with the basics:

What is a Purchase Order workflow?

A purchase order (PO) is an official document that a customer sends to a vendor outlining the products or services they wish to purchase. The process used by an organization to develop, approve, and monitor purchase orders is known as the purchase order workflow. It guarantees that the products or services have been requested in a timely and effective manner, making it a crucial step in the procurement process.

What are the steps involved in a purchase order workflow process?

The purchase order workflow includes multiple steps, which may differ based on the framework and size of the business. However, the following are the typical processes in the purchase order processing.

1. Purchase Order Creation

The workflow for creating purchase orders begins with this phase. The buyer typically starts the process by drafting the purchase order document and sending it to the vendor. Important details including the details of the goods or services, the quantity being ordered, the date of delivery, and the payment terms should be included in the purchase order.

2. Approval and Evaluation

Following creation, the purchase order needs to be examined and approved by those responsible organization parties. Based on the organizational hierarchy, several degrees of permission may be required during the review and approval process. The approvers must be absolutely certain that the purchase order is accurate and that the requested products or services are really required.

3. Processing Purchase Orders

The business's purchasing division processes the purchase order after it has been approved. This entails confirming the vendor's information, ensuring that funds are available, and ensuring that the purchase order complies with the company's procurement policies and regulations.

4. Purchase Order Confirmation

Once the purchase order has been processed, the vendor attests that they can complete the transaction within the allotted time frame and that they accept the terms and conditions stated therein.

5. Delivery and Shipping

Immediately after confirmation of the purchase order, the vendor ships the products or provides the services to the purchaser's location. The mutually agreed-up terms and conditions of the purchase order shall be followed for the fulfilment date and time.

6. Receipt for Products

The purchaser shall confirm that the delivery complies with the requirements stated in the purchase order after receiving the product or services. Any differences should be stated right away to the vendor if they exist.

7. Payment Processing

The vendor sends an invoice to the customer when the product or service is delivered. The invoice should be in accordance with the purchase order and contain all relevant details, such as the terms of payment, the deadline for payment, and instructions for payment.

8. Payment

After receiving the invoice, the buyer must proceed with the payment in accordance with the terms and conditions outlined in the purchase order.

Organizations can make sure they have an efficient process for buying products and services by adhering to the standard purchase order workflow. This can assist them to control expenses, manage inventory levels, and enhance supplier relationships.

What makes the workflow of purchase order approval effective?

An efficient purchase order workflow process should fulfill the following criteria:

  1. It is simple for auditors to examine the supporting documents and audit the controls.
  2. It caters to a variety of business needs.
  3. It connects with additional processes like generating purchase orders and three-way matching of invoices with ease.

How to accelerate your purchase order workflow?

A lot of businesses are also taking their time to adjust, taking into account the fact that spreadsheets and paper are still frequently utilized in purchase order workflow processes.

However, despite the fact that manual processing can appear to be a tried-and-true technique, it has been shown to be prone to mistakes and time-consuming, as well as costly when using outdated techniques.

Your finance team members eventually feel overwhelmed by the volume of purchase orders and invoices as your business expands and needs increasing quantities of goods and services.

When this happens, you should use purchase order automation to centralize your purchase order workflow and procurement processes and automate them.

Restoring your internal processes can seem difficult, but if you move with a simple and intuitive procurement software that completes the onboarding and installation process in a few weeks then you’re good to go.

You can gain the following advantages right away by making this move towards Purchase Order workflow automation:

  1. Get rid of the paper trail
  2. Track POs to the accountable parties promptly
  3. Create purchase orders with a few clicks.
  4. Exclude human error and manual data entering
  5. Create a streamlined approval process.
  6. Easily manage spending and implement allocation-driven expense constraints.
  7. Simply click a button to automatically generate a PO from a requisition or from scratch.
  8. Manage all of your vendors, inventory, contact details, and invoicing in a single platform.
  9. Automatically do a 3-way match, synchronize documents with existing system.

What are the benefits to automating your Purchase Order approval workflow?

Procurement can be made simpler and several benefits are ensured with a quick and easy PO approval process.

1. Cost savings 

The Purchase order workflow helps save the business from incurring unnecessary costs. Obtaining purchase approvals requires verification to see if the item is currently in stock and whether it is actually essential. This aids in avoiding pointless charges and expenses and also clarifies how money is being utilized.

2. Greater operational effectiveness 

A thorough and controlled purchase approval process leads to faster PO approval timeframes and expedites the procurement process causing fewer obstacles and inefficiency.

3. Greater transparency 

The approval of POs provides access to the company's expenditure areas. When using credit cards and vendor invoicing, businesses are only made aware of spending when a bill or invoice arrives. On the other side, a PO approval guarantees that stakeholders are informed of agreed expenditures to better plan and allocate budgets.

4. Collaboration that works 

A PO is an official document that can exchange information as needed between internal departments and vendors. A comprehensive process is followed to make sure there are no disputes before a purchase order is accepted. It leads to increased accountability and effective communication among the company and the vendors because everyone has an understanding of the terms and conditions.

5. Simplifies audits 

Establishing streamlined Purchase Order workflow approval for purchase orders could prove helpful during audits. Every purchase must go through a purchase order workflow process, which makes it simple for the accounts payable staff to organize and match invoices to the appropriate purchase orders. This makes it simpler to maintain correct documentation and helps company audits.

6. Reliable forecasting and well-informed decision-making

When a purchase order approval process is set and in place, the process of forecasting and making decisions becomes relatively simple. The business can make well-informed decisions to increase business efficiency because they are fully aware of where the company must spend its money and which purchases necessitate regular budget allocation.

How TYASuite streamlines the purchase order workflow to enhance procurement value?

Modern technology and the emergence of digital solutions have made it simpler to automate critical corporate activities. The purchase order approval process is made simpler, quicker, and more profitable for businesses through a purchase order software.

1. PO Generation And Approvals

Procurement process is optimized with automatic PO development and fast approvals. You can raise, create and monitor multi-vendor PO and purchase documentation for tracking purposes.

2. Revise Purchase Orders

Whenever there needs to be a change in the terms in the purchase order, it becomes a time consuming process if sending out change notice is done manually. It can also lead to vendors not receiving them on time and other unwanted confusion. Modifying purchase order solves this issue by allowing easy submission of a change request for an existing PO.

3. Restrict Vendors to Items

There are various kinds of products, yet nobody seems to be able to come to terms on how to classify them. Additionally, some vendors have over a dozen different material master pairings. Limiting vendors to goods in purchase order software makes managing vendors simple and quick.

4. Numerous Approval Workflows & Location level controls

How many times does a procurement process gets blocked because an individual forgot to approve it? Business can set up the process for approval and make sure that your purchase orders will be processed without hiccups if you have the most effective purchase order software in place.

5. Efficiency in Purchasing Through Blanket Orders

Up to a specific amount or until company criteria have been satisfied, an organization can give a vendor permission to make ongoing purchases which are referred to as blanket orders.

TYASuite provides comprehensive and agile purchase order software with features to generate, track, and approve orders in real-time giving you complete control over the purchase order workflow.

 

Jun 08, 2023 | 10 min read | views 117 Read More
TYASuite

TYASuite

The Complete Guide to Vendor Onboarding Process

Let’s start by understanding the process and requirements of vendor onboarding before we delve into the specifics. Vendor onboarding process is a methodical process that allows businesses to quickly gather the information they need to evaluate, approve, and contract with vendors, make purchases, and promptly pay both current and prospective supply partners.

Any company that sells goods or services to your company, whether for your own use or as a component of a long-term or short-term resale, is referred to as a vendor or supplier.

Vendor onboarding process involves educating new internal team members on a company's procedures, policies, compliance requirements, and expectations.

What is Vendor Onboarding checklist?

Following are a few vendor onboarding process steps that your company should follow. Additionally bear in mind that vendors with a greater level of criticality should go through a more stringent process.

1. Vendor information is exchanged, and documents are checked  

The first step of the process is the exchange of information between the vendors and businesses.

You should supply vendors with the following information:

  1. Vision, objectives, and values of the company
  2. Code of conduct for Vendors
  3. Company profile
  4. Project background, difficulties, and objectives
  5. Contact information for payments
  6. Feedback distribution

2. Synchronize your people, procedures, and strategy

The extent to which you and a vendor can work together will determine your overall success. So, arrange short, easygoing introductory sessions for the vendors who will collaborate closely. Ask questions, get to know one another, and organize your strategy throughout these gatherings and talks.

3. Specify goals and the next steps

The final phase in the vendor onboarding process is to determine how it will be evaluated and what will happen next. Ideally, you already have a vendor evaluation process in place with a plan for evaluating vendor performance. .

Establish benchmarks for your present situation, agree on important performance indicators, and provide an example evaluation form (KPIs). Inform vendors when they can anticipate receiving vendor risk assessments in parallel to quarterly or biannual performance reviews in order to maintain compliance. 

What will happen next?

To guarantee a smooth relationship, ask your new vendor what more they need from you. Be ready to give IT staff access to previous data, records, and documents. Remember that once you've completed this procedure, you should be ready to go. This is your last opportunity to make sure you absolutely have what it takes to succeed.

The challenges of Vendor Onboarding process: -

  1. Lack of visibility of vendor data and valuable information regarding supplies
  2. Dealing with inefficiencies and bottlenecks in processes due to delayed approvals
  3. Poor team collaboration due to inconsistent and inaccurate product data
  4. Facing invoicing issues due to irrelevant information and manual based error prone processes
  5. Inability to manage supplier performance and ROI leading to poor vendor management.

In particular, adopting manual processes for vendor onboarding sets up erroneous expectations in the long run. These manual processes become tough to manage and restrict your ability to scale when you operate with multiple vendors.

Key benefits of implementing a vendor onboarding software:-

More efficiency, improved quality, decreased risk, improved relationships, and a robust business are all outcomes of enabling procurement and supplier evaluation to be a more strategic process in your firm.

Increased Competitiveness:

Many businesses in the manufacturing and healthcare industries spend huge amounts of money on purchased goods and materials. As a result, an effective vendor management process and careful monitoring of buying performance are key factors in determining a firm's competitiveness.

Improved Efficiency and Profitability:

By decreasing redundancies, tracking costs, defining expectations, and integrating purchasing processes with firm objectives, you can prevent revenue and productivity losses. This is done by streamlining current purchasing procedures and using information gathered through the vendor approval process. Moreover, streamlining results in less wastage, greater productivity, and a better overall ROI.

Mitigating risk:

By adhering to industry and governmental rules, reviewing internal policies, validating vendors, and informing them of your requirements, you can prevent future issues. Also, you can reduce risk by using tactical tools like the vendor management software from TYASuite.

Improved Relationships:

Best practices for vendor onboarding process create partnerships that are advantageous to both parties and involve continual training, communication, evaluation, and approval. These processes stop the disintegration of relationships that could affect supply networks.

Enhance Brand:

An unsatisfactory vendor or a problematic partnership can have a negative effect on your brand and harm your reputation. Your brand is an extension of you, your goods or services, and your company's character; as such, it is changeable and open to interpretation by others or, if deliberate, by you. Improve your credibility among consumers, shareholders, and current and prospective workers by taking control of vendor performance.

Challenges of vendor onboarding software:-

  1. Simple connection with existing internal systems and platforms.

  2. A vendor self-service portal.

  3. Protection against data theft and cyberattacks.

Depending on the size of your company and the quantity of current vendors you interact with, you may be able to justify the expense of vendor onboarding software. You will require a system that can scale and meet the more intricate needs if you now have strong ties with dependable, compliant vendors that will cater to future development.

Using a cloud-based solution enables two benefits: financial flexibility and software that can expand with your operation. For instance, if you're a startup manufacturing business looking for a solution to manage vendor contracts, you may want to be able to add capabilities in the future that allow stocking, shipment, handling overstock, and the capacity to choose, pack, and dispatch using mobile applications.

Features of vendor management software:

1. Fast Approvals

Simple and effective request assessment and vendor approval process that speed up the onboarding process.

2. Project Management and Alerts

Task assignment, process monitoring, and task collaboration; timelines, insufficient resources, and other compliance concerns

3. Payroll Processing

Processes that are simple and effective for organizing vendor contracts, reimbursements, and related expenditures

4. Eliminate Repetitive Tasks

It aids in category administration, centralized billing, invoicing, payment alternatives, and forms and requirements that can be customized

5. Data Validation and Collection

Monitor unauthorized expenditures and unwanted spending against business compliance.

6. Accurate Vendor Data

Easy-to-use platform for vendors to send online forms, documents, approvals, and update data.

7. Seamless Communication

A cooperative digital setting where teams can easily communicate with each other via chat or document sharing.

8. Locate Data Easily

Access to necessary data, documents, contracts, bills, contacts, or other vendor information instantly.

Empower your business with a flexible platform like TYASuite’s vendor management software, that is designed to match the demands and adapt as per the evolving market.

TYASuite’s Vendor Management Software makes it easy to plan, store, manage, and evaluate vendor performance. It provides an overview of key metrics and real-time visibility in its reports, intuitive dashboards, and automated processes built to be better informed and connected.

 

Jun 01, 2023 | 8 min read | views 175 Read More
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TYASuite

Maximizing Efficiency: Impact of ChatGPT in Procurement ERP

  In the field of procurement ERP, expectations for generative AI like ChatGPT are high. AI-powered technology enables a sustainable and effective flow of goods and resources in a globalized, data-driven commercial environment.

According to IDC, 55% of the Forbes Global 2000 OEMs will have updated their supply chains using AI by 2026. This will guarantee that the right components are accessible and strategically placed to address problems before any failure.

According to IDC polls, organizations seek more supply chain transparency to address problems like rising expenses and fluctuating demand. All of these things and more can be handled through generative AI, which also helps businesses become more transparent, efficient, and resilient as a whole.

What is ChatGPT?

ChatGPT is an AI model that employs deep learning to create human-like language based on inputs from users like you. Based on patterns that it identified from an extensive amount of data throughout its training phase, it predicts the subsequent word in a text.

The "magic" takes place during the training process. ChatGPT receives a massive amount of textual information from OpenAI. Following that, ChatGPT makes use of the information to make predictions about the following word based on the samples it was provided. These forecasts are evaluated by OpenAI, who then makes revisions. This procedure is carried out numerous times in sequence offering you answers to your queries in seconds.

Top procurement challenges ChatGPT can help solve:

1. Identifying new vendors

By examining supplier data, ChatGPT can assist procurement experts in finding suitable vendors. Additionally, it can locate potential vendors based on their sector, place of business, or range of goods and services. In order to do this, you can request ChatGPT in procurement to recommend the best vendors who could potentially be able to offer the required goods or services after feeding it your demand data.

2. Contract management

Procurement professionals can benefit from ChatGPT in procurement by getting details about the terms and conditions of their contracts, which will help them manage their contracts efficiently. This can be accomplished by providing ChatGPT data with regards to email communication and asking it to offer contract proposals.

3. Vendor performance

ChatGPT in procurement helps professionals assess the efficiency of their vendors by analyzing supplier data and providing real-time notifications on concerns that they come across. You can accomplish this by providing ChatGPT with vendor data and requesting it to summarize performance metrics.

4. Market evaluation 

It can help experts by examining market trends and spotting prospective possibilities or hazards that might aid in the creation of market evaluations. ChatGPT in procurement can assist in generating details about the costs and possible risks connected with a certain vendor or product.

5. Requesting quotations

When purchasing goods or services from vendors, ChatGPT in procurement can help the experts by giving them templates for quotations. You can ask ChatGPT to create a quotation request templates depending on the specifications you enter.

The benefits of using ChatGPT for global procurement

1. Enabling Bottleneck-Free Operations

Generative AI, which excels at summarization, can be used to examine the material/product history and offer a brief summary pertinent to the warehouse operator at the point of use. This makes it possible to lessen bottlenecks that could hinder process workflows.

2. Training support

Technology can produce training materials and process recommendations for internal and external use such as sustainability frameworks or vendor management guidelines. Generative AI could pinpoint best practices and produce in-depth training manual or updates. However, the management must still check and approve the training materials or guidelines and there must be a clearly defined approval and modification process.

3. Tracking Sustainability

ChatGPT in procurement  can help with report preparation by offering evaluation of data and business insights. If the results of generative AI-powered technology and intelligent automation technology are merged, a new category of report can be produced and its creation can be automated.

4. Better collaboration

The manner in which people share information and communicate matters much in any multinational or multicultural setting. Generative AI in procurement can add intelligible, knowledge-based insights to text, going beyond the capabilities of an AI-powered translation. This can speed up information exchange. As a result, there can be an increase in collaboration and trust, which could lead to improved productivity and successful decision-making.

The ethics of using AI in procurement

AI in procurement has the potential to increase productivity and save costs for businesses. It also brings up ethical issues which demand attention such as:

  1. AI algorithms can perpetuate biases, leading to discriminatory outcomes. Organizations should ensure AI systems are designed to mitigate bias.
  2. Organizations should consider the impact of AI on their workforce and develop strategies to mitigate negative effects like unemployment.
  3. AI systems must comply with privacy regulations to protect personal data. It collects confidential data such as vendor information, procurement history, and other data which needs to be safeguarded as per privacy regulations.

The role of ChatGPT in sustainable procurement

As an AI language model, ChatGPT can play a significant role in Procurement automation by providing guidance and insights to procurement professionals on sustainable practices and initiatives. Here are a few ways ChatGPT in procurement can be helpful:

1. Providing information on procurement best practices

ChatGPT can answer questions and provide information on sustainable procurement practices, such as vendor performance, sustainability, and tracking.

2. Supporting vendor sustainability evaluation

ChatGPT in procurement  can assist vendor performance by providing insights on metrics and benchmarks and can make a decision to carry on with them or not.

3. Recommending vendors

ChatGPT can provide recommendations on quality products that meet Procurement process, based on ethical sourcing and reasonable prices.

4. Monitoring and reporting performance

ChatGPT in procurement can help monitor and prepare reports by analyzing procurement data and providing insights on progress towards business goals, identifying areas for improvement, and highlighting successes.

How to use ChatGPT for procurement?

  1. ChatGPT highlights the best practices in digital procurement process, including how to identify and assess vendors, negotiate contracts, and manage relationships with vendors. This can make the procurement process easier to manage.
  2. Small firms can streamline the procurement process by using ChatGPT to automate operations like contract management and supplier communication. This can lessen the possibility of errors while also saving time and resources.
  3. ChatGPT in procurement can evaluate procurement data and spot chances for cost savings, including negotiating better terms with vendors or locating more affordable goods or services. This can lower the cost of procurement for small firms and boost their financial performance.

Can we implement ChatGPT in procurement and supply chain management?

ChatGPT is still in its development stage so we need to look into a few things before going for it full-fledged with it. The standardization of generative AI integration into supply chain management, ERP, and planning systems is just the beginning. By combining ChatGPT and procurement software businesses can build new custom applications powered. 

However, in order for organizations to fully benefit from generative AI or ChatGPT, for that matter it is necessary to test, develop, set up, and examine the application across processes. Although ChatGPT in procurement and similar tools radically transform AI in daily operations necessitates complete confidence in its accuracy, dependability, and scalability.

 

  

May 24, 2023 | 8 min read | views 377 Read More
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TYASuite

Ultimate Guide to Vendor Management: Tips, Tricks & Best Practices

Vendors are crucial to the procurement process of any firm. Unfortunately, many businesses ignore the significance of developing positive relationships with their vendors. This laxity is now a matter of concern as procurement of goods and services need to be conducted in an efficient manner to fulfil business objectives.

We are well aware of the fact that focusing internally rather than externally saves businesses a lot of time when controlling vendor risk. In the vast majority of instances—80.5%—internal controls testing directs the framework for such certainty as per the recent survey by Deloitte.

Effective partnership and cooperation with vendors is crucial now that procurement is evolving with time. Gone are the days when you could control your spending by negotiating better. Older vendor management approaches are no longer adequate for addressing current procurement issues.

What is vendor management?

Vendor management is an integrated process to manage vendors and enhance their influence on the buyer's business. It involves overseeing vendor deliveries, collaborating to executing processes, managing compliance, and paying invoices.

With effective management of vendors throughout their life cycles, firms can minimise risk, increase service quality, and control expenses. Vendor management also assists in getting long-term benefits from vendors.

Why is vendor management important?

Your vendors' success is dependent upon your success as well. And there is just one way to establish positive relationships with vendors. This is accomplished through efficient vendor management which aids in:

  1. Catering to the ever-changing needs of the market
  2. Leverage from the opportunities to expand your business
  3. Building long-lasting productive vendor relationships
  4. Ensure procuring better quality products at the best deals

Why is vendor management important in procurement?

Vendor management is important for a company because it could have a significant negative effect on business and result in financial loss. As a result, the procurement function will benefit from good supplier management practices. It is crucial for the procurement and purchasing function for the following reasons.

  1. The supply chain flow can be disrupted or stopped entirely if the vendors are not handled appropriately, which would undermine the organization's bottom line.
  2. Vendor performance and agreement compliance are critical for the seamless flow of operations, benefiting from supplier relationships, and eliminating potential hazards.
  3. This aids in reducing erratic spending inside the company and securing contracts from the list of preferred suppliers at pre-negotiated prices, assuring predictable financial results for the company.
  4. Additionally, it aids in forming long-lasting relationships with vendors, boosting logistical operations and profits.

How can businesses overcome various challenges with a vendor management system?

Most organizations have some kind of vendor management procedure in place yet there might be a little opportunity for improvement. Here are some vendor management best practices used by procurement experts worldwide to reduce vendor spend and increase vendor performance.

1. Risk Mitigation

The method for recognizing, evaluating, and minimizing risk in a firm's supply chain is known as vendor risk management.

The best methods for managing risks is by constantly monitoring vendors and having a contingency plan in place to address any type of risk. Automating your procurement process with a vendor management software is a wonderful method to cope with it.

2. Expense visibility

Transparency vendor spend management eliminates extra costs and implicit expenditures. Yet, manually monitoring the total spending on each vendor could be time-consuming.

Organizations can increase transparency in the procure-to-pay cycle by deploying an automated vendor management solution.

3. Vendor collaboration

Vendor collaborations that are fruitful can not only strengthen the buyer-vendor relationship but also bring significant benefits to both sides. Cloud-based digital vendor management systems assist enterprises in developing a vendor network by increasing visibility and collaboration.

4. Managing vendor performance

The process of evaluating and analyzing vendor performance assists organizations in saving money, mitigating risk, and extracting more value from agreements. The key to this technique is to establish a centralized data repository containing all vendor-related data. To record and manage vendor data, you need to implement Digital procurement solutions with a single reporting module that makes vendor performance management easy.

How to build and establish a robust vendor management process?

vendor management process

The vendor management process should be conducted in the following way:

Vendor evaluation

The first stage in vendor management is establishing whether a vendor has the competence and capability to meet the business requirement.

Vendor onboarding 

Vendors who have been approved are subsequently added to the organization's list. This stage entails gathering, documenting, and storing all necessary vendor information in a centralized database.

Ordering and shipment process

The order process is often started by a contract or a purchase order.

Following the fulfilment of the contract, the obtained goods/services are submitted to a quality inspection, and the vendor's performance is reviewed.

Vendor payment

The customer must match the invoice with the associated purchase order after receiving the goods/services.

If everything appears to be in order, the invoice is validated and payment is made. In the event of a discrepancy, the invoice is returned to the vendor.

How does the Vendor management system work?

Simply put, a vendor management system streamlines and automates the process of growing the business needs. The system makes sourcing quicker, simpler, and more affordable.

  1. The system collects all the vendor data and prices of the products
  2. It automates evaluation and vendor onboarding process.
  3. It generates reports and analytics to give an overview of all processes.

How can a vendor management system help your business?

Manual methods further aggravate an already complicated commercial process. Organizations can build a systematic vendor relationship management strategy that controls expenses and eliminates risk while maintaining quality by using a procurement software.

A vendor management software assists users by providing a digital solution that extracts valuable data and gathers information across different procurement processes along the procure-to-pay cycle.

Here are the four reasons for investing in a vendor management software that automates vendor management processes seamlessly:

  1. Vendor evaluation: Obtain and validate vendor data such as financial, credit risk, and reporting before onboarding them.
  2. Vendor performance management: Vendors can be evaluated based on key performance indicators such as policy compliance, delivery reliability, efficiency, and product quality.
  3. Vendor invoice management: It includes receiving, authorizing, and assessing invoices. Firms can save huge amounts of money and time by eradicating manual invoice management workflows and substituting them with automated workflows.
  4. Supplier lifecycle management: maintain an open, organized, and integrated process and derives value by boosting business growth.

Vendor management has a much broader scope than merely building a rapport with vendors. If overlooked, it can severely affect the viability of any business. Businesses with an efficient vendor management process stay clear of purchasing risks, and derive more tangible benefits.

TYASuite cloud-based vendor management software is a comprehensive solution that boosts efficiency qualify and vendor onboarding, execute orders, and monitor vendor performance all at once.

Get in touch with our team to start your free demo today!

May 02, 2023 | 8 min read | views 389 Read More
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TYASuite

Ultimate Guide To Automate Purchase Order Process In 2023

What does Purchase Order process mean?

A purchase order process (PO), which is an official document created by the buyer, authorises a purchase transaction to purchase goods or services from a provider.

The Purchase Order plays an important role when controlling business purchases. Professional Purchase Order processes build strong supplier relationships and provide an audit trail for all transactions. Automation is often used to speed up the PO process and reduce financial risk.

Why do companies prefer Purchase Order?

Let's face facts. All businesses can benefit from greater financial control. One way to control costs is with purchase order process. These are five key benefits of purchasing orders for businesses: 

  1. These specifications define the exact requirements and expectations of the supplier.
  2. They help us track the progress and formalise our purchase process. 
  3. They are helpful in budgeting and cash flow.
  4. These agreements are legally binding when they are accepted by the supplier.
  5. These are an important part of auditing transactions.Purchase Orders usually include the name and contact information of the company that purchased the goods or the service. 

5 steps of the Purchase Order Process:

The Purchase Order process is part of a larger procurement process. It involves confirming and specifying what goods or services are actually needed before purchasing them. It also involves processing payments and auditing the results.

1. Create the Purchase Request (PR):

To obtain approval for the purchase, a requisitioner creates an authorization document. You can amend it, add to it before approval is granted, or cancel it.

2. Issue the Purchase Order (PO):

After the approval of the PR, the PO can then be created once quantity, prices, expected delivery date, etc, have been agreed upon. 

3. The Purchase Order (PO) is approved by the supplier:

The supplier can request amendments if any details are not correct or unacceptable. If necessary, the supplier approves the amended PO via email.

4. The Purchase Order (PO) is filled by the purchaser and kept safe until delivery:

The organisation will inspect the purchase after the product or service has been provided. The Goods Received Notice is used to sign in goods. When services are rendered satisfactorily, they are typically signed in the same way.

5. Approval and payment:

The invoice is matched to the Purchase Order upon receipt. All information being correct, the invoice will be paid according to the agreed payment terms.

Best practices for Optimising your Purchase Order Process

There are best practices for transactional or day-to-day purchasing. 

  1. All employees involved in the po process should be aware of the policies, procedures, approval methods, and other requirements.
  2. You can establish a reliable and up-to-date list of suppliers who can supply quality products at reasonable prices, as well as reliable services. Purchase order software allows you to quickly compare supply terms and prices.
  3. A master agreement can be used to engage key suppliers for the same product or service. It defines pricing, escalations, and other terms. Make sure that product information is up-to-date and that catalogues are maintained. This will reduce interactions and eliminate unnecessary paperwork.
  4.  Keep good working relationships with your suppliers to ensure that you can quickly resolve any problems. Relationships that are adversarial can be counterproductive and cause unnecessary stress and expense.
  5. All purchasing information should be centralised and accessible to everyone, whenever possible. To streamline the Purchase Order process, use the best technology available.

Key components of a Purchase order:

  1.  Contents of the Purchase Order

  2. The number for Purchase Order

  3. Date of purchase order.

  4. Name and address of the supplier

  5. Code number of the Required Items

  6. Quantity of each item

  7. Description of the Items

  8. Rates of items

  9. Date, Time, and Place of Delivery

  10. Freight and Packing charges, as well as Terms of Payment

  11. Shipping Method 

  12. Signature of the Purchase Manager

How TYASuite can help Automate Purchase order Process?

Purchase orders are essential to your company's operations. You may be unaware of how time-consuming the purchase ordering process is, but there are numerous processes involved. Any effort you make to expedite the procedure will free up time that might be better used to ensure the success of your operations and the expansion of your firm.

Here’s how TYASuite helps in automating purchase order process:

Escape the Paper based process

Using purchase order system has significantly benefitted businesses who switched from paper-based to digital processes. Going digital makes it easier to find and update purchase orders, decreases the possibility of paperwork repetition or deletion, removes many human error-related possibilities and allows time-saving automation of repetitive processes.

Aid Centralized Access

Everyone involved in the purchase order process requires to have access to the most up-to-date documents, ideally in real-time, in case there are concerns or modifications. Digitised PO management is the simplest way to accomplish this.

Create a chain of approvals

Uncertainty, fraud, delays, as well as other supply issues can be avoided subsequently by obtaining the necessary approvals from the right persons before issuing a purchase order. You should have a process in place for asking specific team members for their approval of various PO kinds and spending levels.

Maximise efficiency within budget

It may be profitable to link your purchase orders to the appropriate task budgets with the support of a purchase order solution. Going over budget can affect your business's profitability and cash flow. By connecting this data, you can rapidly identify when projects are in risk of running over budget and be in a position to take preventive steps to fix the issue and balance expenses.

TYASuite purchase order software offers the automation that could streamline your end to end purchasing processes guaranteeing operational efficiency.

Get in touch with our team to start your free demo today!

Mar 28, 2023 | 7 min read | views 607 Read More
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TYASuite

A Guide to the various Types of Cloud ERP in this Digital Era

Businesses need to evaluate all the features and benefits of using cloud ERP software before selecting the ideal one. In this digital era technologies keep evolving with new upgrades or advanced automation which can make the selection process challenging. Let’s take a look at the five different types of cloud ERP deployments that could be the best cloud based ERP solution for your business.

These days, cloud ERP are the path to go. According to estimates by Statista, the market for the various types of cloud ERP will reach 40.5 billion dollars worldwide by 2025, expanding at a CAGR of 13.6% between 2019 and 2025. We shall now define them and examine their perks and features. 

Here are the five different Types of cloud ERP including:

1. MULTI-TENANT SAAS

Multiple customers use a specific instance of a vendor's product in a multi-tenant cloud software architecture. To save costs for production and distribution while enabling better revenues, the vendor should develop and maintain a single software version.

Since it is competent and economical, the multi-tenancy cloud ERP is popular with clients. Additionally, the provider maintains the customers' software and hardware.

Features

  1. Shared server resources make up a multi-tenant system. The shared software can be customized and altered by the user to fit their own requirements and data. To save their private information and property, each software consumer has a server space. Providers of multi-tenancy cloud ERP solution build scalable settings to accommodate the growing number of clients. 

  2. Multi-tenancy software delivery uses the SaaS platform. Customers, as a result, buy the monthly subscriptions they can sustain. SaaS businesses create flexible cost models to manage their IT expenses. To support as many users as possible, they also produce adaptable cloud ERP for small businesses.

  3. There are two deployment types in a multi-tenant SaaS ERP. The first is known as a single database and application. A single database instance and one software are used by customers. The other option is to deploy a single application over different databases. Users use a single application, as the name implies, but different databases to improve isolation.

Benefits

The following are some benefits of using a multi-tenant SaaS: 

  1. Each business has access to the most recent version thanks to the SaaS software providers' automatic product upgrades.

  2. Maintenance and software upgrades don't interfere with customers' productivity. 

  3. Both customers and suppliers can afford a multi-tenant SaaS ERP. 

  4. Suppliers are only concerned with creating and upgrading specific software versions. It has the potential to make development and maintenance easier.  

  5. Customers just need to purchase a larger subscription package if they want to scale their business. They can purchase a less expensive subscription package if they are having operational problems.

2. SINGLE-TENANT SAAS

One tenant receives a single instance of software and server services in a single-tenant SaaS. In contrast to multi-tenant SaaS customers who must share everything with others, they receive a dedicated service.

Compared to multi-tenant SaaS solutions, single-tenant software model provides more control and user involvement. The specialized single-tenancy infrastructure, however, is pricey.

Features 

  1. A single software instance is used by just one tenant, giving them better control, flexibility, dependability, and security. Each tenant is given their own SaaS server and database. 

  2. A renter buys a subscription that fits their demands as a business properly.

  3. A single instance application can be customized to a user's needs. After the software is installed locally, they can also change the user interface.

  4. Data backups are provided separately for each software tenant. In the event of an unexpected data loss, they may be secure. Updates are simple to install for tenants utilizing single-tenant SaaS systems.

Benefits

Here are some justifications for thinking about single-tenant SaaS ERP solutions.

  1. Your infrastructure is not shared with anyone, enhancing data protection, control, and agility. 
  2. The hardware and software are both customizable. 
  3. Since segregated backups are used, it offers a disaster recovery plan. 
  4. It is simple to transfer a single-tenant SaaS system to a different host environment.

3. PUBLIC HOSTED CLOUD ERP 

An openly hosted cloud ERP is a form of internet-based service in which the supplier delivers shared resources. In a multi-tenant cloud software, anyone can access software, servers, and storage options.

As a result, numerous clients utilise the same IT resources and infrastructure. The three most well-known public cloud deployment platforms are Google Cloud Platform, Amazon Web Services, and Microsoft Azure.

Features

  1. Compared to private and hybrid clouds, it is more widely used. The public-hosted cloud ERP software is highly used by many businesses. 
  2. An implementation of a public cloud solution just requires a few hours. Additionally, it offers a number of scalability-supporting resources. 
  3. This multi-tenant shared cloud environment has multiple tenants. Since the software provider handles the upgrades and maintenance, it is affordable.

Benefits

For these reasons, many firms choose public-hosted cloud ERP software.

  1. The infrastructure of the public cloud is inexpensive. Instead of paying a set fee, the user pays for the services they can afford. 
  2. The shared software is simple to modify based on company performance. Minimal resources can be bought if you are doing poorly, and vice versa. 
  3. A public cloud infrastructure reduces the likelihood of downtime. The failure of one server has no impact on the other servers because the system comprises numerous interconnected servers.

4. HYBRID ERP

A hybrid ERP architecture combines on-premise and cloud components. In the different types of cloud ERP, it is a two-tier ERP system that enables a business to utilize both some cloud services and its current on-premise ERP. As opposed to a public or private cloud ERP, a hybrid ERP solution is less popular.

Features

The features of a hybrid solution are as follows: 

  1. The on-premise ERP is used in the first tier to manage numerous company functions. The second layer includes additional cloud services to increase visibility and productivity in certain company regions or units.
  2. Your employees cannot access an on-premise ERP outside of the office if you utilize it. For remote users, integrating this type of Cloud ERP can instantly produce a mobile ERP system. 
  3. A hybrid solution also facilitates integration with any supported applications by your on-premise ERP. If managing your clients is difficult, for instance, you may use a CRM.

Benefits

  1. Installing a hybrid ERP solution is less expensive since you may focus on the business unit or region that requires the system the most. 
  2. There are many modern types of cloud ERP that you can pair with your current on-premise system. As a result, you can choose the best option for your company's requirements. 
  3. Compared to an organization-wide ERP system, a hybrid solution is a tool that is available to the entire unit. 

5. PRIVATE CLOUD ERP

A web-based computing environment for one user is a private cloud ERP software. A user does not have to share their software or other resources with anyone as a result. This gives them full control over their cloud computing system.

Features

  1. A private cloud ERP software only has one user, as was already said. Resources are not shared, and they are free to add more as needed. 
  2. You can still expand your cloud service environment as your business expands to accommodate your requirements. 
  3. As upgrades are provided and there are no recurring fees, a private cloud ERP is less expensive to run. 
  4. It's simple to adapt a private cloud software to your needs.

Benefits

These advantages are offered by a private cloud ERP software: 

  1. No need to purchase expensive servers. 
  2. Depending on your financial situation and other considerations, you can create the cloud ERP environment that you choose. 
  3. You don't have to share server resources with random people. 
  4. The software is simple to access from anywhere. 
  5. High scalability and agility characterize private cloud systems.

Compared to the varied types of Cloud ERP, Cloud based ERP software are a well-liked option for companies because of its affordability and delivery possibilities. When selecting the best option for their purposes, businesses must take the cost, control, privacy, and management requirements into account.

TYASuite provides cloud-based ERP solutions that are intended specifically for the procurement industry. The product is well-known for being simple to use and offering customization choices, making it a perfect alternative for companies trying to streamline their processes and boost productivity.

Get in touch with our team to start your free demo today!

Mar 15, 2023 | 10 min read | views 216 Read More
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TYASuite

How cloud ERP solutions can transform your business digitally?

Businesses must keep up with the rapidly evolving technological innovations in order to survive the increasingly competitive pressures. The digitalization of your firm's various processes is essential to its success. 

WHAT IS AN ERP?

Enterprise Resource Planning (ERP) software is capable of organizing and unifying your company's day-to-day operations. The numerous processes are streamlined and automated, enabling efficient operation across many functions including procurement, inventory management, asset management, sales management, etc. It has emerged as a critical component to efficiency enabler and business expansion strategies.

THE DIFFERENT TYPES OF CLOUD ERP

Cloud ERP:

Cloud ERP solutions that run on a vendor's cloud platform rather than an on-premises network allow businesses to use them online. ERP software helps with procurement, manufacturing, distribution, and fulfillment by integrating and automating key financial and operational company processes. Businesses use the software online, so all they need is an internet and a browser.

On-premise ERP:

On-premise ERP describes a company's choice to purchase different components of ERP software internally and manage it on-site as opposed to ordering it for distribution over the Internet or utilizing vendor-supplied, hosted ERP solutions.

Hybrid ERP:

Hybrid ERP approaches a mix of on-premises and cloud-based versions of the software. This two-tiered strategy enables businesses to keep what works while also adjusting to the ever-changing app market trends.

DIFFERENCE BETWEEN CLOUD ERP AND ON PREMISE

Although they differ in many aspects, on-premises and cloud ERP benefits often serve the same essential business processes. These variations have major implications for your company. These are some of the key places where they both are different:

Cost: With on-premises ERP, you must invest significantly up front in hardware and software licenses, as well as devote resources and time for the installation and maintenance of the system. In contrast, cloud based ERP is typically offered as Software-as-a-Service (SaaS), where you only pay for the services, you actually utilize.

Deployment speed: Since no IT infrastructure needs to be installed, cloud ERP solutions deployments are typically quicker.

Technical expertise: On-premises ERP often requires trained IT personnel to install, manage, and update the system. You can manage and update the system automatically with cloud ERP.

Usability: Cloud ERP solutions frequently require minimal training and is simpler to use.

Scalability: Both on-premises ERP and cloud ERP can typically grow to handle more users as your business expands. However, cloud ERP solutions make scalability simpler because you can just add more subscribers. You might have to install more robust gear if you use on-premises ERP.

Capabilities and personalization: Both on-premises and cloud ERP solutions are typically tailored to meet your business needs. But because certain on-premises ERP systems have been around for a while, they have amassed very large feature sets and are also very adaptable.

Latest features: You can start using new features as soon as businesses quickly integrate them into cloud ERP solutions. On-premises ERP upgrades take longer because each new release requires installation. On-premises ERP customization is a two-edged sword, according to organizations: If you have heavily customized the software, updating to new releases may be quite challenging.

Control: An on-premises ERP system can be a better option if you require complete control over your data's location and software's functionality.

THE MAJOR COMPONENTS OF CLOUD ERP:

  1. Procurement-to-pay software - You can simplify the procurement to payment process by streamlining each stage with a single software. 
  2. Vendor management -You can manage and work together with your vendors by keeping an eye on them using a reliable, automated platform.
  3. Manufacturing ERP - Youcan utilize a manufacturing ERP system to automate your production and increase flexibility and productivity.
  4. Inventory management - You can use our cloud-based inventory management module to remotely control inventory and guarantee optimal supply.
  5. Sales order management - You can use a sales order management software to streamline and automate your order-to-cash procedures.
  6. Invoice management - You can use the Invoice management software to reduce the responsibilities of billing.
  7. Project management - You can organize your projects and tasks effectively based on their requirements and deliverables.
  8. Asset management - You need to implement a complete, feature-rich solution for tracking all of your assets in real time.

THE TOP EIGHT REASONS WHY CLOUD ERP IS CRUCIAL FOR YOUR BUSINESSES:

1. Streamlined processes:

The components of ERP ensure increased efficiency by consolidating the various processes needed to manage a business in one platform. Data is no longer dispersed across various platforms but is now conveniently available on just one.

2. Operational cost reduction:

With different types of ERP, many laborious and time-consuming operations can be automated. This lessens the possibility of manual errors, eliminates redundancy, etc., and guarantees the efficient completion of previously tedious operations. Think about the task of monitoring inventories, for instance. Here, the inventory management is automated by the procurement function, doing away with all manual inventory management tasks. It assists the company in lowering labour costs while ensuring improved accuracy.

3. Improved productivity:

Greater productivity is the result of coordination and integration. Better communication and collaboration between diverse functions are made possible by an ERP. Since all the data from different departments will be on one platform, there will be more opportunities for employee collaboration and teamwork.

4. Data confidentiality and security:

Cloud ERP Solutions offer top-notch security mechanisms to guarantee there are no security vulnerabilities. Only those who are authorised will be allowed to see confidential data thanks to role-based access. The department leaders can easily grant access to different staff based on their position within the company.

5. Reports and evaluation:

Cloud ERP solutions offers thorough reports that let users create accurate estimates. ERP's powerful filters remove data inconsistencies by producing comprehensive and consistent real-time reports. It enables the decision-makers to make better-informed decisions.

6. Flexibility:

Perhaps the most appealing feature of an ERP is its sturdy, flexible nature. It is easily adaptable to the particular requirements of your business. It isn't a one-size-fits-all solution; rather, it has the flexibility to change as your company expands to meet its needs. Customizable ERP is essential in today's market to meet your business needs.

7. Customer success:

Cloud ERP Solutions assist businesses in maintaining easily accessible and updated customer data. This enables the staff to better understand your clients' needs and assist them when necessary. Running your business with outdated techniques can only impede its development.

8. Remote Access:

Cloud ERP is accessible from any location, at any time, and from any device. This ensures that the operation is continuous. It is essential to make sure that you are always linked to the cloud and that you can access all of your data without relying on specific physical locations in the uncertain current environment. Cloud ERP Software is extremely useful during difficult times.

BENEFITS OF CLOUD ERP SOLUTIONS

Here are a few benefits of using a cloud ERP software:

  1. Cloud ERP solutions  enables quick, simple, and more affordable transition compared to out-of-date systems.
  2. Cloud software is a game-changer for tracking staff productivity while easing the pressure of completing time-consuming tedious tasks.
  3. Due to the fact that cloud-based solutions are not reliant on your internal infrastructure, employees can use the system whenever they need to from wherever they are.
  4. Cloud-based software easily integrates with various tools to promote quick technological integration. This enables you to integrate data from other systems into your ERP giving you thorough, accurate, and current picture of your company's data.
  5. With cloud-based ERP, you always have access to the most up-to-date version without having to pay more or halt production for an installation.
  6. A cloud platform eliminates the need to audit internal software. The dreadful audit notification letters are never something you have to be concerned about receiving.

The use of cutting-edge solutions, like cloud ERP solution, will undoubtedly result in the company's operating more productively and profitably. However, it's as crucial to pick the appropriate ERP for your requirements. One of the most cost-effective options now on the market is TYASuite Plug and Play cloud ERP, which offers the versatility of auto-scaling as your business expands and reasonable costs. The multi-industry software can be installed to go live in your firm in only a few days and can simply fit into your business operations.

Feb 24, 2023 | 9 min read | views 282 Read More
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Emerging Trends In Procurement In 2023- You Should Know

It's time to anticipate the trends that will likely rule the procurement industry over the upcoming months as we enter yet another new year. Supply chain and procurement professionals from various industries begin their annual strategic planning processes.

What are procurement trends?

A trend is almost always identified by what is in demand at the time. Additionally, the procurement trend is the general direction in which the industry is moving. It evolves over time and is influenced by several, mainly external influences. 

In order to assist supply chain leaders and practitioners in creating a strategic roadmap for 2023 and beyond, we have selected critical procurement trends.

Advanced evaluation

Businesses have long tracked crucial supply chain management information using spreadsheets. When it comes to the complex information supply chains of today, these technologies are utterly unsuited for the job.

The supply chain's strengths, weaknesses, bottlenecks, and pain areas can be highlighted for everyone to see by managers and executives using comprehensive data to monitor the system holistically.

Bringing sustainability back to the foreground

Professionals in the procurement industry are as conscious as anybody that investors and customers favor doing business with companies that take sustainability seriously. In order to make this a reality, procurement teams must take a proactive approach. In 2023 and beyond, sustainability will be at the top of their agendas when we look at procurement trends.

Digital supply chains and IoT

Every element of our daily lives, both personal and professional, is impacted by the internet of things. IoT is a critical component in procurement, and procurement trends in 2023 and its applicability will become more apparent. With the help of IoT, businesses can see everything more clearly, including consumer consumption trends and expenditures. Real-time data monitoring allows efficient decision-making at every phase of the supply chain. Companies are better able to control supply and demand issues thanks to this kind of insight, which also equips them to conduct more streamlined and effective negotiations with suppliers. All of this results in decreased expenses and increased value.

As per procurement trends, IoT can play a crucial role in tracking the flow of commodities across the supply chain. It's not just about effective logistics here. By allowing for quicker detection of equipment problems, leaks, and other issues, it can also help boost efficiency and lower costs. In order to be IoT-ready and reap the maximum benefit from IoT, the proper supplier relationship management architecture must be in place.

Creating relationships and software systems

Another lesson from the past several years that we can use into 2023 and beyond is the fact that strong bonds support reliable supply networks through tough situations. Although we don't know what lies ahead, it would be unreasonable to anticipate what can happen given the social, economic, and political developments of recent years.

Maintaining strong relationships with vendors is crucial for dealing with any obstacles or crises, but the planning process is a subject all on its own. Of course, what it means to develop relationships today differs slightly from what it was like in the past. Finding mutual benefits, instead, will enable companies and their vendors to collaborate more closely and have a greater stake in one another's business potential as well as their own.

Resolving the risks of cybersecurity

Undoubtedly, this is a precarious position, and during 2023, thousands of organizations will pause for a moment and confront their cybersecurity dangers head-on. One of the strongest and most convincing forces behind reinventing emerging trends in procurement, will be the integration of cybersecurity into every facet of supply chain management according to procurement trends.

Supply chain flexibility

The emerging procurement trends state that supply chains and businesses today are better prepared than that. Businesses must be agile enough to respond quickly to shifting circumstances, and unless the supply chain is as agile, all other efforts would be in vain. Supply chain agility will be a major trend in 2023, and it can be attained through using real-time data for better supply and demand forecasting, developing stronger ties with vendors, distributing inventories, and utilizing technology for more precise inventory management.

Procurement resilience

This topic is related to the previous one on supply chain flexibility because it also has to do with a supplier chain's capacity to respond to fast changing circumstances and bounce back from unexpected business interruptions.

Three areas of resilience are necessary, and they are as follows:

People - Having qualified supply chain and procurement experts on staff, as well as a professionally organized team that can manage supplies and vendors, is important. They must be well informed of everything going on in the distribution chain, from price changes to influences, in addition to having the necessary skills.

Process - Effective procedures must consequently be in place to let the employees focus on what they do effectively. These processes include market research, inventory control, and supplier management.

Technology - The necessary technology, ranging from Enterprise Resource Planning software to Supplier Relationship Management software, enables the aforementioned activities.

Increased spending on digitalization

Businesses using technology as a tool to reduce the larger economic dangers we will all be confronting in 2023 will be the driving force behind this acceleration. Technology transformation is frequently thought to be concentrated on enhancing consumer interaction or back-office operations. However, in 2023, watch for indications of a move toward supply chains, operational procedures, and capacities.

Some significant and reputable technology firms are adjusting their perspectives in favor of a more comprehensive approach, giving this movement support and momentum. To do this, supply chains must be integrated into an overarching platform rather than being added as individual systems.

Integrated supply chains

Old, linear supply chains are quickly being replaced with integrated ones due to cost savings and improved sustainability through waste reduction. Used goods are fed into the supply chain and can then be recycled, reconditioned, or used for a different purpose.

Businesses can save money on materials and move one step closer to their environmental objectives by using an integrated supply chain. As a result, in 2023, you may anticipate using the term more frequently.

Legal requirements are supposedly pressuring companies to embrace integrated supply networks more quickly. But doing so also meets some of the previously mentioned business and customer expectations.

Benefits of Using a Procurement Software for Automating Processes:

Procurement transformation helps bring about increased efficiency and accuracy which was once complex and difficult to capture as businesses relied on traditional methods. Using a robust procurement software helps:

  1. Streamlined Processes and Increased Efficiency
  2. Transparency, control, and accountability are being improved.
  3. Reduced cycle time, increased productivity, and improved procurement performance
  4. Improved cost savings and reduced unauthorized expenditures
  5. Prompt decision-making and reporting with the aid of accurate data.

Organizations can develop new solutions that support the development of trust and loyalty among their client base by collaborating with consumers earlier in the supply chain process with the help of a procurement management software. By doing this, they can learn important information about customer behavior and preferences. In general, supply chain teams need to concentrate on establishing long-term relationships that foster profitability and growth in their supply networks in 2023.

Get in touch with our team to start your free demo today!

Feb 17, 2023 | 7 min read | views 313 Read More
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The Ultimate Guide To Procurement Transformation

What is procurement transformation?

The comprehensive reconceptualization and restructuring of procurement strategy, procedures, people, skill sets, and support systems, spurred by emerging and new digital technologies, is known as digital procurement transformation. Actionable new possibilities lead to greater advantages and a more competitive, dynamic firm.

Key factors for a successful Digital procurement transformation for boosting procurement's digital revolution:

The People Involved

ERP for procurement is frequently viewed as the only answer to the digital procurement transformation problem. In the upcoming years, technology will have a significant impact on procurement's core sectors, including spend analytics, procurement, and vendor management.

Procurement Team

Procurement specialists may feel intimidated by the looming introduction of an automated procurement solution. They must be made aware of how their duties will change, the expected benefits and future career opportunities that come with those new jobs, and any necessary training.

Vendors

Your supplier relationships and compliance could be two facets of your Digital procurement transformation that collapse if they are unfamiliar with new processes and technology.

Other Divisions

Any modifications to the existing procurement processes will have an impact on a variety of departments, including regulatory, IT, HR, marketing, and customer support. Additionally, new systems and procedures must be communicated to them so that they can be involved from the beginning.

Processes

The second pillar needed to achieve great deal of success in digital procurement transformation is process improvement. Your procurement transformation has framework because you have solid processes in place. Along with this framework, individuals are given duties and trusted to follow established procedures throughout the long term as well as during implementation. Manual processes lead to delays and missed payment. Once formed, this process must be carried out via a single system.

Technology

Procurement management software has the power to reveal the genuine potential of procurement as well as its efficiency and benefits. When you're ready to finish your digital procurement transformation, you can pick a technology that works for your team and your workflow.

Many eProcurement solutions offer extensive details on prices from multiple vendors.  With this, you can evaluate pricing and quickly select the most favorable vendors.

The approval process for invoices also helps builds rules-based workflows with the help of an eProcurement solution that reduces overspending or non-compliant purchases. The timespan for invoice lifecycle is shortened and you can avoid delayed payment fees.

Procurement software speeds up procurement transformation in the following ways:

investment-in-procurement-software-to-simplify-processes

 Here are a few reasons why your business should make an immediate investment in procurement software inorder to simplify procurement management process:

  1. Smooth running processes

It simplifies processes by enabling your business to make purchases, authorize orders, and automate vendor payments all in single location. It helps firms properly manage their cash flow for increased capital utilization, centralizes their data, and makes spending visible.

  1. Better Spending Control

Procurement solutions improve spend visibility for your teams. Spend analysis is an effective method for identifying inefficiencies in supplies, purchasing, and equipment.

  1. Enhanced Data Accuracy

With procurement software, all of your purchase data is in one location. You don't need to track down a misplaced purchase order to match it with an invoice, and neither do you need to be concerned about someone entering the same buy order twice into a spreadsheet that is accessible by three individuals.

  1. Reduce Your Costs & Create Value

Investing less time on the procurement processes frees up more time for you to concentrate on enhancing your business strategy, whether you need to decrease time to market, locate superior raw materials and vendors, or upgrade your machinery. You can improve the value of your products when you are less anxious about purchases. As time goes on, adding value enables you to change your pricing to reflect your output.

  1. Accelerate your digital procurement transformation

With with to cutting-edge software technologies, machine learning, and artificial intelligence (AI), which can provide you visibility into your core purchasing data which was previously not available.

Benefits of Digital Procurement Transformation

Improved Procurement: Businesses can evaluate their whole sourcing costs and goals thanks to digital procurement. Companies can manage their supply chains more effectively with procurement system software.

Enhanced forecasting: Businesses can more accurately predict demand and supply because of digital tools. Decisions can be guided by predictive analytics that combine historical information with market projections. This enables smart planning and more effective resource management.

Boost efficiency: Team members can reduce manual interfaces, do away with repeated paperwork, and expedite order processing. The objective is to make the process as automatic and straightforward as is practical given that organizations may have tens of thousands of transactions.

Lower overall costs: There are various ways that digital procurement cut expenses. Most importantly, they enable businesses to make smarter purchases and expenditures.

Speed up procurement processes: The current state of business calls for speed so they must respond to changing demands and influences.

Enhanced supplier relationships: Develop strategic partnerships with vendors to build trust and transparency of data across organizations.

Reduced errors: Automation eliminates human errors and emphasizes on quality data. Additionally, fewer mistakes equal less time spent fixing them, which frees up workers for more strategic tasks.

Transparency: The ordering and supply operations of a business become more transparent as a result of digital procurement. This transparency makes it simpler to identify inefficiencies or potential for savings. Additionally, it provides a uniform online workflow ensuring documentation of all approvals.

Adapting to the defined structure and switching to quick, flexible, and effective processes are necessary for procurement digital transformation. TYASuite procurement software helps organizations to accelerate digital procurement transformation with its inclusive automation across various workflows.

Get in touch with our team to start your free demo today!

Feb 08, 2023 | 6 min read | views 607 Read More
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A Complete Guide to Recurring Invoice for Businesses

Ever since online payments are a widespread form of payment for goods and services, so collecting payments needs to be automated. Online invoices and other methods of collecting payment are widely employed in many businesses nowadays.

Recurring billing of various invoices is widely accepted by businesses at the moment. Recurring invoices have become more common in modern business because of their ability to automatically charge/requests for payment for products and services from vendors at set intervals.

But how can your business benefit from recurring invoicing software? Even if your business does not currently provide invoices, you could find it more convenient to set up a recurring invoice system so that your payments are issued to your vendors automatically and without fuss.

Recurring billing processing not only saves time, but also promotes vendor relationships and retention. After reading this article, you should be able to determine whether a recurring billing system is best for your business

What exactly is a recurring invoice?

Businesses use recurring invoices when a vendor payment request is raised for the same goods or services repeatedly, and you send them the same invoice. It frequently comprises the same information, such as account information, and is provided on a recurring basis to the same Vendor. At these predetermined intervals, the invoice is easily sent to the same recipient.

Depending on these situations, regular invoice payments can be a good fit for your company. By initiating a recurring invoice software solution, you can avoid doing repetitive work and ensure that you get reminder of vendor payments and you won't have to remember due dates or pay late fees.

With the help of a recurring payment management software, you can create and handle recurring bills for clients, streamlining the procedure.

Recurring billings are frequently charged automatically on a predetermined period. In this situation, a client consents to give a business their payment information and to make payments on time.

Automatic payments take place when a scheduled transaction is completed and a card is billed without the customer's interaction. The back-end process is identical to what would have occurred if the vendor had always provided the bank account information and payment card details manually. The Vendor is typically provided with a receipt as confirmation that their payment was processed. Businesses can automate payment processing when they set up recurring billing payment workflows by implementing a recurring invoice platform.

The process flow for a recurring invoice is as follows when a recurring invoice software is used:

recurring invoice work flow process

  • Use a customized template to send out recurring invoices.
  • Update the invoice details in the template in one shot.
  • Initiate the frequency with which recurring bills are processed.
  • The following one will be delivered at a predetermined time.
  • Ask the Vendor for a convenient form of online payment.
  • The invoice cannot be delivered after the predetermined time period has passed.

The Advantages of Recurring Invoices system

It is convenient for the supplier to send recurring bills because there is no need for the client to wait or submit payment information. The consumer is also not obliged to make manual payments on a regular basis. Implementing a recurring invoice system also offers:

1. Effective Cash Flow

Recurring billing generates a consistent monthly cash flow which is one of the significant benefits. It improves your cash flow each month, enabling you to meet both your personal and corporate obligations. It generates consistent monthly income that enables the business to make its bill payments on time.

2. Automate Payment Processing

A company can create an invoice only once, and that invoice must be connected to the vendor’s payment information and have a due date. This prevents work from being duplicated and gives your vendor confidence that payments will be made on time.

3. Accelerate Payments with Recurring Billing

Manual payment processing every month becomes very challenging, leading to errors and delays. Additionally, any reliable invoicing software enables your company to link to a vendor’s payment method, which streamlines payment and saves time while also promoting seamless payment.

4. Removes the Need to Chase Payments

Due to the fact that frequent billing and invoicing encourage good business practices, your company will spend less time looking for past-due accounts. Additionally, since you won't have to stress about forgetting to pay and won't be charged late fees, your vendors will stand to gain. A business will be encouraged to stick to the same payment structure by receiving regular pay reminders.

5. Reduces any unexpected or unforeseen costs

Your company must invest time and resources into creating, keeping track, and processing each invoice. To stop these pointless payments, incorporate a robust recurring billing system.

6. Focus on Critical Business Tasks

Spending less time enables you to focus on other critical business aspects like marketing and revenue generation. The ideal strategy for your company to save time is to automate and accept recurring payments with the help of a recurring invoice platform.

When Should Recurring Invoices Be Used?

A recurring invoice can be used by any business when a customer makes regular, continuous purchases. Only consistency in pricing is required; otherwise, you run the danger of undercharging or overbilling the customer and face additional problems. You can send bills to vendors more swiftly and easily by setting up multiple invoice frequency – daily, weekly, quarterly, annualy. There is no need to squander time scheduling reminders or repeating invoices.

Using an all-inclusive recurring invoice feature of TYASuite procurement software helps automate invoices and lessen tension. It gives businesses the ability to handle the entire workflow, including generating project estimates, tracking, as well as collecting payments. So, if your business routinely sends vendors the same invoice, you can consider setting up an automated recurring payments solution.

Feb 02, 2023 | 6 min read | views 316 Read More
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How To Measure And Maximize Procurement ROI In 2023?

In the past, firms lacked a thorough understanding of the procurement procedure. But now, even small to medium sized businesses are considering to implement a procurement software that helps them generate procurement ROI.

Purpose of measuring procurement ROI

Procurement is an essential component of production and manufacturing organizations. But sadly, the world is presently experiencing a period of instability during which losses are escalating and businesses have to stay up to date and technologically advanced. At this point, purchase managers must prioritise maximising procurement ROI.

The procurement department's spending is compared to the overall financial and operational savings it produces for the entire company, as opposed to traditional ROI, which is evaluated simply on sales. Businesses have been forced to examine their thinking and processes in great detail because of the financial and market instability. The ability to maintain financial stability in the face of uncertainty makes ROI one of the fundamental needs.

Methods to calculate procurement ROI

  1. Total Cost Per Invoice: This process includes dividing the overall expenditures of the account payable division by the number of invoices received on a monthly or annual basis.
  2. Total Paper Check Payments And Cost Per Payment: This includes every staff member's time spent doing check runs and handling returned checks.
  3. Total Rebates Achieved: This provides a summary of the discounts acquired from the vendors and whether you should renegotiate the contract terms and conditions.
  4. Amount of Catalog Compliance: This will reveal to you how your staff members are locating and making requests for the things they need. If this number is significant, online catalogues can help you save money.
  5. Length of Purchase Cycle: This makes it easier for you to estimate how long it will take for your payments to clear once you place your order. This might help you identify areas where delays are occurring and cost-saving opportunities exist.

All firms have a different procurement process since requirements are different. Each industry has its own set of specifications, so it will have a distinct procurement procedure than another business that has different standards.

Here are the few ways to accelerate procurement ROI:

1. Create Standards For Procurement Management

Create a solid procurement management framework before you can begin to fix any bottlenecks in your procurement process.

You should take a step back and examine how sourcing works in your company if you don't currently have a procurement management strategy in place or if it hasn't been updated in a while.

Your framework for procurement management should establish rules for:

  1. Keeping track of and approving purchase requests
  2. Managing suppliers and contract negotiations
  3. Establishing a three-way match and quality management
  4. Payment and Invoicing
  5. Record keeping

Do not be misled; this is not a quick process. You must examine your procurement practises in depth, create workflow diagrams, and create standard operating procedures.

Best practises for procurement procedures necessitate a strong management foundation.

2. Measurable Procurement Metrics

One of the most important factors in estimating the profitability of a specific growth strategy or investment is return on investment. When comparing the expenditures of the procurement function with the overall financial and operational savings it generates, procurement KPIs can be calculated at a greater extent. Finding those data across all departments is more difficult. Set rigorous requirements for all vendors, including the most reliable ones. Assess performance to be determine whether the expectations are being met through procurement KPIs.

3. Implement Digital Contract Management

The procurement cycle revolves around contract management. Reviews, invoices, and purchase orders all include a trial period. However, this trial need not always be on paper.

In order to reduce risk and increase transparency, businesses need to move contract management workflow to the cloud to maintain procurement ROI. A unified, readily available procurement software that can save your business money while securely maintaining your procurement papers is made possible via the cloud.

4. Automate Procurement Processes

Unproductive procurement costs businesses lots of money. Efficiency will help your company save time and money while allowing you to concentrate more on your clients.

Customer satisfaction rises as a result. However, you must automate your procurement process if you want to achieve levels of efficiency that will produce a significant procurement ROI.

5. Make Transparency In Sourcing A Top Priority

At any time of their journey, your team members need to be able to view documents, purchase orders, and specifications in real-time. Your teams will be kept in the dark if you don't have a procurement system that offers visibility and crucial metrics that measure procurement ROI.

Utilize a single platform to control your vendor monitoring, billing, and purchasing. This guarantees clear communication and responsibility for both the buyer and the seller at every level of the procurement process enabling improved procurement KPI.

Your team will be able to access the data analytics they require from a single system to benefit from discounts, prevent late or duplicate payments, and maintain vendor satisfaction.

Better recordkeeping, strategic purchasing methods, and lower procurement costs are all ensured through transparency. However, it cannot be accomplished by a number of incompatible systems operating inconsistently. To achieve that, you require a solitary procurement software.

6. Maintain Supplier Relationships

For purchases, procurement departments who do not yet use procurement software frequently look through their catalogue of previously reliable vendors. It is difficult for these businesses to get the appropriate information that they can rely on, so they are unable to explore the market further and find the greatest offers for their needs in terms of goods and services.

With procurement ROI through automation, we can reach out and compare several vendors in one shot to obtain business negotiations that will result in more savings.

This in turn also allows businesses to assess vendor performance through significant procurement KPIs which gives them a clear picture on the vendors that deliver what is expected of them and the ones that do not. Due to the error-free operations provided by procurement automation, you may lower contract add-on costs and boost the level of confidence in the whole procurement process.

7. Improved Decision-Making

There are more opportunities for negotiation and obtaining deals with reduced purchasing costs without sacrificing quality when all of the suppliers' information and expenses are available. The vendor data enables better decision-making in support of the company's finances and focusing on procurement ROI.

Jan 16, 2023 | 7 min read | views 387 Read More
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The ultimate source to pay (S2P) process guide for 2023

Procurement in any business has a direct influence on the overall savings. A streamlined procurement procedure makes it feasible to buy high-quality products at affordable prices. The procurement source-to-pay process includes steps including vendor evaluation, contracting, supplier identification, and payment for products provided. 

What is Source to pay?

The source to pay process (S2P) comprises of all the procurement tasks that involve the vendor and the organization. The initial phase in the source-to-pay process is choosing the best supplier, and the final step is paying the provider. The entire sourcing and procurement process for identifying, assessing, and negotiating with suppliers of goods or services, finalizing contracts with vendor payment, is another way to define the source to pay concept.

The source-to-pay process involves tactical procurement tasks like spending assessment, purchasing, contract management, and supplier management as well as concluding tasks like purchase order processing, electronic procurement, accounts payable, invoice automation, and payment processes.

When is a source-to-pay system used by a company?

A source-to-pay system might be helpful for organizations that need to evaluate new vendors who offer better purchasing terms, lower costs, or new commodities that are not supplied by existing vendors.

What are the advantages of a source-to-pay system for your business?

The benefits of a source-to-pay system are:

  1. Centralizes the whole supply chain to increase the efficiency of procurement

  2. Creates a single sourcing platform that combines key procurement processes

  3. Promotes adherence to regulations, contracts, and procedures

  4. Aids in improving the consistency and accuracy of business forecasting

  5. Facilitates accurate expenditure analysis

  6. Collaboration between suppliers and businesses is improved

  7. Assesses supplier performance against standards and benchmarks such as pricing, deliveries, invoicing cycle time and other crucial performance indicators.

A streamlined source-to-pay procedure improves spending and procurement visibility. Source to Pay combines purchases across business units rather than treating procurement as a collection of unrelated jobs in order to boost performance, create business value, and enhance expenditure analysis.

Standard Source to Pay process flow

source to pay processs

Source-to-pay process can be laborious and time-consuming without a sound plan. The source-to-pay life cycle includes the processes listed below:

1) Discovering Suppliers:

Finding potential suppliers is the first phase in the S2P lifecycle. Researching the market extensively is necessary to select the ideal supplier. The sourcing team members will send out the RFIs (requests for information), RFPs (requests for proposals), and probably RFQs (requests for quotes) to prospective vendors. Some businesses utilise templates to quickly collect vendor information. E-auctions are a commonly used strategy that sourcing teams use to find the greatest prices on products and raw materials. E-auctioning is a more efficient way to find reputable and cost-effective vendors.

2) Evaluation and Screening of Vendors:

The RFX vendor data and the e-auction results aid the sourcing team in screening the vendors to identify good matches. Finding the right balance between product affordability and making a profit is the key to effective sourcing. For the business to turn a profit, the raw materials must be affordable. Suppliers are assessed based on their pricing, minimum order quantities, delivery timeframes, and other criteria in addition to their quality. Negotiations happens once the sourcing team selects the ideal buyer.

3) Contracting and Negotiating:

The sourcing team may choose to work with only two or three vendors after analysing the vendor information from multiple vendors. The goal of the contracting and negotiation process is to select the best provider. Businesses are constantly looking for methods to keep production costs low throughout the supply chain, and the ideal place to do so is during the sourcing stage. Purchasing costs for goods can be significantly reduced when larger quantities are sourced. Contracts must be issued after a specific price and order volume evaluation.

4) Purchase Order:

According to the agreed upon cost and quantity of the items, the purchase order is issued. The purchase order becomes a legal document once the vendor accepts it. It includes every clause of the agreement between the business and the vendor.

5) Products Delivery and Payment:

This completes the source-to-pay procedure. To guarantee that the received items are in accordance with the purchase order, the information in the goods received note is compared to that in the PO. At this point, the quality of the received goods is also examined. Payment to the seller is processed once the verification is finished. As per the business requirements, a shipping and payment process is set up to make sure verification and on-time payment and delivery. The timely delivery of raw materials and the continuity of production operations are ensured by adhering to a delivery and payment schedule.

The complete source-to-pay process can be efficiently automated with cloud procurement software, which saves time as well as effort. An extensive range of functions is provided by a source-to-pay software throughout the procurement cycle.

Automating the Source to Pay Cycle

Nearly half of the source-to-pay process might be efficiently automated using current technologies. By removing duplication and redundancy, the numerous source-to-pay products on the market are intended to streamline the source-to-pay process. The S2P solutions contribute to higher savings, lower prices, and more chances to investigate new value-add sources. As per the McKinsey reports, digitizing the source-to-pay process can decrease spending by almost 3.5%. The scope for automating the complete source-to-pay procedure is about 56% of the tasks in the workflow.

The more transactional aspects of the S2P process, especially the placing and receiving of orders, were determined to have the greatest potential for automation. Around 88% of the tasks can be digitized and about 93% of the activities in payment processing. Additionally, 47% of the supplier selection workflow and negotiation activities can be automated.

An important business decision is selecting the appropriate automation technologies for the source-to-contract process flow.

The first and most crucial step for businesses is to decide which processes of the procurement process can be completely automated. For each task in the source-to-pay process, it is important to determine the level of automation that is currently in place and to correlate it to what is technically feasible. The team can calculate the benefit of bridging this gap. The analysis is based on changes in compliance, cycle durations, and payment conditions at each step, as well as the number of tasks that can be automated. Businesses that are considering automation should make careful and targeted decisions on using the right technology for digitising the S2P workflow because the digital world is always changing.

 

Dec 15, 2022 | 7 min read | views 562 Read More
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The Truth About Inventory Management Challenges You Should Know

Most of the organization strives to be a reliable business for their customers, which can only be achieved by delivering quality products on time. Efficient inventory management allows you to meet rising demand while also increasing your credibility.
However, firms fail to keep up with stock requirements and inventory analysis. These inventory management challenges can severely disrupt business functioning, so let’s discuss some of them and how we can solve them with a robust inventory management software

Why is inventory management a challenge?

Inventory management checks are labor-intensive and cover numerous steps, including buying, packing, picking, and shipping. The biggest challenge is completing all these functions efficiently and ensuring on-time delivery.

Here are some common inventory management challenges:

inventory-challenges

Handling inventory can be an overwhelming task. The process, if not executed strategically, can impact your business negatively. These are the inventory management challenges to watch out for.

  • Unreliable tracking:

Following manual inventory tracking processes can be time-consuming, unnecessary, and prone to errors. All businesses can utilize a central inventory tracking system. You need to shift to an
inventory tracking software that offers automation right from ordering to procurement. It provides a single, cloud-based database for accurate inventory insights and data capture.

  • Monitoring warehouse performance:

Inventory management is a prolonged continuous process. Measuring warehouse performance KPIs such as stocks, inventory turnover, customer success rate, and order delivery can be faulty as manual methods are used, leading to inefficiencies. Thus, integrating an inventory management system makes the entire process transparent and makes evaluating performance easier.

  • Erroneous data:

You have to keep track of the stocks you have at your disposal. Regular manual stock auditing workflows lead to human errors and wrong data. Firms need to implement inventory management systems that provide updated and accurate data, enabling improved cash flow. Automating audits helps schedule inventory functions and generate precise financial information.

  • Varying customer demands:

We are aware that customer needs are constantly changing with time. Not having a structured process leads to scenarios where you have bulk stocks that you cannot sell, as well as insufficient stocks. You must develop an inventory plan that can accommodate changing customer demands. With TYASuite inventory management software, you can forecast demand and setup orders as per changing customer inclinations, stock availability, and other trends.

  • Inadequate Visibility:

When businesses lack inventory clarity, it leads to delayed and incomplete distribution. Maintaining your inventory with sufficient stocks and efficient delivery increases your customer success rate, which can be achieved with an advanced inventory software. Enhance the complete process with automated functions across all teams, right from receiving stocks, accuracy and preventing data loss.

  • Labor-intensive Documentation:

Inventory issues are exacerbated by the use of paper-based manual processes that are insecure and monotonous. Staff performance cannot be analyzed with these methods, but using the right inventory automation system facilitates overall productivity. Inventory software helps automate manual inventory data capture and offer paperless transactions.

  • Supply Chain Complications:

Another inventory management challenge that can be a burden for businesses is the changing nature of supply chains. Adjusting to these challenges can be hard, but with a flexible inventory process, you can track supplier information, detect errors, and prevent delayed delivery. With the support of inventory management software, you can even measure vendor performance, identify supply chain issues, and reduce complication.

  • Excess stocks:

Storing excess stock due to inaccurate information can impact the business's finances, leading to overspending and inefficiency. Using inventory management software prevents inventory management challenges such as manual errors, data loss, and unnecessary cash flow.

  • Inaccurate stock planning:

Warehouse stock planning is crucial for reducing delayed distribution and inaccuracy. Implementing inventory management systems with simple interfaces displaying real-time data helps bridge the gap between what stocks is needed and what is not.

  • Poor Communication:

For the proper functioning of any inventory process, communication and coordination are essential. Using a warehouse management system aids in tracking and controlling inventories. Make the most of the various benefits, such as tracking inventory alerts, monitoring warehouse locations, and receiving delivered inventory. When you can obtain all of this information from a single source, you can ensure faster approvals and better coordination across all teams.

  • Incompetent Processes:

Manual inventory management processes make execution faulty and inefficient. Using the right inventory management system helps scale up the time-consuming tasks by shortening the span of time spent on each task with automation.

  • Productivity automation:

Managing inventory problems can only be done effectively with an inventory system that is easy to access at all times. With cloud-based inventory software, you can control stocks and enhance overall warehouse productivity.

conclusion

A robust inventory management software automates workflows, improves inventory performance, and boosts customer success rates. TYASuite inventory management helps overcome these common inventory management challenges. You can easily monitor inventory across various locations, manage orders, estimate customer demands, and plan stock distribution without having to deal with unwanted obstacles.

Nov 22, 2022 | 5 min read | views 332 Read More
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TYASuite

Top 17 Inventory Management Benefits To Look For In 2022

Inventory management or inventory control is the process of monitoring the warehouse of a business to ensure that the stock is being used at the optimum level and is managed well. An inventory management software manages the following:

  1. Stock from the time it is ordered
  2.  Movement of the stock within a warehouse to multiple warehouses
  3.  Status of the stock till it reaches its destination or disposal

In this blog post, we will throw light on the benefits and key features of the inventory management. 
So without any delay, let’s get started!
Before we walk you through, let’s understand the importance of inventory management. 

Why Is Inventory Management Important?

Inventory management allows you to track the status of your stock levels across all your warehouse locations across all the inventory phases. With the right inventory management, you can ensure that you never run out of a product and also prevent overstocking of a particular product. 
On top of that, it also helps you understand the demand to prepare a strategy to process more orders quickly. Additionally, inventory management benefits and prevents overselling and can help you improve the reputation of your organization. There are multiple ways by which the inventory management benefits your business.

Why Do You Need an Inventory Management System?

Proper inventory management improves the operational efficiency and allows you to perform the following operations:

  1. Track the status of your stock
  2. Streamline different processes
  3. Inventory forecasting & planning

Here are the benefits of inventory management for your organization:

Automated Inventory Management

One of the biggest benefits of inventory management is to automate multiple operations and processes. Automation eliminates human error, saves time, and decreases the probability of mistakes. An automation system is capable of executing repetitive tasks with little assistance once you have set up some rules.
Automated inventory management enables you to have real-time visibility of your inventory levels. This feature plays a vital role in accurate forecasting and delivers a unique customer experience. It offers you real-time insights into where your stock is particularly in different locations such as a physical store or a warehouse with multiple sales channels.

Inventory Forecasting

Accurate demand forecasting helps you to keep up with the demand. Seasonal data can also be utilized to understand any changing patterns that require adjustments in stock at different times of the year. The inventory management helps you with accurate inventory forecasting to streamline order volumes.

Helps Prevent Overselling & Stock-Outs

Overselling is one of the biggest issues for growing eCommerce businesses and startups. In case you do not have supervision on your inventory, you might run out of stocks. Such a scenario is called stock-out. Stock-outs not only prevent your customers from returning to your business, but also suspend your business from entering certain marketplaces.
Inventory management process manages all your orders across all your sales channels and helps prevent stock-outs. With the right inventory management, you can easily replenish your stock and track them easily.

Reduces Your Business Costs

An advanced inventory management report tells you what you have in stock. This helps in managing your warehouse so you do not waste time looking for inventory that is not available at your warehouse. 

The inventory management saves your time and streamlines the following processes:

  1.  Picking 
  2.  Packing
  3.  Shipping

With accurate data and insights, you can have a clear idea of the products your customers are interested in. Focusing on the products your customers are buying is a great way to cut down eCommerce costs.

Inventory Planning & Forecasting

Information management and accurate reporting are two key pillars to successfully running and growing a business. The inventory management process integrates with multiple marketplaces and sales channels. Such a system also smoothens shipping and third-party logistics (3PL) processes with real-time visibility across your organization. 

This further allows you to improve your business and reduces wastage in different costs including:

  1. Unsold stock
  2. Unwanted stock
  3. Stock in the wrong locations

Improved Supply Chain Operations

Supply chain management involves tons of challenges. With the integrated inventory management system in place, different eCommerce businesses and retailers can efficiently prepare and incorporate a supply chain management. 
The more suppliers you have, the more you can narrow down the wait-time if a particular supplier cannot deliver on the deadline. You can prepare yourself for the next phase of your business-like peak season to order the right amount of stock from a supplier and prevent any order management issues.

Adding New Sales Channels

Ever wanted to try a new sales channel to list your products? An inventory management system smoothens the process of adding new sales channels and centralizes your inventory. With such a system in place, you can track the efficiency of your inventory in different locations. 
Inventory Synchronization and Forecasting are two key factors that help maintain your inventory control and allow you to sell your stock in multiple locations at once.

Establishes PAR Levels

PAR levels or Periodic Automatic Replenishment levels allow you to set an amount of inventory that should be available at all times. You should replenish your stock control when they reach these levels.
This allows you to balance and maintain the standard demand rate for specific items. The Periodic Automatic Replenishment level of an individual item varies but you can find out the accurate level using your average daily sales volume, the lead time and safety stock number for each product.

ABC Analysis

The demand for different products might not be the same and is unevenly distributed between your stock. ABC analysis enables you to streamline this uneven distribution by categorizing your products into three categories (A, B, C) based on the following parameters:

  1. Demand
  2. Supply
  3. Value
  4. Costs

Bifurcating your stock enables you to prioritize ordering specific items you have shortlisted.
So that is how inventory management benefits your business. Let’s now check out some key features you should expect in the inventory management for your business.

Key Features Of An Inventory Management System

key features of inventory management system

Do you want to harness the power of the inventory management for your business? Are you facing problems related to increasing costs, low profitability, and efficiency issues?
Here are some features and benefits of inventory management to look out for in 2022.

Real-Time Tracking

  1. Reflecting the status of the inbounds goods as soon as they are scanned at the warehouse
  2. Managing your warehouse transfers
  3. Eliminating the new assembly runs if the components were used in different operations
  4. Tracking the consignment stock even if it is in a different store
  5. Stock control

Real-Time Inventory Value

An inventory management process stays updated in real-time as per your accounting software. With such a system, you have access to:

  1. Exact inventory values that are responsible for the volume and prices of your purchases
  2. Multi-currency support for your vendors and buyers worldwide
  3. A perfect line-view of your inventory according to different geographies
  4. Ability to efficiently track the production wastage and courier fees
  5. The ability to create product listings to offer a detailed view of your COGs (Cost Of Goods sold)
  6. Ability to have profit margins on your products according to the sales channel and its location

Alerting Systems For Low Stocks

Sometimes you might not know the exact amount of stock you have. In such a case, a powerful inventory management needs to set automatic low stock alerts when a particular stock is running low. 
This gives you the insights and time frame to procure that stock or generate a purchase order for that particular stock. You need to prepare a reorder report that lists everything so you can manage your stock control.

Supplier & Purchase Management

With a proper inventory management tool, you have access to control your purchasing. Keep in mind that you should not waste time in transferring your inventory data into your purchasing process. The right inventory management allows you to:

  1. Generate and fill your orders automatically
  2. Store all your supplier orders and details
  3. Generate quantity discounts for your suppliers for optimal purchasing
  4. Check the transaction history of your suppliers
  5. Receipt an order if your goods are scattered

Proper Reporting

Getting a fancy inventory management is meaningless if you have to manually extract all the data every month. The main benefit of inventory management is to reduce the admin operations and streamline automation.

Here is what to expect from an inventory management software for your business:

  1. Margins
  2. Unit sales
  3. Stock control
  4. Backorder rate
  5. Inventory turnover rate
  6. Average number of days to sell for each SKU

Bills Of Management (BOM)

Bills Of Management are the elements that define the uniqueness of an assembled product. If your inventory management manages your BOMs, it becomes very easy to order the right components in the right quantities for production.
An inventory management process auto-fills the purchase orders right from your BOMs. This allows you to nest multiple levels of BOMs for more assembled products. Apart from that, you can record the value of any production waste as well.

Serial Number Tracking

Similar to the batch tracking feature, serial number tracking has its unique identifiers. This feature allows you to have the serial number for tracking if you have high-value components. Serial Number Tracking also helps in after-sales service so you can offer a unique experience to your customers.

Batch Tracking

The right inventory management should offer a batch of inventory tracking feature. Batch tracking keeps you on top of the stock batches through which you can easily monitor the expiry dates, stock, condition of the goods and more before they lose their important feature for manufacturers who require robust traceability systems if they want to recall the status of their products.

Conclusion

Harness the power of the right inventory management process with TYASuite and increase profitability, improve operational efficiency and reduce costs at the same time. Our Cloud ERP suite automates your inventory management processes and saves time so you can focus more on growth and marketing. 

Get all this while having complete visibility into your stock movements and sales data to spot more growth opportunities. Contact Us today and mitigate your stock issues even before they arise!

Oct 05, 2022 | 9 min read | views 476 Read More
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TYASuite

Top 10 Common Procurement Challenges and How to Solve Them

Introduction

In today's business, procurement systems are progressively seeing as vital strategic contributors to their value plan and matching end-user goals. A reliable procurement system is one created to improve accuracy, efficiency, and speed. Because of this view observed by many, the need to standardize business processes within procurement process and ensure best practices becomes very important to the overall business Lan. But despite all the security measures taken in creating a standardized business strategy, sourcing issues still arise. Procurement challenges, ranging from organizational inadequacies to human error, can in turn have an adverse impact on a company's sourcing and purchasing ability. Here are some common challenges in procurement and solutions, courtesy of industry experts.

Top 10 Procurement Challenges and their Solution

Challenges faced in procurement process


The following are the top ten procurement challenges that Businesses face and need to mitigate –

  • Reduction in Quality to Reduce Costs

In today's business world, cost is still a very important factor when it comes to consumer products. This is especially true when it comes to products that are seen as luxury items, like cars and clothing. We see businesses continuing to cut costs even though this has detrimental effects on the quality of their products. In many cases, the quality dimension is altered in order to save money and management has high expectations that the quality risk will not be detected.

Solution: To solve procurement challenges, businesses need to realise their profit margins and create better funnelling of customer and consumer feedbacks in order to create sustainable business practices and exclude cost cutting and quality degradation.

  • Lack of Clarity in Specifications and Requirements 

Providing vague specifications and requirements when procuring doesn't always work and fits the "help me" scenario. If an organization has clear and defined requirements for what it wants from its suppliers, the supplier usually can provide a much better job of fulfilling those requirements.

Solution: A procurement management software can allow businesses to create flexible requirement data sets that can be easily shared with suppliers for better clarity.

  • Lack of Formidable Assessment of the Supplier before the Initiation of Business

Organizations often ignore supplier evaluation and stick to what suppliers promise on paper. Keeping suppliers at arm's length without any form of assessment can leave room for irregularities and untrustworthy experiences. A lack of trust can cause procurement challenges between the parties involved in a deal.

Solution: Before choosing a provider, do careful supplier evaluation criteria and/or assessment. After being chosen, aggressively include key suppliers in problem-solving procedures. Positive results for general growth follow from it. Consider your supplier to be strategic partners in business.

  • Having a lack of considerable knowledge about the Supplier Capabilities 

Lack of knowledge of supplier capabilities will almost certainly result in dissatisfaction when potential procurement challenges occur. When a supplier is expected to finish a procurement process quickly beyond his means, the results are typically devastating. When it comes to suppliers, this procurement issue is one of the most difficult ones that experts in procurement face. In order to get more from your suppliers, the process—from choosing the finest to guaranteeing consistent and high-quality delivery—can be quite important.

Solution: To guarantee that all delivery requirements and standards are followed, procurement specialists must continuously monitor suppliers in addition to the conventional procurement process. With deadlines in place and quality agreed upon, begin with progressive increase. In other words, do routine supply reviews, talk about important performance KPIs, and come to an agreement on improvement and action plans.

  • Lack of Agreement on Significant Key Performance Indices 

Implementing best practise procurement requires the use of crucial KPIs. Supply chain best practises utilise five crucial elements (variation, variety, velocity, visibility, and volume). Many procurement specialists are unaware of the need of asking challenging questions about the contributions a new supplier makes to the equation. Although they can be useful, factors like purchase price fluctuation, percentage cost reduction, timely delivery, etc., are insufficient. Furthermore, these activities frequently clash with important strategic ones that have long-lasting effects.

Solution: KPIs should be the principal topic on the agenda for routine supply reviews after they have been agreed upon. A procurement system that delivers a balance between cost, customer value, quality, and speed should be used by the management system.

  • Lack of Supplier Business Trust

Such businesses typically retain suppliers at arm's length in situations where there is zero trust for a provider. The approach is similarly comparable to having little confidence. Some people may not take well to the display of mistrust toward suppliers, and this might result in a number of challenges in procurement. But even so, put your own security first and exercise caution.

Solution: It is important to identify trustworthy suppliers who can form long term association with the business and can operate as partners rather than procurement channels alone.

  • Lack of Business Supplier Transparency

Organizations' tendency to suppress important information leads to procurement challenges that prevent suppliers from giving customers value-packed products. Critical data, such as market trends, product updates, and sales projections, might lead to unpleasant shocks that could damage your supplier relationships.

Solution: As much as businesses need to be clear about their requirements, suppliers are expected to be clear about their capabilities to reduce and eliminate gaps in promise and delivery. Transparency is the key to achieve that.

  • Lack of Formal Contract in the Business Proceedings

More than 40% of vendors on a company's supplier list do not have a formal contract. Legal documents and  contracts may be difficult and time-consuming to draught and alter. When there are frequent requests (for expressions of interest, proposals, quotes, etc.) and managing them takes time, challenges in procurement management may occur. Such processes must be followed in a straightforward, equitable, and comprehensive manner. Avoiding them could lead to greater procurement challenges, even though it calls for good work from the procurement teams.

Solution: Before setting out into any sort of association the establishment of a formally and legally binding partnership of association contract must be mandated within the business to ensure legally binding promise and delivery.

  • Inflexibi lity of Suppliers

A number of procurement choices are made in conjunction with the company risk management plan. Low expenses, for example, better represent the outcome of business activities. However, some suppliers could not offer savings or continue to include certain levies. With your suppliers, you should frequently find opportunity for bargaining as a knowledgeable procurement specialist.

Solution: See what negotiation possibilities, such as discounts, may be advantageous to your company before choosing a supplier. Keep doing business with suppliers that understand and respect your goal of maximising performance to avoid procurement challenges.

  • Lack of the Access to Accurate Data

The possibility for excess inventory, inventory shortages, and various additional procurement challenges with the ability to negatively impact your organization's bottom line might result from creating purchase orders based on inaccurate procurement data.

Solution: Establishing accurate data sets and data driven analysis and business parameters should be the industry standard.

With the right cloud procurement software, you will stay on top of procurement challenges and make better-informed business decisions that empower your organization to lower operating costs while reducing administrative burden related to procurement and management

Conclusion

The above enumeration concludes the top ten procurement challenges and how organisations can navigate them professionally.

TYASuite cloud-based software is been designed With the new technology trends and advancements which can help you come up with the challenges faced and make your business organised.

Sep 13, 2022 | 9 min read | views 1669 Read More
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TYASuite

Top 8 Procurement Tools Helpful For Your Modern Business

Before the development of e-procurement software, the company's procurement was usually handled on paper. Earlier it was riddled with many inefficiencies and very time-consuming. As the usage of the internet grows, procurement tool functions were transferred to websites and emails. With the advancement in technology, companies have preferred using procured technologies and to buy these tools that will help them with the automated process and increase their profit margins. Also, the technology aids help in improving transparency, transaction visibility, reliability and is cost-effective across the supply chain.

In 2020, the procurement tool vendors have nearly 5.6% of the global procurement applications market which declines to 2,8% which comes to around $4.45 billion for license, subscription, and maintenance revenues.
 
The procurement tool applications are designed to purchase materials, whether direct or indirect, processed or raw or completed, which has resulted in the flow of product supply chain for a specific business process or with the support of performing service or services.

The other function in the applications includes electronic network, sourcing, contract management, and ratings that help to optimize the supplier relationship management. The procurement applications help to represent the major contributor to enterprise resource planning as an important part to exercise the market size.    

What does procurement tools do?

Top procurement tools enable businesses to manage and streamline their spending, which in turn increases overall cost savings for the business.

Procurement tools are a crucial component of any modern business, since they help organizations cut costs while improving efficiency and productivity. Here are some examples of how procurement tools can benefit your organization:

  1. Improves efficiency - By automating processes and reducing manual work, procurement software solution helps save time and increase productivity for all types of employees across an organization. In addition, it also improves employee retention by reducing errors and providing a better customer experience.
     
  2. Eliminates waste - Cloud Procurement software helps eliminate unnecessary expenses through real-time tracking of orders, inventory levels, and suppliers' performance against their contracts with the business. This means that no matter who is filling out paperwork or what stage of the process is being automated, it's all happening with one click from a single screen!
     
  3. Improve supply chain visibility - With a procurement management tool, you’ll have better visibility into your supply chain so that you can make informed decisions about what products to buy or where to source them from. You’ll know exactly where each item is being sourced from, which means that you can cut down on unnecessary middlemen fees and pass those savings onto your customers!
     
  4. Eliminate manual spend analysis - With a procurement management tool, you can eliminate manual spend analysis as well as other manual tasks that take up your time and resources. This will save you time and money in the long run.
     

The Top 8 Procurement Tools:

  1. Precoro: The Precoro, ground control purchasing tools that help to easily create custom purchase orders, track approvals of managers and assign each payment with the correct budget.
    The procurement tools offers features like order creation, delivery, quick data analysis, billing, approved workflows, vendor management, etc. The templates can be used to keep things simple and users can add extra fields in the procurement forms that contain important information.
     
  2. Kissflow Procurement Cloud: It is a flexible procure–to–pay solution that help all size of businesses to streamline their procurement process. With this tool, the company can streamline its procurement strategy and boost productivity. With this unified platform, users can get the benefits of procurement, AP automation, punchout clouds, management, supplier portals, custom integrations, inventory management, and more.
     
  3. TYASuite: This procurement tool is mostly designed for medium and small-sized enterprises. This tool helps to improve and enhance the growth-related need of a company. It’s a user-centric platform that helps in providing accuracy over the cross-departmental operations. TYASuite streamlined approach to procurement management helps buyers, procurement and finance teams in companies reduce the time spent on paperwork and streamline processes. Such benefits include significant cost savings through increased visibility of spending, annual savings through reduced delays and errors, and corporate social responsibility benefits that arise when the correct amount is paid by the correct people at the right time in accordance with policy. 
     
  4. Planergy- It is a spend management platform that focuses on making the payment process more and more easier for everyone, and with planergy you can enjoy those benefits with purchase orders. 
    You can create departmental budgets and set the limit for spending, purchases, and pre-approved vendors and you can also set direct instruments during the time of purchase.
     
  5. Veeqo: It is designed for a specific form of business. As a retailer business follows tougher procurement and purchasing needs as compared to other businesses. They constantly order and re-order stocks and make a quick turnaround and larger margins. Therefore the retail brand uses Veego to handle this inventory. 
    The procurement management tool help with purchasing, inventory forecasting, and managing orders that ensure the customers always receive what they need on time.
     
  6. Coupa Procurement: It is a business spend management tool that have helped most companies globally to get more visibility and control the overall spending to improve operational efficiency, and financial risk, reduce the involvement of the third party and increase the bottom line. It has helped many companies to get more value.
     
  7. SAPAriba: It is a cloud-based procurement tool, that tracks the amount spend and a supply chain management solution for the buyers within a single platform. It’s all in one integrated framework that helps to manage anything from sourcing to the payment process. With SAP Ariba you can digitally transform the supply chain, contract management process, and sourcing.
     
  8. GateKeeper: With Gatekeeper you can easily control the relationships between the employee and its company and the external suppliers. The procurement management tool has two different platforms- the vendor portal and the employee portal. It serves the goal to digitize and automate a wide range of process that was traditionally done by following the manual process. The gatekeeper tool also provides you with customizable workflows and ready-to-use templates for a better possibility.

 

Whether you are owning an e-commerce business or has huge stock turnover, a tech company has to handle many invoices from all the suppliers or a company that needs help with the payment process, so to help you sort out these issue, one of these procurement management tools is all you need.
So without wasting more time and efforts on the manual process of procurements you need to get these tools. These are some of the industry’s best procurement solution tools that are used by several top companies and they have achieved huge success through it.   

 

Aug 23, 2022 | 7 min read | views 561 Read More
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TYASuite

What is The Key Difference Between Procurement vs. Purchase

You may have seen people use procurement and purchase interchangeably. As both terms are used frequently in organizations while buying goods and services, many often mistake these terms. Some are very ignorant about these terms and don't even care what terms they use during formal conversation.

If you dive into the seas of technical terms and organizational language, you will realize that the terms are different and must be used appropriately for official conversations. Why does the distinction matter? Because it lets the management execute these functions and increase the value they offer to the company. And if there's a mixup or misunderstanding, it will affect the entire team and process.

Several organizations use procurement software tools such as TYASuite for the automation of these processes. And it helps the organization to function efficiently.

Now, How do you differentiate between procurement and purchase?

To differentiate these terms, you need to understand the definition of procurement and purchase these terms. Then, you can understand how and where the difference arises.

Before the definitions, let’s take a quick look at the process involved in both. The flow chart of the procurement vs purchase process will make it easier for you to understand the differences and similarities.

Procurement process

1. Identify needs

2. Research and source supplier

3. Create supplier list

4. Issue RFQ

5. Evaluate supplier quotes

6. Negotiate contracts

7. Receive product/service

8. Performance check

9. Analyze KPIs and margins

10. Builder supplier relationship

Purchase process

1. Receive purchase requisition

2. Evaluate receive RFQ

3. Create purchase orders

4. Receive product/service

5. QA of product/service

6. Process payment to supplier

Definitions

Procurement

In short, you can define procurement as, "a series of processes that are executed to acquire goods and services for a firm."

Procurement is actually an umbrella term with a subset of processes that help fulfill the requirements of goods and services of a firm. Each firm has a unique procurement process, but, a common framework of the method can be listed below:

  • Recognizing business requirements and raise PR
  • Identifying, analyzing, and selecting relevant suppliers
  • Negotiating contracts with chosen suppliers
  • Create PO
  • Quality checking of goods
  • Invoicing and starting off payments to the suppliers

Purchasing

The term refers to the set of procedures related to the execution of transactions between a firm and its suppliers to buy goods and services.

Purchasing is a subset of procurement, and it begins and ends with placing and receiving an order.

These definitions are enough to understand the meaning and the correct usage of the terms.

Now, let's look at the key differences between procurement and purchase.

Strategic vs tactical

If you read the definitions carefully, you will understand that procurement is a strategic function, whereas purchasing is tactical. Purchasing starts and ends with the pacing of the order and receiving (it), whereas, procurement begins when there is a requirement of gods or services. Procurement involves aspects such as finding the right supplier, analyzing the pricing, supply chain, etc.

Goals or targets

Purchase is totally focused on the cost of the orders, and procurement focuses on the creation of value and TCO (Total Cost of Ownership). Purchasing is concerned with the minimization of cost and procurement aims to mitigate risk, cost savings, relationship with suppliers, etc.

Supplier relationship

Purchasing process doesn't have anything to do with the supplier relationship. However, procurement places high importance on building long-term and cooperative relationships with the main suppliers. The procurement process considers the suppliers as strategic partners.

Evaluation of risk and mitigation

Mitigation of risk is not needed in the purchasing process. The risks are of various kinds such as operational risk, data security risk, financial risk, etc. Only the procurement process is concerned with identifying these risks and analyzing which ones impact the business and stakeholders.

The next important question is when to use these terms or when do companies use procurement vs purchase processes?

There are various factors that decide the usage of these methods of acquiring goods and services, they are:

Time

If the requirement is immediate, firms purchase the goods and services. Procurement usually takes longer to happen as it involves steps like a request for proposal creation, supplier selection, and negotiation of the contract.

Quantity 

Procurement is the best form of acquiring goods and services in huge quantities for a longer period.

Customization

If the firm needs to customize some products or goods, procurement is the best route as the firm can work with vendors to make sure they understand your requirements

Price 

Purchase of services is cheaper than procurement services. It also depends on the conditions

Relationship

Purchasing is simple and vendors like it, because nobody wants to go along with the long process of procurement.

Now that the difference between procurement and purchase is clear, let's look at how firms automate both processes.

As mentioned earlier, procurement is a process of searching and agreeing to the terms of purchase. It involves identifying potential suppliers, negotiating contracts, and selecting the supplier that provides the best value for money. And purchasing is the process of direct buying of goods and services.

For making the process automated, firms use eProcurement tools, such as TYASuite. You can check the Request for Quotation, issues in orders, and track deliveries. eProcurement can help streamline and automate your procurement and purchasing process.

Conclusion

In short, people look at procurement and purchase as interchangeable terms, and the terms comes into the picture when there's a requirement for goods and services. Proper understanding of these terms is necessary to do business, and every employee of the organization must understand the difference between these terms.

A thorough understanding of these terms will help one converse with your colleagues, clients, customers, business partners, and recruiters. And a lack of knowledge about procurement vs purchase will lead to complications and related issues.

Aug 01, 2022 | 7 min read | views 558 Read More
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TYASuite

What is Inventory Management? Definition, Types and Importance

What is Inventory management?

The concept of inventory management mainly represents the procedure of storing, using, ordering and selling a business's inventory. It includes the management of components, raw materials, finished products and warehouse processing products. Besides this, inventory management practices try to streamline inventories from raw components to finished products efficiently. The inventory of a company is considered one of the most important assets in all industries such as food services, manufacturing, retail and others.

Types of inventory management?

types of inventory management

Based on the type of products or businesses there are some inventory management procedures. Some of the procedures are materials requirement planning (MRP), just-in-time (JIT) manufacturing, day sales of inventory (DSI) and economic order quantity (EOQ).   

MRP (materials requirement planning)

This inventory management procedure is considered as sales-forecast dependent. In this term, it mainly focuses on monitoring accurate sales records of manufacturing products to enable appropriate inventory needs of the business. Along with this, it is also useful for ensuring the communication regarding material supply on time. Besides this, the inability for presenting accurate inventory plans and forecast sales has benefited from the application of the MRP procedure.

DSI (day sales of inventory) 

It is a financial ratio. DSI mainly indicates the average time in a day that an organization takes to turn its inventory into sales including goods and work progress. Additionally, it is also known as average age of inventory, inventory outstanding and also days in inventory (DII). These are interpreted in multiple ways. The prime feature of the DSI procedure is to indicate liquid inventory management. Moreover, the figure of liquid inventory represents what the stock of a company could stay for how many days. In this context, a lower DSI indicates a shortened inventory clear-off duration, whereas the average DSI varies across different industries.  

JIT (just-in-time)

This method of inventory management permits organizations for reducing waste and saving money by keeping records of inventory that is required for selling as well as producing products. JIT also helps in reducing insurance and storage costs along with liquidating costs or excess inventory discarding efficiently. On the other hand, to some extent, JIT is considered risky. In this term, it can be explained that if unexpectedly demand increases, then the manufacturer may not be able to fulfill that properly due to limited inventory. Therefore, it will damage the reputation of that organization as it will be unable to meet consumer demand spikes. Moreover, it will also be responsible for declining the competitive advantage of a company across the markets.

EOQ (economic order quantity)

This type of inventory management procedure is mainly applied to calculate unit numbers of a business that should be added to its inventory. It is also associated with batch order in terms of reducing total inventory costs by assuming constant consumer demands as well. Additionally, EOQ also includes the setup and holding costs of an organization's inventory. This inventory procedure is effective for ensuring adequate inventory amounts per batch order. Therefore, it helps a company to maintain a record for batch orders and helps to avoid excessive and frequent ordering issues simultaneously. Besides this, it assumes a trade-off between inventory setup costs and inventory holding costs. Moreover, by determining both inventory setup as well as holding costs, the total inventory costs of an organization can be reduced. 

Importance of inventory management?

importance of inventory management

There is a wide range of importance regarding inventory management process and some prime ones are mentioned below:

1. Control paves related to competitive ability

Usage of cloud based inventory management enhances market share and, in this way, it increases the competitive ability of a company. High-factor loading values, as well as significant mean values, have performed a vital role in determining business support concerning its competitive ability. 

2. Improving service level

Inventory management software leads to improving service levels as per the requirements of consumer preference swiftly. It aids businesses by allowing a company to right level of hands-on service within desired lead time. 

3. Reducing storage costs

Proper application of inventory planning helps a company to reduce excess storage costs by maintaining adequate inventories. The central values of inventory management process feature lower storage costs and enhanced revenue increase.

4. Higher revenue turnover

The application of a proper inventory planning approach helps a business to enhance higher revenue. Appropriate application of inventory management helps to increase organizational profitability. In this term, if a company focuses on its benefits, it is seen that inventory management maximizes the operational efficiency of sales and production.

Terms related to cloud based inventory management

  • Bundles

It represents a group of products that are sold as a single product such as a camera, bag and lens as 1 SKU.

  • Barcode scanner

It is a physical device that is mainly used for check-in as well as check-out stock items. Moreover, it is effective for third-party warehouses and in-house stock fulfillment segments.

  • Deadstock

Deadstock represents items that have not been sold or used by consumers.

  • Costs of goods sold (COGS)

Direct costs are mainly associated with production and goods storing costs as well.

  • Decoupling inventory

It is also known as safety stock. Mainly it refers to safety net inventory management process for mitigating risks in terms of completing production halt of available components featuring segments.

  • Holding costs

Holding costs or carrying costs are considered as the business cost which incurs for storing and holding stock in a warehouse until those are completely sold to consumers.

  • Landed costs

It mainly represents the costs of storing, shipping, duties, taxes, import fees and other related expenses that are associated with buying as well as transporting inventory. 

  • Economic order quantity (EOQ)

This term represents how much a company can reorder for taking into account demand and for maintaining inventory holding costing segments.

It mainly refers to commercial documents between a buyer and a supplier that outlines quantities, agreed prices and types of service or products.

  • Pipeline inventory

This term represents the "pipeline" of a company's supply chain including shipping or production; however, it is not reached its final destination.

  • Reorder point

It indicates inventory quotas that determine recording schedules taking into future and current account demand along with lead times. 

  • Safety stock

It is also known as buffer stock.

This term defines a transactional document that is sent to consumers after purchase and before completing the order fulfilled.

 

Jul 14, 2022 | 8 min read | views 2113 Read More
TYASuite

TYASuite

Definition, Difference between Purchase Requisition and Purchase Order

Purchase requisition and purchase order are simply interdepartmental forms which serve the purpose of handling the accounting and finances better. They bring in transparency along with setting of a defined process flow.

Let’s have a quick look about where these forms are placed with respect to the process flow:

process flow chart

Understanding The Basics Purchase Requisition and Purchase Order 

As seen in the above figure that once the purchase order is received it goes through approval process and based on the approval the purchase requisition is converted into purchase order.

Procurement management process involves purchase requisition and purchase order. Now that we know how PR and PO are important in the workflow, let’s understand few basic terms :

1. What is a purchase requisition?

In simple terms, purchase requisition is an internal document used by an employee to purchase goods or services on behalf of their firm. It is the formal intimation to let the purchase department know to start the purchasing process. It also serves as a ready reckoner to the finance department to co ordinate and verify basis this document.  

2. Who sends the purchase requisition?

It is first filled out by an employee who sees the need for that product or service.

3. What are the details in purchase requisition form?

An employee fills details like item name, description of goods, quantity, price, suggested vendor, etc

Here’s an example of a purchase requisition form:

purchase requisition

4. Who receives the purchase requisition?

Once PR is raised, it is received either by department head or the purchase department.

5. What comes first: the PR or PO?

Purchase requisition comes first, a purchase order is issued by the buyer who makes sure they got exactly what they had ordered.

Now let’s quickly understand more about a PO:

1. What is a purchase order?

It is a document issued by a business purchasing department while placing an order with its supplier or vendor. It is a legally binding document which contains information such as price and agreed terms with the vendor or seller. If digitalized, it also provides excellent tracking function for any organization.

2. Who sends PO and what are the details contained in it?

A PO is issued by the purchase department and it contains details like purchase order date, product level, ship location, select vendor, bill location name, send mail to vendor, etc.

Here’s an example of a PO form:

purchase requisition

3.Who receives the PO?

PO is received by the seller who then decides whether to fulfill the order or not. If he decides to fulfill the order, the purchaser sends payments at agreed price or at a later date as mentioned in the PO.

4. Who makes the payment against purchase order?

The purchaser makes the payment against the PO. Once the vendor delivers order along with an invoice, the purchasers finance department compares their invoice to the PO and makes sure that these two documents match with each other.

5. How can the process of  purchase requisition or purchase order be automated?

With TYASuite the entire process of purchase order management can be automated and these documents can be prepared in a jiffy.

With TYASuite supercharge your purchase workflows & streamline your purchase approvals from days to hours.

TYASuite Feature Purchase Requisition Purchase Order 
Smart creation With TYASuite you can create bulk PR through excel imports. It also has feature to automatically create PR`s   Automatic PO raising along with pre fixed vendor pricing are some of the core features of TYASuite.  
Stress-free approvals TYASuite cuts down your manual work with multiple PR approvals across various departments. It also has a feature to auto archive PRpost approval.   With flawless PO tracking and easy approvals through emails, makes TYASuite the number one choice for any business. Inbuilt GST eliminates the manual dependency leading to an efficient purchase department.
Reliable partner

Serves as a reliable partner by working closely through pre-defined budgets set in TYASuite. TYASuite enables a business to have total control over each cost center as well as over your purchase requisition process. 

Helps in end to end vendor management and saves loads of time. TYASuite makes complex functions as easy as the click of a mouse. 
Budgeting and forecasting TYASuite has inbuilt features to customize your requisitions based on the allocated funds. Purchase requisition budgets can be set at a department level. It also helps in forecasting based on the buying patterns.    Take highly informed business decisions with TYASuite as it helps in smart purchase through its interactive reports. Based on the purchase behavior our software empowers you to select the best vendor and even identifies the buying cycles, choosing the best what the market offers during that time.
Steadfast alerts and notifications For every purchase requisition raised the approver gets an alert to approve the PR. The employee does not have to worry about giving any reminders about the PR to the approver.  With TYASuite you can customize the alerts and notifications that you wish to inform to, based on the user profile and access.    
Highly customized and flexible TYASuite is highly customized and built to suit your business needs. With features like transparent audits, vendor onboarding & management, easy accounting, all this leads to making purchasing requisition an easy task to manage. With tools like enhancing the buying efficiency through smart tracking, budget allocations, 3 way match and transparent reporting TYASuite has redefined the way PO`s are raised and approved.

 

Jun 17, 2022 | 6 min read | views 873 Read More
TYASuite

TYASuite

A Guide To Choose The Right Procurement Software For Small Businesses

Procurement as an important function for small businesses

Procurement, which is the act of buying of goods or services by a company has grown into a full-fledge activity of tracking and selecting the right tools in order to be profitable.

Procurement software for small business has successfully redefined the entire P2Pprocess, right from procurement to payment to the vendors.

TYASuite is the best procurement software for small business as it enables you to make a timely, safe, and accurate purchasing decision, all of which is vital for the growth of your small business.

Point to consider before buying procurement software for small business

According to Apps Runs The World, the procurement application market is expected to reach $5.45 billion by 2025.

As large business houses realize the importance of procurement software, the small businesses too, do not want to be left behind. They too want to grab a share in the pie! 

Choosing the right procurement software for small business from hoards of software companies is surely an uphill task. In this blog TYASuite will make things simpler for you and guide you through the process of choosing the best P2Psoftware.

Is procurement software built for my industry? Which procurement software is best for my business?

procurement software industry

Retail, manufacturing, transportation, logistics and Healthcare are few examples of industries which use procurement software.

TYASuite has served both small and large companies across various domains for best procure to pay solutions. Our procure to pay (P2P) solution is flexible enough to suit across all the industry types. 

Below are few features to consider before buying the best procure to pay (P2P) solution for your small business

  1. Vendor management and buying efficiency.
  2. Multi-layer approval process based on cost centers.
  3. Provide transparency to suppliers.
  4. Enable accurate purchase decisions based on past patterns.
  5. Inbuilt billing and invoicing.
  6. Cash management with audit trail.
  7. Budgeting and forecasting to make informed business decisions.
  8.  Easy alerts and notifications.
  9. Highly customized and flexible.
  10.  Removes the need for manual processing as it automates the entire function in one platform.

TYASuite procurement software for small business solving the issues of small businesses

Here are the few challenges which small businesses face today and how TYA Suite procurement software for small business solves them:

Challenge#1: Payment to vendors eats too much of our accounting time, each vendor has to be properly paid since there can be duplication too.

Solution: With our procurement software, small firms can make payments simultaneously to small vendors without the risk of duplication. Small businesses can also automate intimations to vendors for payments through procure to pay solutions.

Challenge#2:TDS deductions are always there to stay, with GST for few of our vendors things are complex and there is no room for error

Solution: Procure to pay solution automates the TDS deductions at an item level. There are other features like automatic GST calculation, adding pre-paid invoices, automatic debit note raising and built in approvals.

Challenge#3:Though we keep a track of the cash flow I want to get all relevant information in a single click.

Solution: At TYASuite we very well know that unless any business keeps a track of their income and expenses intact, things might go out of control. With procurement software for small business it becomes easy to manage the cash flow. Small businesses can get this information at a single click.  Great user interface (UI) and flexibility in the software makes it a cake walk and arrive at profitable business decisions.

Challenge#4:What about my legacy system? What will be the downtime for implementation?

Solution: It is rightly said that: It is not the strongest or the most intelligent who will survive, but those who can best manage change…. 

TYASuite being the best Procurement software for small business, instantly connects with your legacy systems. In fact this is one of our core feature of Procure to Pay (P2P) solution. The easy integration will save your time and resources too.

Challenge#5:Since our suppliers and vendors are our lifeline, how does TYASuite help manage them?

Solution: At TYASuite we very well know that vendors are an integral part of your business, our procure to pay software include features which will onboard every vendor seamlessly, manage vendor pricing, automate debit and credit notes as well as map vendors to their respective cost centers. TYASuite is the best procurement software for small business.

Challenge#6:I usually do micro management and rely heavily on the reports. What are the reports I can pull up using TYASuite (P2P) solution?

Solution: Our customized in-depth report will give you meaningful insights into the businesses in order to make timely decisions. At the click of mouse you can generate accurate reports in various formats, giving you enough insights to make intelligent, data-backed decisions.

Conclusion: TYASuite cloud-based software has been instrumental for many start up as well as small businesses. Our main USP lies in the fact that small businesses need to manage vendor relations as well as save money, both of these are offered in our cloud solution which makes us the number one choice for procurement software for small business.

Our clients adore us for the value for money we bring to mid-size organizations too. With user-friendly interface, cost reduction and 24*7 support TYASuite plug and play procurement software is one of the best procure to pay solutions in the market.  

May 14, 2022 | 6 min read | views 448 Read More
TYASuite

TYASuite

A Guide To Choose The Right Procurement Software For Small Businesses

Procurement as an important function for small businesses

Procurement, which is the act of buying of goods or services by a company has grown into a full-fledge activity of tracking and selecting the right tools in order to be profitable.

Procurement software for small business has successfully redefined the entire P2Pprocess, right from procurement to payment to the vendors.

TYASuite is the best procurement software for small business as it enables you to make a timely, safe, and accurate purchasing decision, all of which is vital for the growth of your small business.

Point to consider before buying procurement software for small business

According to Apps Runs The World, the procurement application market is expected to reach $5.45 billion by 2025.

As large business houses realize the importance of procurement software, the small businesses too, do not want to be left behind. They too want to grab a share in the pie! 

Choosing the right procurement software for small business from hoards of software companies is surely an uphill task. In this blog TYASuite will make things simpler for you and guide you through the process of choosing the best P2Psoftware.

Is procurement software built for my industry? Which procurement software is best for my business?

procurement software industry

Retail, manufacturing, transportation, logistics and Healthcare are few examples of industries which use procurement software.

TYASuite has served both small and large companies across various domains for best procure to pay solutions. Our procure to pay (P2P) solution is flexible enough to suit across all the industry types. 

Below are few features to consider before buying the best procure to pay (P2P) solution for your small business

  1. Vendor management and buying efficiency.
  2. Multi-layer approval process based on cost centers.
  3. Provide transparency to suppliers.
  4. Enable accurate purchase decisions based on past patterns.
  5. Inbuilt billing and invoicing.
  6. Cash management with audit trail.
  7. Budgeting and forecasting to make informed business decisions.
  8.  Easy alerts and notifications.
  9. Highly customized and flexible.
  10.  Removes the need for manual processing as it automates the entire function in one platform.

TYASuite procurement software for small business solving the issues of small businesses

Here are the few challenges which small businesses face today and how TYA Suite procurement software for small business solves them:

Challenge#1: Payment to vendors eats too much of our accounting time, each vendor has to be properly paid since there can be duplication too.

Solution: With our procurement software, small firms can make payments simultaneously to small vendors without the risk of duplication. Small businesses can also automate intimations to vendors for payments through procure to pay solutions.

Challenge#2:TDS deductions are always there to stay, with GST for few of our vendors things are complex and there is no room for error

Solution: Procure to pay solution automates the TDS deductions at an item level. There are other features like automatic GST calculation, adding pre-paid invoices, automatic debit note raising and built in approvals.

Challenge#3:Though we keep a track of the cash flow I want to get all relevant information in a single click.

Solution: At TYASuite we very well know that unless any business keeps a track of their income and expenses intact, things might go out of control. With procurement software for small business it becomes easy to manage the cash flow. Small businesses can get this information at a single click.  Great user interface (UI) and flexibility in the software makes it a cake walk and arrive at profitable business decisions.

Challenge#4:What about my legacy system? What will be the downtime for implementation?

Solution: It is rightly said that: It is not the strongest or the most intelligent who will survive, but those who can best manage change…. 

TYASuite being the best Procurement software for small business, instantly connects with your legacy systems. In fact this is one of our core feature of Procure to Pay (P2P) solution. The easy integration will save your time and resources too.

Challenge#5:Since our suppliers and vendors are our lifeline, how does TYASuite help manage them?

Solution: At TYASuite we very well know that vendors are an integral part of your business, our procure to pay software include features which will onboard every vendor seamlessly, manage vendor pricing, automate debit and credit notes as well as map vendors to their respective cost centers. TYASuite is the best procurement software for small business.

Challenge#6:I usually do micro management and rely heavily on the reports. What are the reports I can pull up using TYASuite (P2P) solution?

Solution: Our customized in-depth report will give you meaningful insights into the businesses in order to make timely decisions. At the click of mouse you can generate accurate reports in various formats, giving you enough insights to make intelligent, data-backed decisions.

Conclusion: TYASuite cloud-based software has been instrumental for many start up as well as small businesses. Our main USP lies in the fact that small businesses need to manage vendor relations as well as save money, both of these are offered in our cloud solution which makes us the number one choice for procurement software for small business.

Our clients adore us for the value for money we bring to mid-size organizations too. With user-friendly interface, cost reduction and 24*7 support TYASuite plug and play procurement software is one of the best procure to pay solutions in the market.  

May 14, 2022 | 6 min read | views 448 Read More
TYASuite

TYASuite

A Guide To Choose The Right Procurement Software For Small Businesses

Procurement as an important function for small businesses

Procurement, which is the act of buying of goods or services by a company has grown into a full-fledge activity of tracking and selecting the right tools in order to be profitable.

Procurement software for small business has successfully redefined the entire P2Pprocess, right from procurement to payment to the vendors.

TYASuite is the best procurement software for small business as it enables you to make a timely, safe, and accurate purchasing decision, all of which is vital for the growth of your small business.

Point to consider before buying procurement software for small business

According to Apps Runs The World, the procurement application market is expected to reach $5.45 billion by 2025.

As large business houses realize the importance of procurement software, the small businesses too, do not want to be left behind. They too want to grab a share in the pie! 

Choosing the right procurement software for small business from hoards of software companies is surely an uphill task. In this blog TYASuite will make things simpler for you and guide you through the process of choosing the best P2Psoftware.

Is procurement software built for my industry? Which procurement software is best for my business?

procurement software industry

Retail, manufacturing, transportation, logistics and Healthcare are few examples of industries which use procurement software.

TYASuite has served both small and large companies across various domains for best procure to pay solutions. Our procure to pay (P2P) solution is flexible enough to suit across all the industry types. 

Below are few features to consider before buying the best procure to pay (P2P) solution for your small business

  1. Vendor management and buying efficiency.
  2. Multi-layer approval process based on cost centers.
  3. Provide transparency to suppliers.
  4. Enable accurate purchase decisions based on past patterns.
  5. Inbuilt billing and invoicing.
  6. Cash management with audit trail.
  7. Budgeting and forecasting to make informed business decisions.
  8.  Easy alerts and notifications.
  9. Highly customized and flexible.
  10.  Removes the need for manual processing as it automates the entire function in one platform.

TYASuite procurement software for small business solving the issues of small businesses

Here are the few challenges which small businesses face today and how TYA Suite procurement software for small business solves them:

Challenge#1: Payment to vendors eats too much of our accounting time, each vendor has to be properly paid since there can be duplication too.

Solution: With our procurement software, small firms can make payments simultaneously to small vendors without the risk of duplication. Small businesses can also automate intimations to vendors for payments through procure to pay solutions.

Challenge#2:TDS deductions are always there to stay, with GST for few of our vendors things are complex and there is no room for error

Solution: Procure to pay solution automates the TDS deductions at an item level. There are other features like automatic GST calculation, adding pre-paid invoices, automatic debit note raising and built in approvals.

Challenge#3:Though we keep a track of the cash flow I want to get all relevant information in a single click.

Solution: At TYASuite we very well know that unless any business keeps a track of their income and expenses intact, things might go out of control. With procurement software for small business it becomes easy to manage the cash flow. Small businesses can get this information at a single click.  Great user interface (UI) and flexibility in the software makes it a cake walk and arrive at profitable business decisions.

Challenge#4:What about my legacy system? What will be the downtime for implementation?

Solution: It is rightly said that: It is not the strongest or the most intelligent who will survive, but those who can best manage change…. 

TYASuite being the best Procurement software for small business, instantly connects with your legacy systems. In fact this is one of our core feature of Procure to Pay (P2P) solution. The easy integration will save your time and resources too.

Challenge#5:Since our suppliers and vendors are our lifeline, how does TYASuite help manage them?

Solution: At TYASuite we very well know that vendors are an integral part of your business, our procure to pay software include features which will onboard every vendor seamlessly, manage vendor pricing, automate debit and credit notes as well as map vendors to their respective cost centers. TYASuite is the best procurement software for small business.

Challenge#6:I usually do micro management and rely heavily on the reports. What are the reports I can pull up using TYASuite (P2P) solution?

Solution: Our customized in-depth report will give you meaningful insights into the businesses in order to make timely decisions. At the click of mouse you can generate accurate reports in various formats, giving you enough insights to make intelligent, data-backed decisions.

Conclusion: TYASuite cloud-based software has been instrumental for many start up as well as small businesses. Our main USP lies in the fact that small businesses need to manage vendor relations as well as save money, both of these are offered in our cloud solution which makes us the number one choice for procurement software for small business.

Our clients adore us for the value for money we bring to mid-size organizations too. With user-friendly interface, cost reduction and 24*7 support TYASuite plug and play procurement software is one of the best procure to pay solutions in the market.  

May 14, 2022 | 6 min read | views 448 Read More
TYASuite

TYASuite

How to Choose the Best ERP for Construction Industry?

In today’s era where construction is going digital, ERP for construction helps in technology and streamlines the operations. Modern technologies have been developed to address industry challenges and issues like project management, health, and safety. Construction companies can now see their financial statements, assets, timelines, and workforce. An ERP solution enables rapid change adaptation and provides access across the entire business. It allows for more precise and meaningful decisions.

ERP for Construction focuses on providing technology solutions that improve industrial, commercial construction, engineering, and field service industry efficiency and effectiveness. Contracting firms must rely on cutting-edge business solutions that can streamline complicated construction processes to compete in today's global market, where administrative burdens are mounting and innovation is a top priority. Use the Best ERP system in construction to lower costs, improve productivity, and meet projects deadlines.

How does ERP help in construction?

We have mentioned some points how ERP for construction industry and infrastructure helps in growth of the organization: 

  1. Payroll for construction workers
  2. To-do lists and time management
  3. Smart budgeting and planning based on predictive capability
  4. Analyses of financial data
  5. Management of subcontractors and contractors
  6. Designed to be simple to use by people of all technological backgrounds
  7. CRM and prospecting
  8. Experimental procedure recognizing and billing income

What is the advantage of construction ERP software?

erp construction

Below are the key advantages for evaluating the best ERP for construction industry: 

#1. Optimum Planning
Mismanagement of a construction company's resources can result in project delays and even leads to the company's downfall.
ERP Software can help you optimize resource allocation, raw materials, labor, architectural design, and schedules. It can also help control costs and budget allocations. As a result, wastage and contractual troubles with clients are kept to a minimum.

#2. Simplifying Project Management
Project management across multiple worksites has always been difficult in construction. Construction managers can easily track various activities using an ERP system. It can track employees' time spent on each task using real-time data projects, and assign tasks to the right people.

#3. Estimating Costs and Revenues
Clients have varying priorities. The best bid is selected depending on the design, the company's public image, and, most importantly, the estimated costs. ERP for the construction industry can accurately estimate raw materials, designs, labor, and project duration. The construction ERP software helps determine each project's revenue and loss. So they can better manage future projects' time and costs.

#4. Boosting ROI
Contractors do occasionally want to improve their ROI. Return on investment can be measured in terms of money, but it can also be measured in terms of other benefits, and ERP software can help boost ROI.

#5. Enhancing Decision-Making
The ability to see the big picture before making decisions is a big benefit of centralization. The ERP software helps personnel extract data from various sources, and it can also identify criteria that need to be adjusted before granting a request.

#6. Health and Safety Management
ERP system in construction industry helps in the well-being and safety of your employees is the top priority. The ERP software tracks, investigate, and analyze all types of incidents, people, equipment, inspections, etc. Depending on your ERP software, you can photograph every incident and upload it to the device.

#7. Reporting
Reporting is critical to making good business decisions. A reporting system provides easy access to all business information, and real-time operational reporting enables you to make data-driven business decisions. The ERP system must be implemented in any construction company in building projects that require effective operational, management, and accounting tools.

Best ERP for Construction Company in India

We have mentioned the list of Best ERP for construction companies in India. Along with the criteria on how to evaluate Which software is best for construction?

#1. TYASuite
TYASuite is a cloud-based ERP software that is curated by keeping in minds the need of construction industry. TYASuite ERP software is suitable for small and medium-sized businesses (SMEs) as well as large corporations and it had more than 4000+ Plug & Play features allowing the user to enable or disable them via admin panel as per the business requirements streamlining every process

#2. Construction Edition of Acumatica's Cloud ERP
Acumatica helps the team on board with the newest project findings, contracts, budgets, plans, specific requirements, change orders, invoices, purchase orders, and job costs.
You can access reports, reporting tools, and data analytics from your phone, tablet, or PC anywhere with this safe SaaS solution.

#3. Microsoft Dynamics SL
Microsoft Dynamics SL is designed for project-based businesses and has long been a favorite of contractors. However, Microsoft has redesigned this product to give construction firms more flexibility in deployment and integration.

Conclusion 

Overall, there are a number of options available when it comes to Construction ERP Software. However, in this blog we were able to highlight how ERP software can help in the construction industry. If you’re looking for cloud ERP software for your construction business then TYASuite is the most affordable option available in the market. TYASuite is a prominent ERP system provider for a wide range of industries, including construction. It helps in increasing project efficiency by real-time integration of project modules. Residential and commercial building projects alike can benefit from their ERP software. There are project reports, budgets, plans, and specifications as well as change orders and invoices, purchase orders available in the system at all times. Get a free demo today and check for yourself!

Apr 25, 2022 | 5 min read | views 1078 Read More
TYASuite

TYASuite

Guide to Vendor Management Process & Performance Monitoring

As a key participant in the supply chain, vendors are one of the most important stakeholders in the procurement process. Successful companies focus a lot on their vendor management process and get benefited from it in the market and are always one step ahead of any risks they could encounter. This blog will help you understand the importance of the vendor management lifecycle including tips and tricks for effective vendor management.

What Is Vendor Management Process? 

The vendor management process refers to the strategic approach that enables organizations to keep valuable vendor relationships under their control and hence improve resilience and drive success. It includes selecting the right vendors as well as negotiating their terms of service and monitoring their performance to reduce risks and costs.

What Is The Role Of Vendor Management? 

In addition to choosing the correct vendors for your business, vendor management is about forming strategic partnerships that will benefit both parties. By managing vendors effectively, companies can control costs, minimize risks, provide outstanding service to customers, and generate maximum profits from the relationship.

The Vendor Management Process Workflow

If you think of a step-by-step formula for your vendor management process it would definitely look like the points discussed below.

Simple Vendor Management Process Workflow

1. Finding vendors

This step involves finding qualified vendors that have the skills or capability to meet your needs. You need to develop profiles for the goods or services provided by these vendors along with the prices they charge.


2. Selecting the right vendors for your business

Once you’ve found potential vendors, it’s time to select one that best meets your needs and for the best prices. You may wish to request that they submit a contract proposal in order to be considered for your business.


3. Negotiating price and terms

This is where the service conditions and terms are negotiated as per the business needs and preferences that both can agree upon. For instance, the quality standards, delivery instructions, and prices are negotiated in order to create a mutually beneficial agreement.

 
4. Monitoring vendor performance

Here starts the more strategic approach to the vendor management lifecycle. Keeping up with your vendor’s performance ensures you are aware of any changes that may affect your company’s cash flow or reputation (e.g., late shipments, defective products).


5. Controlling expense

Ultimately your business shall move on with the extent you have decided for costs. By effective vendor management, you can ensure the expenses are monitored closely and controlled whenever required.


Why is Vendor Performance Management important? 

When you spend so much time and effort on-boarding the right vendors and look forward to doing business with them, you should constantly monitor their value. Vendor performance management entails having the right KPIs (Key Performance Indicators) and regular reporting so you are aware of the value your vendors are providing. 

How To Measure Vendor Performance?

In order to track the vendor performance of your business, you need clear strategies and smart vendor management systems. Systems like these help you segment vendors according to your priorities, track and monitor their performance according to KPIs, and report the results in the way the department desires.

 

5 Reasons why you need a Vendor Management Software 

It's 2022 and it becomes paramount for businesses to have more productive strategies. Thank god, we are equipped head-to-toe with technology for everything we do. Vendor management systems can truly change the way a company does business and is of immense value when it comes to Vendor Performance Management. Such a system can align with your strategies and provide a fail-safe mechanism to vendor risk management as well. 

Here are 5 reasons, Vendor Management System is a primary need to your business

1. To simplify the invoicing process
One of the challenges facing any company is getting paid on time by its vendors. This can be especially difficult if your vendors are located worldwide, or if you are buying goods from multiple countries. The problem is compounded when you factor in language barriers, currency exchange rates, and cultural differences. Vendor management software simplifies this process by allowing you to automate invoice processing.
 
2. To manage risk
Vendor performance management software allows you to develop a comprehensive risk management system. The system allows you to monitor and evaluate the performance of suppliers at any time. This gives you better insights into the risks your business faces with regard to the quality of products and services provided by your suppliers.
 
3. To improve visibility
A vendor management system provides visibility into the performance of vendors by giving managers access to real-time supplier data in one single place. This allows for informed decision-making about suppliers, ensuring that you are always working with the best ones for your business needs.
 
4. To streamline internal processes
Vendor management systems help streamline communication between internal teams and external vendors. Such systems make it easier for companies to collaborate with their supplier community because they have easy access to relevant information on the system.

5. To improve communication
With the help of a vendor management system, it is easy to communicate with vendors. There is no need to send emails or write letters. You can simply start communicating with your vendors directly from the system. They can also communicate with you directly through their own accounts. This makes communication very easy and fast.


The Bottom line 

One of the biggest advantages of vendor management software is that it gives you an insight into data related to all aspects of your business relationships with vendors. A good Vendor Management Software can help you better manage your cash flow and save you both time and money! Moreover, it can be a game-changer for your business as it can help automate any of the tedious and time-consuming portions of the vendor management process.


 

Mar 23, 2022 | 6 min read | views 828 Read More
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Your Go-To Guide To Procurement Automation – 2023

With the new technology trends and advancements, it's almost impossible to say no to something that can make things easier for you in the business process. Procurement Automation software is one of the most vital software requirements that you shall be checking out soon if you are a growing small or medium enterprise business. 

The Procurement Process and Complexities involved 

The terms Purchasing and Procurement are often used close to each other, while they hold a slightly different series of processes.
In any business, there are requirements of goods and services, either for external purposes (mostly with firms involving manufacturing or remanufacturing) and for internal purposes (goods/services used with daily operations within a business environment). 

The process of obtaining these goods with a series of events can be addressed as the purchasing process, wherein the processes like requisition to purchase order generation, receiving the goods, and invoice approval and payments for the same can be referred to as Procurement.

Every organization can have its own set of contexts for this process based on its business operations. The procurement process cycle is important to be followed in a pattern that itself makes it complex. 

The first step is the identification of requirements which is followed by the generation of PR (Purchase request or purchase requisition), which once approved by the Procurement department takes the form of a PO (Purchase Order). Once the PO is ready, there is an RFQ (Request for Quotation) that is sent to various Vendors to get their quotes and offerings and then begins the comparison phase for the department where they need to compare all the quotes to get the best deal in hand.
Once a supplier is selected, there is a negotiation of a deal which finally leads to an agreement between both the parties if things are falling towards the positive. This agreement is known as the Contract which in general contains all required information about the supplier and the deal, including the price, description of goods/services, the quantity and time of delivery, and other terms and conditions. Once this is all in place and the order is received, the invoice generation, approval, and payment come up in the line. 

With the above sequence of procedures, there is complex accounting and paperwork involved which needs to be taken care of on both ends for a smooth business operation. And here comes the need for robust procurement automation software to capture all the information and documents in this complex business process right from the beginning to the final payment.

What is Procurement Automation? 

Procurement automation refers to automating all the manual processes that are repetitive and time-consuming. Procurement automation speeds up the process by using automated request generation and letting them flow smoothly between departments for approvals which saves a lot of time and effort for your team and makes the whole complex process streamlined with a seamless experience. 

Procurement automation software is a digitally accessible hub that includes all your procurement to pay needs and saves data at every point of the process. A procurement automation software brings the whole procurement process online with multiple access i.e. to the team as well as vendors respectively on their part. Such software helps the team to get more time to focus on the strategic part of the business operations planning and management and also helps reduce cost and increase savings.

The Need For Best Procurement Software In 2023

procurement automation software

 

The procurement process has been through multiple phases of evolution when it comes to the strategic management or the technological advancement part. 

In the beginning, paperwork was used to record data, then spreadsheets were used to store the data, then on-premise management systems, and eventually SaaS-based hassle-free systems with high scalability, efficiency, and flexibility were utilized. 

Now it's 2023, and we see procurement more as strategic procurement, considering every redundant and time-consuming task to be taken care of by automated systems. 

The ultimate question to ask is whether your business needs procurement automation software. Before adopting top procurement software, it is necessary to analyze your automation requirements, but in addition to this, several factors can affect this decision for you.

If you see the smaller picture, you will have certain points to notice like, your team is having a lot to do manually, and there are transparency issues, information gathering from various vendors, and storing the same for the management making things worse for them, so and so.

Well, you can have a view of why to care for the department if it's their job. But, coming back to the organization's goal you had the answer that yes, you care! 

Statistics speak out that procurement professionals spend more than 30% of their time doing routine tasks which usually involve creating, approving PRs, POs, reviewing quotes, and all. In this highly competitive market, everyone wants to get the best in their hands and you will never want your department to struggle with things that don't let them focus more on the brighter side of cost-cutting and savings with a process like Procurement.

So when it is the right time to automate your process if not now!

Benefits of procurement automation software 

When you incorporate procurement automation software into your business processes actively, you receive various benefits. Let's mark the core benefits that any business start to witness with procurement automation projects on run-

procurement automation advantages


1. 360-degree Visibility and Spend Control

Procurement automation allows you to gather all the necessary information at every step involved in your function from sourcing to final pay, and this information is easily accessible from any touch point within seconds. 

You have your supplier data and costs, and complete insight into your overall process along with order tracking, which gives a sense of control and security over all your spending. 

2. Better Resource Management and Increased Efficiency 

Automating the procurement function helps the process to become swift and seamless and the leaders can have better utilization of their human resources, leading to higher efficiency. 

Enhanced order process helps the team to set priorities on tasks of higher importance than struggling with various works that usually require less involvement of human brilliance. All reports and easily accessible and data can be fetched from any department when required, as per the given controls which makes a fine-tune sync between departments like procurement and finance which is important for business operations to run smoothly.

3. Higher Cost Savings 

Procurement functions that yet don't work on automated systems have a catalog of their previously trusted vendors which they often consider to go with for their purchase. Such organizations could not try out more in the market and explore to get the best deals for their goods/services requirements as it's complex to gather the right information which they can trust on.

With Procurement automation software, we get better-calculated supply needs and can reach several suppliers to get the best possible business deals landing in a higher amount of savings for the contracts. 

The seamless operations with procurement automation allow you to reduce any mistakes and hence decrease the add-on costs with contracts and bring up your whole procurement into confidence with deals they make. 

4. Better Decision Making 

With all the vendors' data and costs in hand and a greater number of quotes, there come more chances of negotiations and getting the deals with lower purchase costs without hampering the quality.

The vendor data allows making better decisions in favor of the business finance and the organization's savings goals.

5. Risk Mitigation 

Procurement experts have always claimed the best way to avoid risks is to find out the potential risks and every stage and be better prepared for the worst in each case. With procurement automation software you get the best visibility across your whole procurement cycle thus helping you identify the risks and prepare robust strategies to tackle them.

How do you automate a procurement process? 

Frankly, you have two ways to go here if you haven't automated your procurement process yet. The first is quite a lengthy procedure and would cost you more than your obvious budget for this, which is going for an on-premise system. This involves hiring a team of experts to be a part of your organization forever to build systems that require constant monitoring and maintenance. The other way is to move with the world and opt for SaaS.

Statistics from Better IT research shows that 38% of companies are running completely on SaaS-based systems, and around 80% of business are planning to adopt SaaS by 2025 for all their software needs. 

There are various Cloud-based Procurement Automation tools that are fast to implement, affordable, and highly scalable which can help make your process break records of cost-cutting and savings. A cloud-native procurement automation software can prove to be a great asset to your business in facilitating the development, assigning, and managing of tasks that will eventually standardize your business process operations. 

The TYASuite Procurement software can be the end to your search for the best procurement software that you can get for an affordable price with an easy and quick implementation cycle in 2023.

Feb 15, 2022 | 8 min read | views 617 Read More
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ERP implementation lifecycle for your business in 2022

Well, with ERPs it's not just about selecting and going live with a software service as others. This is highly crucial as your ERP implementation phase decides what benefits you are going to derive from it.

When it comes to ERP, the implementation cycle is a long process and it can take ample time and participation of you and your service provider. The ERP implementation process begins from gathering your business’ requirements for ERP, choosing the right software, customization and system deploying cycle, data migration, pieces of training, going live, and managing the ERP support.

In This Article:

  1. ERP implementation process overview
  2. ERP implementation phases
  3. When should ERP be implemented?
  4. Why do you need an ERP implementation?
  5. Various trends in ERP deployment
  6. How long does it take to implement ERP system?

ERP Implementation Process Overview

ERP implementations can be complex and challenging undertakings, even under the best of circumstances. The process includes a number of steps that must be performed in a specific order and can take anywhere from 6 to 18+ months to complete. Full ERP implementations will require organizational change and user adoption, detailed planning, accurate requirements gathering and preparation, proper planning for system customization, data migration, data integration across disparate systems, end-user training for new processes, and effective project management.

Implementing a new ERP system successfully is complex and time-consuming.

Let’s explore the steps in the implementation process and examine what you need to know about managing change.

Importance of a well-planned ERP Implementation Process

According to Global consultancy McKinsey, more than 70% of all digital transformations fail. A recent study over several ERP implementations in the past 10 years reveals that around 60% of ERP implementations took longer than expected and around 75% of ERP projects exceeded the allocated budget.

The main reasons behind these failures were found to be revolving around the business's interest during the implementation process of ERP. Unclear project requirements with core team members not caring to give enough time for the project and the core team consisting of the wrong people are some major issues in this regard.

Well, all such causes can be nullified if we take our ERP implementation process as a priority during the project tenure. The leadership participation to help set up the correct requirements and get the right system deployed becomes important when it comes to the Enterprise Resource Planning implementation process.

Phases of ERP Implementation

ERP implementation phases

If we have thought of ERP implementation for our business, we are close to achieving the benefits of streamlining our business process with automation. But to get the best out of our investment, the ERP implementation process should be as efficient as possible at all stages. An error-proof ERP implementation life cycle with effective participation and a clear approach can do wonders. 

Let's see what these phases are?

1. The Discovery Phase

Discovering the needs of ERP implementation is the first and foremost step towards your process automation planning. Before going through the multiple phases of ERP implementation, the two most common yet important aspects are 'When' and 'Why' ERP? 

1.1 When should ERP be Implemented?

There may be a global buzz towards business process automation, tougher competition, and some process optimization requirements that might bring up the thought of ERP implementation but how we'll come to know when is the best time for us to automate our business processes?
Well, multiple signs can help us decide this. There may be multiple software on which different departments are running, there may be less transparency and sync between processes and require a manual tally mechanism to match up with data from different departments, data becoming unmanageable, scaling up of business, etc. and all of these shouts for the requirement of a centralized ERP software needs.

1.2 Why do we need an ERP Implementation?

Keeping track of your business processes manually is time-consuming and prone to errors. With a cloud ERP implementation, you can eliminate repetitive tasks and make better decisions based on the real-time analysis of the most recent data. A cloud-based system offers the enhanced ability to streamline business processes while keeping in tab with production demands. A digital transformation is necessary to change your business processes, keep up with the latest technology, and get ahead of the competition.

2. The Project Planning Phase

A well-planned project is a must for ERP implementation. From the appointment of an efficient project team to examine all the current workflows and define goals for ERP service, to budget allocation at first place, all becomes mandatory in the project planning phase for ERP.

The project team shall be appointed with the necessary leadership to carry on with the ERP implementation process journey. Such a team generally includes an executive for budget allocation, project managers, business process experts, or the concerned department representatives along with IT leaders. From preparing the project plan, important timelines, resource allocation, and daily management, the project team shall be responsible.

The business process experts (can be leaders from concerned departments) in the project teams are mostly into defining requirements for ERPs along with possible improvements in the current workflow with all possibilities of growth and scalability in the future.

The executives may help decide the budget allocation based on the requirements set by the process leadership. The team shall collaboratively document all the specifications and KPIs based on which they can monitor the ERP service's benefits and add-ons for the business.

3. The Service Selection & Evaluation Phase

The requirement analysis will provide you with answers for why an ERP system is required and for what goals. Along with this, the requirement analysis will also speak up for the type of service that is required in your case. Based on the goals and timelines, there can be two categories in 2022 that you can choose from, i.e. having an on-premise system or subscribing to a Cloud-based ERP service.

If you are preferring to go for the robust Cloud-based ERP services, the process will deviate accordingly and the next step would possibly be the package selection.

The twenty-twenties is a decade of a high trend for cloud-based ERP solutions that are easily customizable, fastest to implement with high flexibility and scalability as the super-strengths. There are multiple service providers across the globe with all needs brought on a single centralized system for complete resource planning across all departments. But, choosing the best ERP software for your business is highly dependent on your business process. 

Once you are done with the service selection, the next thing is the package selection that is desired. Service providers have ERP solutions for all departments, but your requirements may be more or less. The selection of the right packages may help you to get the SaaS as required along with the best subscription prices.

GAP Analysis

It's a crucial evaluation phase in the ERP implementation life cycle. In this phase, the Gap analysis is done which speaks up for the missing sync between the requirements and the ERP offerings. This gap analysis shall be taken into account with the leadership to ensure you get the ERP to meet all the functional requirements for your business.

Service agreements with ERP vendors can be the final point to discuss here. Your package selection with the number of users may give you a clear idea regarding the subscription price regularly and can help build your contract with the service provider.

4. The Customization and Testing Phase

After the software selection and evaluation phase, here starts the job of your cloud ERP solutions provider. This phase involves work mainly on the service vendor's end yet it may involve multiple meetings and discussions for process improvements and re-designing of customized modules. Complete configuration with safe Data Migration is the critical process involved here. 

Testing can go parallel with the development phase, as the team can monitor and test-verify specific modules that are ready. Various re-testing and amendments can be suggested where required. The better you collaborate with your ERP vendor in this phase; the best results can be brought up with the project. 

Meanwhile, the team is supposed to work on necessary documentation and training materials for their end-users. The project team is not just responsible for carefully listening to the end user's issues and concerns, but needs to also help them understand the reason, goals, and benefits of ERP implementation. ERP implementation is a complex process and hence, you will have to look for well-organized ways of training users, which is only possible with two-way communication with them.

5. The Deployment Phase (Go-Live)

With the final testing of the ERP modules and training of end-users, the ‘day’ has arrived, when you are finally ready for the actual implementation process. Still, we need to keep all the rush aside and be ready for the downtime and other issues on our way. We shall be more patient at this phase and be highly resistant to the changes. 

Organizations adopt different approaches when it comes to going live with a new set of software. 3 key common approaches that can be chosen for ERP implementation include: 

1. The big bang approach: A highly popular approach among various big businesses. With the big-bang approach, the software is installed in one-go on a go-live date for entire teams of the organization including sales, finance, operations, marketing, etc. Thus, requires a lot of planning, as a single mistake has the potential of affecting all business functions. 

2. The phased approach: As the name suggests, in this approach organizations plan phased implementation as per the department, location, manufacturing unit, etc. The risk is lower as it will not have a huge impact on the entire business at a time and things can be quickly tackled in case of faults.

3. The parallel approach: In this approach, teams integrate a new parallel system, while the older one is already in function. This again minimizes risks involved in implementation, as you already have the old system running parallel to back switch to. However, running two systems at a time comes with its own set of technical glitches including issues like data synchronization as well as issues with the end-users.

How long does it take to Implement an ERP System?

ERP implementations take six months? No way!

A lot of companies in the late-90’s, 2000’s and early-2010’s thought they would get a company off the ground just by picking up an ERP system from their local reseller and be running smoothly three months after the installation.

Those companies were wrong. Agile, ever-changing business models require agile, ever-changing business software.

With today’s modern Cloud ERP Software technology companies can expect quicker implementations with better integration between their current systems and their new business software.

The Essence

ERP implementation process is a major project that can be an exciting and great learning experience for the whole project team. The inside-out process journey and optimization cycles can boost up the process knowledge along with the real value i.e. automation. The implementation process experiences shared by various industry leaders show how they have gone through the unnoticed finer points of their business process became added a great experience to their profiles.

Remember, it's always teamwork when it comes to optimization and automation. Your ERP implementation cycle if went well, can thrive the business process and help the business touch skies with its real-time cost-cutting and saving mechanism.
 

Dec 30, 2021 | 10 min read | views 981 Read More
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Direct vs Indirect Procurement: What are the key differences?

The literal definition of procurement is the action of obtaining or procuring an entity or a commodity. Here, the term procurement is used in the realm of business. On the surface level, procurement might seem like it is all about acquiring supplies of an organization that needs to function daily. These include vendor management, fraud prevention, payment processing, invoice processing, quality control, etc.
However, there is more than which meets the eye.

Procurement can be divided into two niches - direct and indirect procurement. While both are essential to the smooth functioning of any business, it is very important to understand their place in the business so that you can prioritize and emphasize where and how they are required.

What is direct and indirect procurement?

  • Direct procurement

Direct procurement is the acquisition of raw materials and goods required for production. Such purchases are made in bulk amounts and are acquired from a supplier based on the best possible price, quality, abundance and reliability. This is necessary for the everyday functioning of a business. For example, For a chef, rice isn't just an ingredient, it's the lifeblood of countless dishes. Similarly, cement is the foundation for a builder, and metal the backbone of the iron and steel industry. These essential commodities are more than just materials; they're the fuel that drives production and generates revenue through direct procurement channels. Any disruption in their procurement can grind operations to a halt, sending shockwaves through entire sectors. This crucial need for consistent supply is why robust direct procurement software solutions often originate in the manufacturing industry, where even minor hiccups can have significant consequences. Ensuring a seamless flow in direct procurement processes becomes imperative to maintain the uninterrupted availability of these vital resources, underscoring the pivotal role of procurement software in sustaining essential supply chains.

  •  Indirect procurement 

Indirect procurement is the purchase of services that are required to keep the business running. They do not directly influence the functioning of the business, but they do affect the outcome. It is defined as the activity directed at ordering goods and services that support your primary business, but do not deliver directly to end customers. For example, in the mobile phone industry, silicon chips are a direct procurement commodity, because without them, a phone will not function, but a proper service center is an example of indirect procurement. Would the manufacture of mobile phones get halted because of a lack of service centers? Of course not. However, would the outcome of the company as a whole be affected? Absolutely.

So, we pretty much understand the difference between the two in the basic form.

How to manage direct procurement?

Direct procurement process is one of the most overlooked yet important aspects of business operations. It is directly related to the processes involved in purchasing of the raw materials required to make a product. Managing it isn’t very easy, especially when it's across an organization with thousands of products and services.

Direct vs. Indirect Procurement

Procurement software involves the performance of two main functions. First, it is concerned with purchasing the core component of your products. Second, it is concerned with enabling you to meet your customers’ needs more effectively by granting you access to capital that will enable you to increase your inventory levels. Furthermore, this function is concerned with ensuring that the organization’s stock of raw materials has an appropriate turnover rate, so as to enable not only efficient meeting of customer demands but also effective exploitation of assets. On the other hand, indirect procurement software functions are aimed at securing goods whose consumption does not have a direct effect on customers or production cycles. 

Here are three core areas of procurement where the distinctions between direct and indirect procurement are laid-out:

direct-vs-indirect-procurement

  1. Managing Supplier Relationships - Direct procurement requires  suppliers need to be on good terms with the company to ensure long term procurement of goods. However in terms of indirect procurement, companies focus mainly on expenditure. Hence their focus is mostly on managing and reducing the same. This is especially true in terms of companies that have little to no direct procurement requirements such as software companies, digital marketing companies etc.

  2. Managing Inventory - Having the right amount of inventory on hand is essential for smooth production. It can be highly inefficient to hold large amounts of inventory if the expected demand level isn't known. Direct procurement is beneficial when you expect a constant stock level, when the purchasing process is rather traditional, when it takes time to place orders, when you deal with many suppliers and in some cases when dealing with very expensive and perishable goods. Indirect procurement is more appropriate when the inventory levels fluctuate dramatically in accordance with production cycles, in environments in which customization is possible and when time-to-market is required

  3. Organizational Structure - In most companies, direct costs are managed by centralized procurement and supply chain teams, with category managers focusing on specific areas of spend whereas indirect procurement in most large organizations tends to be decentralized in nature. Organizations have multiple stakeholders with independent budgets and spend protocols, resulting in inefficiency in the indirect procurement process. Lack of centralized structure for indirect spending leads to operational inefficiencies. A significant proportion of global Fortune 500 companies are moving to managed indirect outsourcing, saving 10-18% of their overall operating costs each year.

In a Nutshell

Inefficient procurement management directly impacts the bottom line. Without well-defined and streamlined procurement practices, businesses experience high overhead costs. The objective of procurement is to make the best purchase at the right price for the right item, at the right time and in the right quantity and quality within the organization. Businesses need to invest resources towards understanding about what differentiates direct from indirect procuring. It must be noted that it is imperative that direct and indirect procurement goes hand in hand in industries that require it. One is not more important than the other. By focusing on both, organizations can cohesively grow by honing in on the holistic view of the procurement field.

Dec 02, 2021 | 6 min read | views 1369 Read More
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Procurement Management, Everything You Need To Know [2022]

In today’s competitive business environment, it is very difficult to survive and grow without a good grasp on the core principles of procurement management. Survival and growth compliment each other and cannot exist without one another.

Guide to Procurement Management 

  1. What is procurement?
  2. Types of procurement
  3. Procurement vs. purchasing – what’s the difference?
  4. What is meant by procurement management?
  5. What are the steps involved in procurement management process?
  6. Why you should automate procurement management?

What is procurement?

Procurement is the process of buying goods and services from vendors, typically for business purposes. Most companies have a designated buyer responsible for purchases, typically a senior manager with a staff of procurement specialists. The buyer's job is to find the best products and services for the firm at the lowest price, and to find new sources for purchasing a particular item or service when needed.

To understand how procurement can play a vital role in your company’s success, you first need to know the different types of procurement:

 types of procurement

  1. Direct Procurement - Direct procurement is the process of purchasing goods and services that are utilized in the core operations of a business. The goods and services procured through the process of direct procurement eventually find their way to the end customer or client of the business. These purchases are generally made in large quantities. Examples would include raw materials, components and parts, machinery.
  2. Indirect Procurement - Indirect procurement is the process of procuring assets and services for a business that aren't directly tied to the operations or manufacturing wings of a company. Examples would include purchasing equipment repair, office supplies and myriad service sector products and services.
  3. Services Procurement - Services procurement consists of an integrated set of proven and economical business processes and practices used to efficiently procure professional services. From law firms to on-site security services, through outsourced HR processes or on-equipment training, service procurement is about procuring the people-based services your company requires.

Procurement vs. purchasing – what’s the difference?

Procurement is an overarching term that describes the process of identifying the market for a product or service, building relationships with suppliers, evaluating cost savings and constructing contracts. Purchasing is a sub-process of procurement. Purchasing relates to the buying of goods or services, purchase orders, invoicing, shipping notifications, goods receipt and payment. The two terms are closely related but mean very different things in practice.

What is meant by procurement management?

Procurement management involves sourcing (identifying and selecting suppliers), negotiating (establishing terms and conditions for supply), purchasing (acquiring goods and services at the best prices by following the approved process), monitoring (identifying and managing risks), and reporting.
While procurement management is about strategic sourcing, it also includes a lot more. It has been said that procurement management is organizational body, soul and spirit. It is an organizational body, because it is about enabling an organization to make optimal use of its resources through cost effectiveness and efficient procurement of goods and services. It is soul because the procurement process involves identifying the core competencies of an organization and aligning them with the desired outcome of procurement activities. It is spirit because it empowers organizations to achieve their goals through a holistic approach to sourcing goods and services.

What are the steps involved in procurement management process?

Even when you buy simple items like pencils or clothes, they're often supplied to meet strict specifications. That's why there is a process for purchasing called procurement management. Proper procurement procedure consists of seven main stages:

  1. Identifying the requirement for goods or services
  2. Identifying and evaluating vendors/suppliers
  3. Negotiation of contracts with the selected supplier
  4. Raise purchase requisition (PR)
  5. Generate purchase order (PO)
  6. Quality checking of requested goods
  7. Invoicing and payment

 

stages of procurement


Step 1: Identifying the requirement for goods or services

The first step is to define your requirements. This entails listing all of the goods and services your organization needs to purchase, thinking about which of those high priority are and which are not. It’s also important to consider your company’s strategic goals and mission, because procurement decisions are often geared toward supporting those priorities.

Step 2: Identifying and evaluating vendors/suppliers

Once you know what your needs are, it’s time to determine who will supply them. You first need to identify potential suppliers, which usually require you to do some market research.

Step 3: Negotiation of contracts with the selected supplier

The next step is to establish the terms of the agreement. This generally includes pricing, delivery, payment terms and so on. 

Step 4: Raise purchase requisition (PR)

After you’ve identified the vendor and agreed on the details, the next step is to raise a purchase requisition (PR) which is basically an approval from the department responsible for approving purchases that includes a description of the good/service, pricing, quantity and supplier information.

Step 5: Generate purchase order (PO)

Once the PR is approved, it’s time to issue a purchase order to the vendor. This includes assigning a PO number, which makes it easier for your supplier to process your order and for accounting to track it.

Step 6: Quality checking of requested goods

Companies should audit the requested goods to ensure the suppliers have met quality expectations.

Step 7: Invoicing and payment

The final step is to process the payment once the invoice is delivered to your company. This generally involves reviewing and accepting the invoice, then passing it along to your accounts payable department for payment.

Why you should automate procurement management?

The procure-to-pay process management is manual, repetitive and often inefficient, lacking in transparency and quality. Employees spend a lot of time with this activity as they have to review numerous sources, create an extensive spreadsheet or manually collect information from various vendors. Poor spending decisions are made, leading to the unnecessary purchase of products, services or materials at higher costs. On average, procurement professionals spend 30% of their time fulfilling routine procurement processes such as creating, approving and distributing purchase orders.
It doesn’t have to be this way!
The right procurement automation software for small business can shave days off your procurement cycle by streamlining the process of sourcing the right products, simplifying approval workflows and automating tasks throughout the whole purchase journey. It leads to faster delivery times for the business, consistent results and increased visibility over expenditure. This can deliver more value to the supply base, remove inefficiencies within your business, identify savings that can be reinvested, and ultimately help you succeed faster in your marketplace.

Oct 26, 2021 | 6 min read | views 1822 Read More
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Vendor Management System: Redefine Vendor Relationship In Secure Environment

Vendor management and supplier relationship are essential for any successful business. It is complex in the case of remotely managed digital operations such as e-commerce or international trade.

There is a reason only in 47% of the cases vendor collaboration makes it up to the mark. Any supplier dealing with multiple vendors usually requires a centralized vendor management solution capable of maintaining the system without a glitch.

The purpose of vendor management software is to minimize complications. It is essential for every business so that they can focus on their core operation and productivity.

However, there are many sub-processes for supply chain management, delivery tracking, and returns management. The Automated Vendor Management Software makes the experience seamless and helps improve the relationship with vendors by streamlining the business.

Let's understand the different ways to redefine vendor relationships with efficient Vendor Management Software.

Expert recommended strategies to maintain a healthy vendor relationship with cloud-based Vendor Management System

1. Flexible Communication Channels

Communication is vital for every business relationship. The vendors have a dependency on suppliers in every stage of the business, be it handling damaged consignments or managing late deliveries. The Vendor Management Software empowers both of them to understand basic delivery requirements and maintain them as per their business standards. An effective feedback mechanism provided by the software solution helps in a better understanding of the operation.

2. They are strategic partners, not vendors

Dedicated vendors are the foundation of any successful business in the long term. A stable and good relationship with the vendors can always help turn your business into a role model. An automated vendor management software would enable business owners to build and maintain a healthy relationship with all the strategic partners and add value to the business ecosystem. An efficient mechanism for responding to their quarries and concerns will help you earn their trust and confidence in your business.

3. Reducing uncertainty and risk

A healthy and long-term business relationship always depends on both vendors and business owners. Hence it is essential to consider all risks associated with the supply chain, like demand fluctuations, and draft a transparent contract accordingly. Vendor Software helps in minimizing such risks and maintains an ideal balance.

How does the vendor management tool exactly help to implement these strategies?

Vendor management software is not limited to mundane database management for the vendors and their respective order status. It can also help you to get their honest feedback from time to time. Apart from this, the tool helps with risk analysis and effective operation management.

Let's talk about the features of a robust Vendor Management System.

1. Efficient management of the vendor life cycle

Since Vendor management itself is a combination of multiple processes, it is essential to manage the entire lifecycle effectively. So there are certain ?must-have? features in any Vendor management software.

1. Vendor's classification: Every vendor is unique, so are their requirements and associated risks. Hence the Vendor management tool must help with the vendor classification so that all the agreements and contracts; are drafted accordingly, keeping the interest of both parties in mind.

2. Assess Risks: We have already discussed the significance of risk assessment and management earlier. Vendor management software helps the same process with a quantitative measurement approach. It enables you to evaluate all factors before making an informed decision.

3. Aid in auditing: Accuracy in report generation and task auditing are the basic features of any vendor management software. Hence a proficient one must generate reports with the list of critical vendors, selection process, and minute of the meeting that can help key stakeholders in decision making.

2. Strengthen collaboration

A vendor management process often involves multiple or all departments of any organization. Hence, the vendor software tool needs to be flexible enough to provide a secure and centralized digital environment for all departments. Such a process always translates into reduced redundancy, transparency among departments, and increased efficiency.

3. Verification at each level of management

It is always possible to have errors or out-of-scope needs in any Vendor Management process. Missing contracts or the requirement of updated reports are some examples. Your vendor management software helps you out there and allows you to monitor those constantly.

4. Access to the entire vendor management arena

Your tool should be able to handle and access the entire vendor management environment dynamically whenever required. For example, if you want to monitor the risk and create a report of critical vendors. Then you should be able to fetch all the vendor details and the labeled categories.

Executive Summary

Make a checklist of these features and any further custom requirements of your business. You will know if your tool is good enough to help you with your vendor management needs. TYASuite, World's 1st Plug-and-Play Vendor Management System, allows companies to simplify the vendor onboarding process and establish an effective communication channel among buyers, suppliers, and companies.

Jun 22, 2021 | 5 min read | views 624 Read More
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TYASuite

Five Challenges in Procurement Process you should not Ignore!

Technology, and in particular ERP solutions is fundamentally changing various phases of the organizations. Right from how the organization functions to successful implementation; the technology has made it quite easier to compete in the global market.

As warehouses are becoming advanced, and factories are becoming productive, the process of implementing procurement software has gone to a whole new level. The technocrats are constantly developing innovative products to make the ends meet and make life easier by simplifying the complications of business. With implementation of procurement software, certain challenges arise in the same proportion. Before procuring, the professionals need to bridge the gaps and eliminate all the problems associated with procurement.

What are the common problems in the Procurement process?

(1) Poor selection of vendors

Within the organization, it is very important to maintain a smooth running of the business operations that is reliable and has an uninterrupted supply of goods and services. Without dependable vendors and robust e-procurement software, it will be quite difficult for the team to implement the software and understand the basic requirements of the business.

The best solution to the problem is to go for vendors with a proven track record and years of experience in handling clients globally.

(2) Violation of purchasing protocol

It is often a common problem within an organization that employees do not abide by the purchasing protocol. An organization with a centralized purchasing model allows a certain number of people to purchase on behalf of the company.

In many cases, the companies decentralize the purchasing model thinking that their employees will not follow the purchasing protocol. As a result, they make a purchase that is excess than the required amount. It affects finance and increases unnecessary expenditure.

To solve this, companies need to ensure about their requirement and apply a strict protocol, by implementing purchasing software that gives access to the selected employee?s in-case if they purchase on behalf of the company. The implementation of this software will help you to ease the process as well as track every purchase done by employees. In addition to this, the company will be able to track unnecessary expenses.

(3) A gap in user-communication

Due to a lack of user communication, the requirements of the users are often misinterpreted which leads to the selection of wrong products. As procurement software is implemented it will emphasize more on the functional requirements of the users.

Procure-to-pay software will help you to set up communication between users and vendors. Apart from this, it will create practical and realistic timelines that will be taken into account for future reference.

(4) Bad relation with suppliers

There are instances when organizations do not maintain good and cordial relations with suppliers. As a result, it affects the procurement process and increases the complications within the organizations. For efficient management of business, it is quite important to set-up good coordination with suppliers by implementing procurement software. Sharing a good relation with suppliers will help you set up a good communication and ensure good business productivity.

(5) Delays in implementation leads to complexity

The process of procurement involves managing multiple purchase requisitions, setting up approvals for respective departments, quality checking of products, payments, invoices and much more. If procurement software is not well implemented, it will be quite difficult to regulate the above process and a large fraction of time will get wasted due to flaws in procuring process. Hence, it is very important in today?s digital era that organizations adapt to procurement software which comes with lots of customization options that can be easily mould as per the needs of the business ensuring smooth business operations.

Final Take Away

As the world is heading towards digitalization, organizations should be well prepared to face challenges while planning to implement TYASuite Procurement Software which comes with a handful of 3500 plug and play features to ease and streamline business operations irrespective of any industry. Keeping in mind the above-listed problems, our robust software can help you deal with upcoming hardships and solve them within a limited time frame by automating procurement to pay process in a correct way.

Ease Every Complication with Plug and Play ERP implementation

The time is changing at a fast pace and so is the business requirements. To emerge as a winner, it is quite important to implement Plug and Play ERP software developed by TYASuite to get productive results within a limited time frame.

Apr 28, 2021 | 4 min read | views 744 Read More
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TYASuite

How Inventory Management Software can boost up your business?

Technology has transformed over the last couple of decades and so is the business. With transformation, the business owners are looking forward to accelerating their business in the same proportion. To match the speed of transforming technology the companies around the globe are using tools and techniques to take their business to the next level.

The style of managing inventory within the organization has changed drastically. With passing years the inventory management software came into existence making it easy for organizations to manage their inventories. Inventory management is a tedious task that slows down the business process. Choosing the right inventory management software with the right features will help you maintain the pace of the business.

Balance your Business with Inventory Management Software

There?s no doubt about the fact that the value of inventory software cannot be understated especially for businesses dealing with a huge amount of goods. In other words, inventory management is a crucial step in a supply chain where the movement of stocks is tracked in and out of the warehouse.

The main objective of implementing inventory management software is to track the movement of stocks at a particular time as well as track the volume present in the warehouse.

Benefits of an Effective Inventory Management System

(1) Help to increase overall efficiency

The selection of the right Inventory Management System helps to increase the overall health of the business. It will help to save the time of your employees which they spend on record keeping as well as in tracking the movement of stocks. It will promote efficient time management as well as give enough time to employees to contribute to the company.

(2) Stay updated with inventory location

If you have multiple branches for your warehouse then it becomes important to track the exact location of inventories. To confirm the presence of inventories it is important to have Inventory tracking software to stay updated with the status of inventories.

(3) Keep your warehouse well organized

The implementation of Inventory management software keeps your warehouse organized. It will help you save money and improve the fulfillment of business using the warehouse for inventory management.

(4) Improve the efficiency and productivity

Inventory control software helps to manage time and promote optimum use of company resources. The implementation of inventory management software helps to speed up the process and ensure inventory records are intact and up to date.

(5) Build customer confidence with reasonable price

As inventory management software is implemented with better strategies, the organizations can use inventory planning to improve the cash flow by providing quality customer service at consistent and amazing pricing. This step will help to adjust the product line and help the companies to make intelligent business decisions.

The Final Statement

Inventory management is an asset for the company, so it is very important to nurture and protect your assets to emerge as a global winner. As inventory management software is implemented it can contribute a lot in cost control as well as predict the sales and prepare your business to face global competition. The Plug and Play Cloud ERP Software has made everything possible that the decision-makers can think to expand their business. There is a better chance for profitability as well as survival for the business to grow in a competitive market with a good scope.

Take Control of your Inventory with TYASuite

As soon as the inventory management software is implemented within the organization it will open the doors of endless possibilities for your company. To leave the footprint of success inventory management software is one of the best options to compete with global rivals.

Contact our team for a free trial today!

Apr 14, 2021 | 4 min read | views 397 Read More
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TYASuite

Accounting Software with Audit Trail

Accounting software -

On March 24th, 2021, MCA has introduced a new rule related to accounting software by introducing sub-rule (1) to rule 3 the companies (Accounts) rules, 2014.

The new rule mandates every company which uses ?Accounting Software? for maintaining books of account to ensure the below features in new accounting software with audit trail:

  1. Must have a feature of recording audit trail for each and every transactions
  2. Edit log for each change in books of account along with date stamp
  3. The audit trail must not be capable of disabling

In addition to the above, MCA has also changed the content of the audit report, where the auditor must need to comment as below:

?Whether the company has used accounting software with audit trail for maintaining its books of accounts which has below features?:

  1. Recording audit trail
  2. The feature has operated throughout the year
  3. The audit trail feature has not been tampered with
  4. The audit trail has been preserved as per the record retention rule

As we know most of the small and mid-size companies in India use traditional accounting software.

Considering the timeline given by regulator, it?s challenging for businesses to find alternative accounting software or approach their existing accounting software companies to develop this feature. Development of this magnitude may not be quick and easy from accounting software company?s side.

If you are looking for a ready-to-use accounting software with an audit trail, do check out TYASuite?s Cloud ERP Software. With Plug and Play Cloud ERP, you can go live within weeks.

Mar 25, 2021 | 2 min read | views 655 Read More
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TYASuite

What is E-Invoicing and Why it is Important for India?

The change in the taxation system of the country has proved to be a boon for the ever-growing economy. Being the largest democracy in the world, the reform in the taxation system has not only boosted-up the Indian economy but has also made the taxation system transparent than ever before.

After the introduction of the game changer GST Law, E-invoicing has now also been implemented for B2B (Business to Business), and Business to Government. In the world?s largest economy like India, e-invoicing is being rolled out in B2B transactions initially to curb tax evasion in the country.

Following the footprints of India, the European nations are planning to implement the same for their business. Implementing an E-invoicing system will help them to digitalize their economy and open new doors of possibilities for their business in terms of generating revenue and create more employment opportunities.

What is E-Invoicing?

Electronic invoicing or E-invoicing refers to a method of processing and generating invoices in an electronic format with the help of a common platform between the buyers and suppliers. With the implementation of the GST e-invoicing system, all B2B invoices will get electronically verified by GSTN subject to certain limits. All businesses around the country can generate e-invoices with the help of available Plug and Play ERP software which has an e-invoicing module.

Importance of E-invoicing for Business

It can help your business to grow as well as maintain transparency in every financial transaction. The importance of E-invoicing is mentioned below:-

(1) Saves Time

Before the implementation of e-invoicing, the financial records were not so organized. Many times, it was manually or through the use of multiple software. As the records were scattered, it increased the probability of errors. To eliminate the chances of errors and save time e-invoicing, is implemented to reduce the steps that were followed traditionally. As a result, it helps to save a considerable amount of time both for suppliers and buyers. It also automates GSTR 1 fillings thus saving a significant amount of time.

(2) Helps in Cost Control

As the country is heading towards a digital economy it emphasizes more on the paperless mode of working. As E-invoicing is generated and authenticated by government to be a genuine invoice it can electronically be shared online with buyers and sellers with confidence.

(3) Reduce the Chances of Error

With the manual generation of invoices, there are higher chances of errors. As a result, it can create a lot of discrepancies in business transactions. To avoid these types of problems it is the best option to look for E-invoicing software. With help of software, it will be easy for buyers and sellers to maintain the highest level of transparency during the entire business operations.

(4) Improve Customer Satisfaction

The satisfaction of customers is very important for any business. The implementation of E-invoicing helps to save 90% of the processing costs. As it is paperless the customer can get complete advantage of early payment as well as they can get best deals on every purchase.

(5) Reduce the Chances of Fraud

With real-time tracking of E-invoices, there are less or no chances of fraud. The implementation of e-invoicing has given a strong hand to tax authorities to take stern action against fraudsters.

Final Take Away

For a developing nation like India where tax evasion is quite a common problem, the implementation of E-invoicing will solve the problem up to a great extent. Apart from this, it will also help to maintain transparency in the long run for all organizations. In the coming time, it will boost up the Indian economy and take the country on the path of progress and prosperity.

Launching of E-invoicing by TYASuite

As an emerging Cloud ERP service provider, TYASuite has taken a step ahead to launch E-invoicing solutions for its esteemed clients helping them to ease the complications. It is one of the leading cloud ERP service providers helping organizations to streamline their business.

Feb 17, 2021 | 4 min read | views 313 Read More
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TYASuite

Top 8 Tips to Follow for Successful ERP Implementation

The innovation of technology has transformed the scenario of business around the globe. With the revolutionary change, the business leaders are looking forward to cope up with the change and implement them to increase their productivity as well as minimize the complications of day to day business operations.

Since ERP came into existence it has proved to be one of the biggest game-changer for the corporate world. As cloud ERP has entered the global market, the hassle-free ERP implementation remains a challenge for the ERP department.

The Layout for ERP Implementation

The tips mentioned below will help companies with hassle-free ERP implementation:-

(1) Know well about your challenges that you are planning to solve

Before starting ERP implementation within the organization, it is very important to know about the unique strengths of the ERP you are implementing. For the successful implementation of cloud ERP, there should be detailed documentation of business problems the ERP is expected to handle and make it easy for the organization to carry out the business operations smoothly.

(2) Get the business process document ready

Before you take a step ahead to implement the cloud ERP, have clarity about digital transformation within the organization. Make a clear map about all the business process along with the details of all stakeholders. By doing so it will help you understand the challenges that can come after the implementation of cloud ERP.

(3) Identify the customization points

It is reasonable to assume that you will need some customizations to the proposed Cloud ERP you are planning to implement. It is advisable to have a complete list of customizations outlined and agree with the implementation partner upfront to avoid derailing the cost as well as the timelines for the implementation.

(4) Choosing the right service provider

Many service providers offer ERP services at amazing prices. But before choosing the service provider you need to decide their credibility and success rate on ERP implementation. The right strategic partner will provide you the exact solution at the time of ERP enforcement as well as train employees to use various modules of ERP. Get an understanding of the hourly rates from the implementation partner in case the budgeted time gets exhausted later.

(5) Be prepared with a realistic plan

Planning is the key to the successful accomplishment of ERP. Be informed about the timelines and milestones of the projects. Keeping that in mind conduct trial runs to test their performance once they are live for execution. By doing so it will help to anticipate the delays and tune-up the configuration.

(6) Conduct User Acceptance Test (UAT) after implementation

Once ERP software is implemented, start the process for adequate testing. Ensure the business process document is met with the final ERP system. Process a few test transactions covering multiple scenarios.

(7) Fix UAT Issues

Once the UAT is done and if changes are foreseen on UAT, get the same incorporated and bifurcate them before going live. Choosing the right cloud ERP system will help you to stay aligned with the pre-defined standards of the organization.

(8) Having an ERP Champion

Depending on the no. of users in your company, you must opt either for a full-time ERP Consultant or a virtual ERP Consultant. In general human beings have been average to any change. ERP Implementation is a big change in the style of their working habits and process. They tend to have a pushback nature on this implementation. The role of an ERP Consultant is critical in addressing the user queries and ensuring that the user?s acceptability is increased.

Final Take Away

Following the above-mentioned tips can help to ensure the successful implementation of cloud ERP. The most important thing is to make sure that the final execution of ERP matches organizational goals and objectives. As cloud ERP comes into effect it will simplify your business operations as well as ensure optimum utilization of resources.

Emerge as a winner with Hassle-free ERP Implementation

TYASuite is committed to your organizational success. Plug and Play ERP Software will help you to gain remote access to cloud-based applications. Get live in just 7 days with enriched features and wide accessibility options.

Feb 04, 2021 | 4 min read | views 906 Read More
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TYASuite

How to Choose Right Procurement Software for your Business?

Navigating through numerous ranges of software is quite a baffling problem and selecting the right procurement software as per the requirement makes it even more challenging. Right from medium enterprise to a company with a turnover of billions, there has been a huge demand for procurement software that can help the companies to cater to the needs of the organization.

Businesses across all industries are completely dependent on ERP software. The selection of the right software not only makes your business operations easy and hassle-free but also helps you stay ahead in the competition. The decision-makers of the organization are ready to invest in Plug and Play ERP for smooth execution of all business operations.

Guidelines for Choosing Right Procurement Software

The below-mentioned must have features will help you choose the right procurement software for your business:-

(1) Easy Operation for your Team

Easy and efficient handling of the software is one of the most critical factors before you purchase any procurement software. A user-friendly interface is one of the most crucial factors that need to be taken into consideration. For the best results, it is highly advisable to take a free demo of the software so that the users will get a walkthrough of the complete functioning of your proposed procurement software.

The free demo will help you access and understand the degree of flexibility that procures to pay software is offering for end users.

(2) Fast and Hassle-Free Implementation

Once after purchasing the software the implementation is yet another challenge for the team. No one is willing to abide by a complex implementation process. It is a better decision to know your software well before taking the final call for purchasing the software. You can search for Plug and Play Procurement software which can go live within days and thus saving substantial time and cost of implementation.

(3) Prompt Customer Support

There can be a technical glitch while your team is using purchase order software. For handling technical glitch, it is important to make sure that service providers are providing you with the best customer support in case of need. For best results, the organization can choose for best ERP cloud providers who can extend their services in terms of support. You must take feedbacks from at least 2 existing users of the procurement software you are planning to buy.

(4) Your Business Process Fitment

Every procurement software does not fit all companies process requirement. It is must to have your business process document drafted before you start hunting for right procurement software for your business. This gives you broader picture of how well your company process fits into the procurement software being evaluated.

(5) Identify the Customization Features

Once you take a demo , you must start taking a note of all features which is there in your company existing process but not in the procurement software being evaluated. After this, segregate the same between must have (MH) and good to have (GH) features. Once this is done, have a discussion with the vendor to understand what MH features can be added and the related cost. Based on this, you shall take a decision.

The Bottom Line

Nowadays there are numerous software that are easily available with instant access as per the needs of the organization. Before purchasing the procurement software understand the kind of business your organization is conducting. By doing so it will help you to decide and choose the right software that fit well with the nature of your business.

Get in touch with our team to start your free demo today!

TYASuite is one of the best cloud ERP service providers helping organizations to create a difference in the global market. With multiple options and highly customizable services, TYASuite is providing the best ERP platform to fulfill the organizational goals for all types of industry.

Jan 22, 2021 | 4 min read | views 594 Read More
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TYASuite

Top 5 Benefits of Cloud ERP Software for businesses

Introduction

For successful implementation and running of the business, ERP is known as the stepping stones behind the running of every successful enterprise. Right from startup to a company with a turnover of billions the ERP’s have to revitalize the systems to provide hassle-free and seamless business operations.

The ERP software integrates and automates financial and operational business functions and provides a single source of data which includes inventory, Customer orders, supply chain management and many more. This will help in the procurement, production, and fulfillment of the sources efficiently. AsERP solutions have come into existence it has reduced the business complexity by a higher margin as well as save the company’s resources to streamline business operations within the company.

The Contribution of Cloud ERP in the Organization

Using Cloud ERP is quite easy as it gives you the flexibility to Plug and Play ERP as per the demand of the business operations.

The points mentioned below explain the contribution of ERP within the organization.

(1) Helps in decreasing the operational costs

Switching to cloud ERP has emerged as one of the best options for organizations to get maximum output from the limited resources. The Customized Cloud ERP helps to reduce the cost of inventory and other types of resources being used by the company.

(2) Helps to Enhance the Business Reporting

The implementation of ERP helps to enhance the business reporting with real-time stats to a main consistent flow of the business operations within the company. Cloud ERP has got an integrated database to address all types of business processes.

(3) Provides a high competitive advantage

As a majority of company tries switch to ERP, this software has given good competitive advantages to a vast number of organizations to compete with their rivals in the global market.

(4) Highly Scalable

Cloud services can easily be scaled up as per the requirements of the business. As the enterprises opt for Cloud ERP they can easily scale up and scale down the cloud services as per the requirements of the organization.

(5) Increases productivity

The implementation of ERP helps you to increase productivity by a higher margin. In the case of tedious tasks often there is a delay in production which can affect your business and even the clients can face trouble. ERP helps to give a break to the business from long and complicated tasks allowing the business owners to shift their focus to some other tasks.

The Final Thoughts

As organizations are growing at a faster pace, the Cloud ERP has proved themselves as a boon for companies. The cost control and transparency in the hassle-free implementation is the main highlight of the ERP. It is the best option to get ahead of your competitors globally as well as make your presence felt in the global market.

Still confused! Get in touch with TYASuite to book free demo for Plug and Play ERP software to boost up your business efficiency and explore the endless world of opportunities.

Feel free to speak to us on +91 80 4133 0620, +91 80 4153 0620 or write to us on info@tyasuite.com.

Jan 12, 2021 | 3 min read | views 533 Read More
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TYASuite

Build Up Your Business with TYASuite Cloud ERP Software

There is worldwide shift in organizations progressing from traditional solutions to cloud-based automation. Covid-19 Pandemic has accelerated the adoption where even SMEs are looking for Cloud ERPs.

India has emerged as SaaS Hub and able to compete with Silicon Valley in SaaS innovation.

The one organization helping numerous SMEs extend their impression is TYASuite Software Solutions Private Limited.

The company was established by Vikas Mandawewala and Praveen Dokania in 2018. TYASuite Plug & Play ERP Software is equipped with modest technology to the real-time business problems across industries.

Vikas Mandawewala is a veteran finance expert. TYA Group had an unassuming start ? beginning as a financial and accounting firm in 2013, alongside one representative. With time TYA Group has developed consistently, diversifying its extent of services and wandering into the IT domain, arriving at more than 150 staffs and operations over many big cities and communities.

Introducing the Co-Founder - Vikas Mandawewala

Vikas holds more than 20 years of experience in the finance and accounting domain. He had a staggering corporate profession in India and the United States with KPMG for more than seven years. Vikas has been the fastest promoted individual and the youngest Senior Manager at the most significant worldwide auditing and advisory association - KPMG. After his journey with KPMG, he established a little financial consulting business with only two individuals and scaled it to more than 100 staff with a pan India presence. Vikas is presently managing the finance department of numerous SMEs as their Virtual CFO. Being the exemplification of commitment and polished skill, Vikas imagines the improvement of finance and accounting using modern technologies.

In 2018, Praveen Dokania, a tech-virtuoso, joined Vikas, and they established TYASuite ? a venture seeking to lead the change in modern-day cloud ERP innovation.

A Duo-Journey with Praveen Dokania

Praveen is holding 10+ years of expertise in software and technology. Praveen is skilled in project management and software development equipped with the modern technology of back-end and front-end processes. He has widespread skills in database administration, app development, server management, and IT development consulting. He is specialized in building applications and software. He also has excellent knowledge of SEO and SMO operations for huge online portals. Praveen is the foundation of tech-operation at TYASuite.

As per Vikas, TYASuite is "the consequence of the desire and enthusiasm of a finance veteran to change how organizations run their business and enhance the lives of business experts across the world. Most individuals are tormented by redundancy and duplicity of data, repetitive and exhausting tasks that hamper their efficiency and productivity."

In light of that objective, TYASuite has developed to turn into an on a single solution for businesses, as a No. 1 plug and play cloud ERP software to digitalize and automate their business processes.

TYASuite?s Plug & Play ERP at a Glance

The TYASuite Cloud ERP is a coordinated and unified platform that helps you monitor, manage, and execute all your business capacities from one place with one single data source, interactive dashboards, and vigorous reporting tools. Our cloud ERP software solution incorporates separate integrated modules to deal with consistently ?

1. Procurement Software

The Procurement Software is the key to enabling and sustaining broader procurement value thereby eliminating many manual blunders. This plug and play ERP Software is intended to streamline your organization's procurement cycle through integration and automation of each progression into one simple, controlled, and tracked stream.

2. Asset Management Software

The Asset Management Software permits your organization to improve your spending on assets and expand your return-on-investment out of the current and future investments. By guaranteeing the best possible usage and maintenance of your assets, you can benefit from them regarding profitability and productivity.

3. Inventory Management Software

The Inventory Management Software helps you plan, screen, and deal with your inventory with full oversight and real-time visibility. With full integration with the P2P module, tracking tools and digital archival, streamlined warehousing, and progressed integration abilities with external platforms, the TYASuite Inventory Management Software helps you build and keep up a simplified inventory solution.

4. Finance and Accounting Software

Enable your accounting experts with the TYASuite Finance and Accounting software to augment their capability and help them understand their maximum capacity. Finance and accounting include numerous dull and humble tasks that must be done accurately. With the TYASuite Finance and Accounting module, streamline your transactions and financial data management to guarantee no-error.

5. Sales Order Management Software

TYASuite Sales Order Management Software helps you in establishing your organization's sales processing by incorporating and simplifying each progression of the sales cycle. TYASuite plug and play cloud ERP software can give you a competitive edge by increasing up the speed of all your traditional process by instantly capturing all incoming order documents and extracting order information, by allocating stock for customer orders thereby managing drop shipments from vendors.

6. Vendor Management Software

TYASuite Vendor Management Software is an excellent solution for all your vendor management prerequisites. Incorporated with our P2P and Inventory Management modules, the TYASuite Vendor Management suite will permit multi-level processes for vendor evaluation, acquisition, on boarding, negotiation, evaluation, and performance tracking with automated tools.

7. Production Management Software

TYASuite Production Management Software is an advanced production management platform. Combined with advanced inventory management, the TYASuite Production Management suite will permit multiple BOMs, manage multiple operations, process. Managing the production cost has never been so easy.

8. Project Management Software

TYASuite Project Management Software helps you consistently plan, manage, monitor, and execute projects and tasks from one integrated and unified platform. Handle tasks easily with multi-level admittance from a smartphone application, and guarantee full feature with minimal human reliance and full automation.

9. Compliance Management Software

The cloud based plug and play Compliance Management Software is full governance, risk, and compliance tool to guarantee efficiency and diligence in following the horde statutes, guidelines, and compliance prerequisites vital for a business to survive in the cutting edge market.

10. CRM

The TYASuite Customer Relationship Management module is intended to enhance your communication with your past, present, and future clients. Coordinated with our other modules, it empowers you to keep up a unified client directory, simplify your client communication, and automates your client acquisition, maintenance, and relationship management.

TYASuite is a multi-featured Cloud ERP Software where customers can work efficiently with the business to provide the flexibility of auto-scaling as the business expands.

Who can be benefitted?

  1. Enterprises that expect scalability in their business operation
  2. Enterprises that expect to have a big pool of workforce
  3. Enterprises that expects a very effortless solution at a minimal cost
  4. Enterprises that expect simplified automation for non-value added procedures

The key focus areas of TYASuite depend on the most reasonable cloud-ERP software in the world. This can be integrated into the customer?s business with more than 2000 plug and play feature.

Growing Through Positivity

Vikas belongs to a middle-class family from Bihar. He has faced a lot of tough times in his journey. But, he had a positive standpoint and accepted that challenges and difficulties make one stronger and more proficient. Discussing his career, Vikas was in the United States for around 5 years where he was working 35 hours a week. But, after he came back to India, he had adjusted his working time from 60 to 70 hours a week. This change has really made him capable of handling anything and everything in a professional manner.

Vikas began scaling a consulting firm from 1 individual to 120 employees in a limited ability to focus. This was for sure a big challenge while simultaneously it made him adept enough to handle all the issues all alone.

Today, he imagines himself and his organization to turn into the World's first Plug and Play Cloud ERP platform. He is moving in the direction of getting perceived as one of the most demanded Cloud ERP solutions in the world which are overwhelmed by Oracle, NetSuite, Microsoft Dynamics 365, and SAP.

Being a start-up, TYASuite is searching for alternatives to raise capital through external investments to grow its marketing and technical abilities. Vikas believes this will drive the financial specialists who can see the capability of the market with a scalable and gainful business model.

Nov 25, 2020 | 8 min read | views 714 Read More
TYASuite

TYASuite

Is Vendor Data Ignored? Switch To Vendor Management Software

As businesses have now shifted to remote work, the requirement for centralized vendor data turned out to be an important factor. Data living in somebody's mind, a file folder, on an email or even excel spreadsheet, was tough to access and share. In an emergency, certain bits of data become essential and most of it was lost during the retrieval process. To manage the data properly, vendor management software is essential for businesses.

In the previous decade, the attention on vendor risk has expanded colossally. Most big businesses have broad projects to survey the sorts of data managed by or accessed by vendors because of GDPR and other data security rules, and makes sure to have this data readily at hand. A few businesses include operational and administrative compliance requirements, and most associations are effectively dealing with their vendor contracts.

What vendor data do you want?

You ought to effectively have the option to put your hands on these components for the entirety of your vital and frequently-utilized vendors:

  1. Valid company name
  2. Website
  3. Business address
  4. Primary phone number
  5. Name of Account Manager, his phone number, and email ID
  6. Billing contact name, email ID, and mobile number

Businesses should have a clear notion of which vendor is during what and whether the vendors they are working with possess any threat to the company. They should list out the vendors who have more critical information about the company and who have less sensitive information about the company. The ones which have more information should be handled properly and precisely as they tend to pose a greater threat to the working of the company than the ones which have less data.

Why it is tough to get vendor data?

Endless departments interact with vendors. Business lines understand their salesmen, but frequently don't approach or incentive to refresh procurement or AP frameworks. Security keeps their contacts but does reviews yearly or less regularly, and may depend on the business line or procurement to give contacts. Accounts payable take into consideration that they can get invoices and send payments, so they normally have organization data but not the person’s personal data.

It is also a common practice that vendors work with a number of business houses and vice versa. To work them all the businesses, many vendors provide different or incomplete information to the companies and therefore it becomes one of the main reasons as to why it is tough to gather vendor data. Also the data procured by these companies tend to be processes on an annual basis which leads to such a problem. Occasionally, a centralized repository doesn't exist to monitor the changes in contact details.

Reasons why the vendor data management is being ignored?

Each significant business battle to keep up a basic address book of essential contacts at their significant vendors. The worst part of it is that it can't create a list of telephone numbers and email IDs to connect in case of a crisis. Every business house deals with a number of vendors simultaneously and this creates a havoc. Companies tent to change their business vendors according to their requirement and therefore they find it unnecessary to store the vendor data and mainly decide to ignore it. They believe it to be a tedious task and a time wasting part of the job. Hence, they decide to ignore or halt the vendor data management to the maximum time limit they can. To overcome these problem businesses should invest in powerful vendor management software so they do not ignore or miscalculate the vendor data.

Wrapping Up

TYASuite is an award-winning and India’s No. 1 plug & play ERP that can help you boost your business performance and maximize your overall productivity. We have an efficient vendor management software module to help you automate and streamline your business process and give you real-time visibility of your sales and vendors. We also provide other modules to increase the overall execution of your enterprise. Our modules include Sales & Distribution Management Software, Inventory Management Software, Compliance Management Software, Procurement Software, Project Management Software and CRM. What are you still waiting for? Let’s digitize your business with TYASuite – the one and only plug and play Cloud ERP Software to help you grow.

Nov 05, 2020 | 4 min read | views 508 Read More
TYASuite

TYASuite

Top 10 Reasons to Digitize Your Inventory Management System

Inventory management is a decent practice for any organization. If you are not watching out for your inventory or checking stock consistently, you are setting yourself up for significant inventory errors and difficulties. Proper inventory management truly can make or break your business!

Let’s take a look at the top 10 reasons to digitize your inventory management system:

1. More Precise Ordering

This may appear glaringly evident but its significance couldn't be overstated. The items you purchase and put on the rack is probably the greatest investment that you make in your business. How might you know what to order and keep on your racks if you don't have the foggiest idea what you hold? Regardless of whether you are physically making orders, utilizing our recommended ordering, or a blend of the two, you have to recognize what you have so you will know what you want.

2. Customer Service

Ever approach a store agent for your preferred item and watch them bungle around, running from the rack to the warehouse while you persistently hang tight for them to make sense of it? Having an exact inventory in your retail management framework disposes of this issue. Your staff can rapidly and effectively tell your consumers whether you have an item available right from the point of sale. The correct system can even reveal to them where to discover it.

3. Vendor Management

Best case scenario, our providers can be genuine partners, helping us to expand our sales and deal with our inventory all the more successfully so we evolve together. Even from a pessimistic standpoint, they short ship, add on additional things, and send us expired or damaged items. Utilizing our purchasing and receiving software as part of your inventory management cycle will guarantee that you are getting precisely what you requested and can undoubtedly track and react to those times that you don't.

4. Employee Efficiency

Your employees have better things they can be doing than looking for an item and physically receiving. Enable your staff to give the extraordinary customer support you presumably recruited them for by giving them the tools they have to precisely handle inventory as proficiently as possible. Investing the time to follow your inventory adequately will make ordering, accepting, and that dreaded year-end inventory tallies a breeze. Working with the correct partner will make this process accurate, efficient, and productive.

5. Avoid Expired Product

There's nothing more terrible than a discount item since it's drawing near to its expiry date. Powerful inventory management will help you to identify old dated and expiring items. Effortlessly run a report to recognize what might be moving toward its expiry date and ensure that you're promoting adequately to get it out the entryway before you are compelled to stamp it down or write it off.

6. Avoid Damaged Product

The more extended an item sits on the rack the more probable it is to get a knock, dropped, and harmed. Cloud ERP Inventory management cycle checking helps to identify sluggish things so that you can blow them out to make space for items that will be helpful in selling. Having a cycle for following your expired or returned item is a significant part of inventory management. This will permit you to identify trends and patterns that are costing you money.

7. Cost & Margin Control

We understand that inventory is perhaps the greatest investment that we make in our business. You wouldn't invest in the financial exchange without knowing what amount your stocks are worth and what your return is, would you? Appropriately utilizing an inventory management framework will give you the control you have to amplify benefit while identifying trouble spots. More developed frameworks permit you to all the more precisely track inventory an incentive on a FIFO (First In, First Out) premise while accounting for limited time expenses and vendor discounts. Precise inventory cost can likewise be figured into recommended ordering. Least stock levels can be set dependent on inventory cost to guarantee that your frameworks are recommending you re-order low turnover products as long as their cost falls inside an adequate limit.

8. Loss Prevention

Nobody needs to consider this but as indicated by the National Retail Security Survey inventory loss is around 2% of sales. In case your store does $1M in sales every year that is approx. $20,000 vanishing from your bottom line. Inventory recoil occurs in various manners that Inventory Management will lower. Shoplifting, employee theft, paperwork blunders, and vendor fraud are the main sources of shrink. These problems are completely addressed with powerful Inventory Management frameworks. The number will not be zero but innovation can help you get your inventory loss as near it as could be expected under the circumstances.

9. Cash Flow

We love working with independent companies and SMEs. One of the most significant issues for SMEs to oversee is cash flow and this might be the most significant advantage of a viable Inventory Management framework. Our software will legitimately influence your cash flow by helping you to evaluate your inventory investment and boost inventory turnover to enhanced cash flow, increment margins, improve sales, decline shrink, enhance client support and improve staff proficiency.

10. Knowledge is Power

Our clients are experts in what they do. Regardless of whether they are prompting a patient on drug interactions, recommending the best cut of meat, choosing the ideal tomato, or finding the correct solution for a health problem, they are pioneers in their industry. Our reporting and investigation solutions are only here to fortify their experience, insight, expertise, and gut intuition to help them settle on choices to enhance their business. Online dashboard detailing and investigation are incredible but just if there is exact data to cover. Having the correct tools for inventory management will guarantee that you can settle on choices dependent on the most ideal information.

EndNote

A robust inventory management tool can help an organization to swiftly take benefit of the changing market needs at low prices. We at TYASuite always thrive our best to cater to the ideal experience you can have in the business with affordable Inventory Management Software.

Try TYASuite plug and play Inventory Management software which offers you the right services at reasonable prices. Grab our FREE DEMO version now!

Oct 29, 2020 | 6 min read | views 719 Read More
TYASuite

Vikas Mandawewala

Understand the Most Important FAQs on TCS on E-Commerce

[Payment of certain amounts by an e-commerce operator to an e-commerce participant].

Finance Act 2020 introduced a new section in the form of Section 194O to the Income Tax Act 1961 related to collection of tax by E-Commerce Operator. The below changes have taken effect from October 01, 2020.

We have summarized the provisions of section 194O in an easy to understand language as below:

1) An e-commerce operator (i.e. E-Marketplace) must deduct TCS @ 1% (0.75% for FY 20-21) at the time of credit of amount of sale of goods or services or both to the account of an e-commerce participant (i.e. Seller on e-Commerce Platform) or at the time of payment thereof to such e-commerce participant.

2) TCS shall be calculated on gross payment amount. This means if any charges are deducted by E-Commerce operator, that shall not be reduced for TCS calculation.

3) TCS is also applicable and shall be deducted even if the Seller has directly delivered the goods/services and/ or received the payment directly from the purchaser if the transaction was facilitated by an e-commerce operator.

4) TCS shall not be deducted from Individuals and HUFs if the gross amount on the platform doesn’t exceed/doesn’t likely to exceed Rs. 5 lakhs for that year. However, to get this exemption, the e-commerce operator must collect Permanent Account Number or Aadhaar Number of the seller.

5) No other TDS shall be applicable to transactions where TCS has been deducted by E-Commerce Operator or it is exempted based on the above amount limit for Individual or HUF Sellers.

6) In case the Seller does not furnish PAN or Aadhar Number to the e-commerce operator, TDS shall be deducted at the rate of 5% under section 206AA of the Act

7) The Limit of Rs. 5 lakhs shall be calculated by E-commerce operators for themselves for each seller.

Explanation of Certain Key terms:

a) "Electronic commerce" it implies that the supply of items or services or both, including digital items, over a digital or electronic network.

b) “E-commerce operator" it implies that an individual who own, operate and control digital or electronic platform or facility for electronic commerce.

c) "E-commerce participant" it implies that an individual who is a resident in India selling items or offering services or both, incorporating digital items, through a digital or electronic platform or facility for electronic commerce.

d) "Services" involve "technical service fees" and "professional service fees", as described in the Explanation to section 194J.

Oct 12, 2020 | 3 min read | views 1066 Read More
TYASuite

Vikas Mandawewala

New TCS Provision under Income Tax and its Implications

TCS i.e. Tax Collection at Source has been there in Income Tax Acts for Decades. However, the government is trying to increase the scope of TCS gradually to plug the revenue leakage.

Through Finance Act 2020, Section 206C was amended to include certain items on which TCS becomes applicable effective October 01, 2020. In this analysis, we are not discussing the TCS provisions which existed before the current amendment. We will be only focussing on New TCS Provisions effective October 01, 2020.

Sub-sections (1G), (1H), (1-I) and (1J) were inserted in Section 206C of the Income Tax Act w.e.f. 1-10-2020.

We have summarized all changes and its clarifications at one place as below:

S.NoDetailsTCS Percentage TCS Percentage for FY 2020-21
1TCS on remittance out of India other than Tour Package. TCS on remittance out of India under the Liberalised Remittance Scheme of the Reserve Bank of India for other than Tour package purchase5% on payment more than Rs. 7 lakhs3.75%
2TCS on remittance out of India for Tour package purchase5%3.75%
3TCS on repayment of Education loan (remittance out of India)0.5% on payment more than Rs. 7 lakhs0.375% on payment more than Rs. 7 lakhs
4TCS on Sale of Goods. Every Seller (having previous year turnover more than Rs. 10 crore) shall collect TCS on sale of goods other than the goods being exported out of India (Exempted). Further on below goods which are covered in sub-section (1) or sub-section (1F), TCS shall be collected as per special rate defined : 1. Alcoholic Liquor for human consumption (1%). 2. Tendu leaves (5%). 3. Timber obtained under a forest lease (2.5%). 4. Timber obtained by any mode other (2.5%). 5. Any other forest produces (2.5%). 6. Scrap (1%). 7. Minerals, being coal or lignite or iron ore (1%). 8. Motor Vehicle in excess of Rs. 10 Lakh (1%). (No TCS on Motor Vehicle less than Rs. 10 Lakh).0.1% on collection amount more than Rs. 50 Lakh. If PAN/Aadhaar is not provided the TCS rate becomes 1%0.075% If PAN/Aadhaar is not provided the TCS rate becomes 1%

The above person is expected to Collect TCS as per above New TCS provisions and remit to the account of government as per applicable rules. If the buyer/remitter of money doesn’t furnish the PAN Number, then the Rate shall be as per section 206CC of the Act.

Clarifications on FAQ on New TCS Provision

1) TCS Shall be collected only if the Collection from sales to individual Buyer exceeds Rs. 50 lakhs in respective financial Year.

2) For the current financial year 2020-21, the TCS shall be collected only on amount collected on or after October 01, 2020. However, the amount of collection shall be calculated from April 01, 2020.

3) Even If the collection amount exceeds Rs. 50 lakhs, the TCS shall be collected only on the amount above Rs. 50 lakhs unlike TDS where TDS to be deducted from all amount once the limit is crossed. This is a welcome move from compliance angle of the sellers.

4) TCS shall be collected on collection amount. This amount is net of all discounts, schemes etc and inclusive of GST and other charges.

5) TCS shall be Collected based on collection amount and not billed amount. The Seller will face practical difficulty here as he will not know if the collection will happen in current financial year or next financial year. As a normal practice, the seller would like to add this amount in the Sales invoice itself (similar to GST) so that buyer can make the payment accordingly. If the buyer pays in the next financial year where the amount is not expected to exceed Rs. 50 lakhs, he may want seller to revise the invoice raised last year. This may raise practical challenges on seller side.

6) No TCS to be collected if Goods are being exported. However, the export turnover to be included in calculation of Rs. 10 crore turnover limit.

7) TCS to be collected by Seller only if there previous year turnover exceeds Rs. 10 crores

8) TCS is not applicable on Sale of Services

9) The Buyer will get TCS credit as advance tax in their account. If the Buyer doesn’t have taxable income, they can file for the refund.

10) TCS is not required to be collected if Buyer is required to deduct TDS on the sale of subject goods and buyer deducts TDS.

You can reach out to author at vm@tya.co.in if you shall have any specific queries on New TCS Provision.

Oct 07, 2020 | 4 min read | views 1977 Read More
TYASuite

TYASuite

Top 5 Best ERP's for Small Businesses in the Market

Searching for the correct manufacturing software for your SME is essential to productivity and success for a lot of reasons. It can help you boost your supply chain by providing automation, visibility, digital transformation and control and, helping you effectively scale your business and advance your existing systems without a huge spend. Undoubtedly, your business could profit from an enterprise resource planning or ERP software. Top ERPs for SME list can help you evaluate the right software for you. It can help you simplifies numerous features of your organization in a single platform. Below are the software’s or modules which can streamline your process:

  1. Manufacturing ERP Software
  2. Inventory Management Software
  3. Procurement Software
  4. Supplier Management Software
  5. Accounting Software
  6. Sales Management software
  7. Asset Management Software

We understand that ERPs are wonder-workers. But if yours resembles numerous SMEs, you most likely dread exploring and executing innovation. With numerous unpredictable, manufacturing-based platforms, which one is right for you? In this blog, we'll help you comprehend a couple of core considerations of picking a brand new manufacturing tool, with advice custom-made specifically to private companies over various businesses.

Top Consideration While Choosing an ERP

Consideration No. 1: Your Current Process

Did you understand that 16% of associations trying to execute another ERP software are doing as such to replace their local frameworks? If you're searching for a further developed, tailorable system that goes beyond Excel, Tally, QuickBooks, and other tools that you've become out of, at that point, it's time to change to an ERP.

Fortunately, the vast majority of these products are set up to help you from a basic and restricted system to full-fledged ERPs, so your present framework will help you choose which software is ideal.

For instance, if you're changing from QuickBooks to ERP, you'll need to choose software that is viable with QuickBooks so you don't need to invest a huge amount of energy modifying databases without any preparation.

Note that there are likewise an assortment of projects that cause changing from Excel To ERP a breeze, so if you need to keep up any current databases, ensure that you pick a choice that is intended to make the progress as straightforward as conceivable specifically for Excel users.

Consideration No. 2: Your Specific Production Process and other business process

To limit your determination much further, it helps if you select your software by manufacturing measure.

There are ERP software’s that are built specifically for exact manufacturing works, for example, discrete, measure, blended mode manufacturing, light assembly (kitting), engineering to order (ETO), make to order (MTO), job shop (shop floor) professional services, wholesale or industrial distribution.

While picking a tool that isn't mode-centric may work fine and dandy, contingent upon your specific business, it helps if you have exceptional tools that help your manufacturing mode.

For example, if your organization practices process manufacturing, your ERP will have extra management works that enable you to plan, sort, and produce prepared merchandise, with extra solutions for simplifying measure specific capacities, similar to security laws and guidelines.

Consideration No. 3: Your Industry 

Besides the manufacturing mode, ERP frameworks are likewise classified by the business in which they serve.

Once more, this can help simplify certain organization-specific contemplations — for some organizations, the essential contemplations here are industry guidelines, security needs, and security laws — to help guarantee that each industry challenge is considered with your software choice.

For example, if you are a maker of food and refreshment products, you'll need to consider numerous things that may not influence organizations in other businesses, for example, FDA compliance and inventory storage.

While pretty much every industry ought to consider choosing a software that has been grown specifically for their realm, it's more significant for some rather than others.

Those in agriculture, aerospace and defense, automotive, food and beverage, chemicals, consumer packaged goods, health, and medical devices, energy, petroleum and coal, transportation, industrial machinery, biotech, and pharmaceuticals must take extraordinary consideration in picking industry-specific ERPs to guarantee compliance and security on all processes.

Consideration No. 4: Costs 

At last, you have to decide on a budget for your ERP. This sounds sufficiently straightforward, but costs can be fairly misleading in any significant software integration.

What you really ought to consider is the ROI of your ERP. The approximate cost of manufacturing software execution changes generally, from $4,000 to over $1 million, but this isn't the cost you ought to be worried about.

Rather, you should consider the direct front spend less your potential returns to decide the ROI (Return on Investment) of the transition.

One of the large things SMEs need to consider cost-wise is licensing.

There are two essential sorts of license costs with regards to ERPs — on-premise ERP (commonly paid with an enormous, one-time licensing fee) or cloud-based/SaaS ERPs (ordinarily paid for on a for every client, per-month premise).

Since they're paid per client, cloud-based ERPs are regularly a smarter, more practical solution for organizations that have fewer employees or who just need to give out licenses to a little group of employees.

The two alternatives ought to oblige for scale, should your business need space to grow.

Top 5 ERP Software for Small and Medium Businesses

As should be obvious, choosing the privilege ERP is a business-by-business choice, and there is nobody size fits all way to deal with manufacturing software. So, the accompanying six ERPs are a portion of our generally mainstream and adaptable choices for SMEs, and they are for the most part worth your decision. Note that these ERPs can be authorized either on-premise or on the cloud, but we are displaying them as cloud-based (SaaS) frameworks, as this is normally the most ideal alternative for SMEs.

1. TYASuite — The TYASuite ERP is the most prominent cloud-based ERP Software, which helps in growing your business ERP in India and other parts of the world. It involves financial management, supply chain, inventory, production management, compliance, asset management, project, CRM, and warehouse management solutions. When it’s licensed as a cloud-based ERP software, it’s always up to date and offers reliable, subscription-based financing.

2. E2 Shop System — Shoptech ERP is also a cloud-based and provides flexible financing and leasing alternatives for up to 300 clients. It offers solutions for all facets of including shipping, manufacturing, data collection, scheduling, estimating, purchasing, and accounting, but it’s also best-known for its Shop Floor Control. 

3. Cetec — This ERP provides a manufacturing management solution at an amazing rate tag (just $40 per user/month when licensed as a SaaS). Few features of the cloud-based Cetec ERP are manufacturing quoting, CRM and sales management, inventory management, quality assurance, mobile warehousing, and more.

4. Sage 100 and 300 — Sage provides cloud-based enterprise management service with integrated solutions for finances, sales, customer service, inventory, manufacturing, and distribution, among other functions. The 100 - 300 products are both outstanding and cheap for SMEs.

5. Epicor — Epicor has been in the business for more than 40 years, and has built a flexible and affordable ERP that suits a wide assortment of manufacturing, including MTO, discrete, ETO, mixed-mode, and a lot more. It’s an outstanding choice for businesses in highly specialized domains, such as defense, aerospace, and medical tools.

Wrapping Up

If you are unable to decide which one is the best and most tailored to your business objectives and processes, you can get in touch with us at TYASuite. We are a one-stop-solution to all your manufacturing needs. 

Have a glance at TYASuite plug and play ERP software, which lets you customize the software according to your business needs for a seamless experience.

Get your FREE DEMO version of TYASuite’s plug and play affordable ERP software now and open a new world of great prospects that will ultimately bring prosperity to your business.

Sep 30, 2020 | 7 min read | views 886 Read More
TYASuite

TYASuite

12 Top Project Management Software for 2020 | A Thorough Analysis

Do you have any idea why is Project Management frequently time taking and wasteful? Is it accurate to say that you are always consistently updating spread sheets, and participate in weekly meetings? I believe it is a waste of time as well as effort. You may have a full overview of your project, with a small help from the correct software. There is a lot of project management software solutions out there, helping you keep steady over every project.

What is Project Management Software?

Project Management Software is utilized by a broad scope of businesses for project planning, scheduling, and resource allocation. It empowers project managers and whole teams to manage their quality management, budget, and all documentation exchanged all through a project. This software additionally fills in as a platform for encouraging collaboration among project partners.

What Makes Excellent Project Management Software (PMS)?

From finding deliverables to handling assets and from spending management to collaboration with team individuals, there is a ton to be viewed as when running and overseeing projects. This remains constant while picking the correct project management software too. Here's top-notch of the leading 6 critical aspects of a project management tool to direct you in your choice.

1. Task lists - Having the option to allocate and update the status of projects with the goal that everybody in your team is on a similar page is essential.

2. Timetables - Numerous tools offer schedules, milestone or Gantt chart tools that enable you to comprehend where a task can be easily fitted into the project in general and how much time to finished it.

3. File sharing - Having the option to share and compose critical project archives takes out time squandered looking for files.

4. Communication - This is basic in project management as a simple stream of communication means fast and straightforward critical thinking.

5. Reporting - This is significant for all teammates with regards to updating themselves on the project all in all. This is likewise colossal for project managers who need to guarantee that the project is advancing and tasks are being done in a timely way.

6. Automated Alerts- Automated reminders ensures that no deadline is missed and the tasks are finished on time within the budget.

By considering these aspects, let's take a look at the 12 best project management software to increase your productivity.

12 Best Project Management Software Of 2020

1. TYASuite Project Management Software

TYASuite's Project Management (PM) tool helps businesses effectively manage their tasks and projects based on dependencies and milestones. Team leaders can handle the overall project cost on a real-time basis. Team leaders can assign tasks to teammates and handle priorities and due dates. The platform streamlines billings based on intimates team members, milestones, and managers on the possible overruns and a lot more. TYASuite's Project Management Software is an outstanding cloud project planning tool that helps organizations to turn into competitive and sets them apart from the rest of the world.

Functionalities Involve:

  1. Thorough budget management
  2. Integrated customer portal
  3. Simplified collaboration tools
  4. Group-level management of tasks and projects
  5. Cost-to-completion monitoring
  6. Customizable layouts to choose from
  7. Gantt Charts for instant evaluation
  8. Kanban board to track projects and tasks
  9. Time-sheet management and tracking
  10. Project billing module
  11. Data import/export
  12. Android App
  13. Integration with multiple Platforms through APIs

Pricing:

  1. Paid options beginning from INR 299/user/month.

2. Project.co

Project.co is a customer-facing project management tool that interfaces your team with your customers' in a single place. Each bit of work you do can be configured as its project, with its conversation feed, notes, team, tasks, and payments. You can likewise record time spending on every project.

A wide range of project and task is accessible, including scheduler, calendar, and Kanban board - to give you the ideal diagram of the work that is occurring inside your team.

Functionalities Involve:

  1. Capability to instantly add/invite both external and internal users
  2. Conversation feed for every project - along with the email notifications (and the capacity to answer by email without logging in)
  3. An assortment of the task - That can be sifted - giving your entire team, each department and individual users their day by day and week by week task lists
  4. Outstanding reporting tools measure your profitable and productive projects
  5. Capability to incorporate payment solutions and effectively take card payments throughout the system

Pricing:

  1. Free for up to 5 users and five projects, with paid options beginning from $7/user/month.

3. Toggl Plan

Toggl Plan is a powerful project management software to simplify your task designation cycle and visualize which tasks have been finished. If your team regularly works together with different departments, this may be a helpful solution for you.

Functionalities Involve:

  1. Gantt-chart visualization to monitor essential projects and deadlines
  2. Deployments with Evernote, Github, Slack, and others
  3. Team collaboration through shared task notes and calendars

Pricing:

  1. Free for unlimited projects for up to five users

4. nTask

Another free tool that accompanies an assortment of highlights for task and project managers is nTask. This tool has several free-extend functionalities for anybody looking to function as an individual or a senior project manager.

nTask underpins numerous projects or tasks creation simultaneously. Users can likewise characterize team leader jobs, financial plan, achievement and time tracking measures that are specific to essential projects. Understanding the necessities of cutting edge project directors, nTask likewise offers an interactive Gantt Chart highlight. It very well may be personalized by a straightforward and simplified system to adjust the project to progressing changes.

Functionalities Involve:

  1. A robust in-app collaboration feature
  2. Deployment with Slack and various other 3rd party applications
  3. Invite partners and stakeholders to see ongoing projects
  4. Resource management
  5. Team management through admin-controlled process
  6. Numerous workspaces devoted to multiple tasks and projects

Pricing:

  1. Free version for Basic users only. Paid plans start from $2.99/user/month and go up to $7.99/user/month for SMEs, etc.

5. Teamwork

Teamwork is a project management module and collaboration tool that helps remote and in-house teams remain productive and gainful. Each project lets you effectively transfer files, chat with teammates, assign tasks and deadlines. By centralizing your project data, you can help dispose of more mistaken assumptions and missed deadlines.

Functionalities Involve:

  1. Can be easily integrated with HubSpot.
  2. Teamwork Chat helps you remain productive and supports in your work processes.
  3. Time monitoring to know the capability and where a team invests their time.
  4. Subtasks, Dashboards, and Milestones help to monitor project progress.

Pricing:

  1. Free version incorporates two projects with up to 5 teammates. Paid options starts from $9/user/month.

6. Ramco Project Management

Ramco Project management is the most efficient and robust solution accessible to address the needs related to thorough project management and increase operational significance. The application provides the skills, knowledge, abilities, tools, and method required to handle and account projects to meet or increase stakeholder expectations.

With Ramco Project management you will be able to assure planning and managing the project management tasks and resources. You can track goals and milestones and measure them against real-time performance.

Functionalities Involve:

  1. Asset Management
  2. Billing
  3. Business Intelligence/Analytics
  4. CRM
  5. Costing
  6. Customer Service
  7. Financials & Accounting
  8. HR
  9. Inventory Management
  10. Order Management
  11. Planning & Scheduling
  12. Product Design
  13. Project Management
  14. Purchasing
  15. Quality Control
  16. Sales
  17. Shipping & Distribution
  18. Supply Chain Management
  19. Warehouse Management

Pricing:

  1. Not available

7. Freedcamp

Freedcamp is a reliable and feature-packed project management software that is intended for personal and business use. Each project has its milestones, tasks, files, time, conversations, issue monitor and calendar. The dashboard provides you with a useful, compact diagram of what's happening in your team, including projects, activity, and tasks.

Functionalities Involve:

  1. Message board style feed, with the capability to build and organize discussions
  2. Incredible schedule view spreading out every single forthcoming event
  3. 3rd party deployments including Google Calendar, Google Drive, Dropbox and more

Pricing:

  1. Free plan available. Paid plans with additional functionalities, beginning from $7.49/user/month for business users.

8. Asana

Asana is one of the most famous project management software utilized by a vast number of individuals across 192 nations, has a straightforward and easy to use interface. The across the board tool lets you make sheets to visualize which stage your task is in and use tracking to monitor completed tasks that need your consideration.

Functionalities Involve:

  1. The capability to build templates to streamline mundane tasks
  2. The ability to collaborate and share data across the team, securely and privately
  3. The alternative to set up security protocols and assign admins
  4. Over 100+ deployments for a more effective and start-to-end process
  5. Custom field of project, sharing documents, and filter tasks

Pricing:

  1. Free for an unlimited number of projects for up to 15 individual. Paid plans are available from $10.99/user/month.

9. Teamwork

Teamwork is also a project management software that has some expertise in uniting telecommuters. Also, it allows you to make teammates status updates, so your distant team know their associates' timetables. It additionally gives client support features, including the choice to dole out tickets or view client emails in a single place.

Functionalities Involve:

  1. Adaptable navigation to organize your team's requirements
  2. Gantt chart to visualize project timelines and due dates
  3. Private messaging feature, and choose to make project subtleties private
  4. Teammates status updates for remote team members

Pricing:

  1. Free for up to 5 users. Paid plans will be started at $9/user/month with at least 5 users.

10. Wrike

Wrike stands apart as a special project management software for teams who need the choice to modify work processes and alter and update projects from the platform. The tool offers the capacity to layer calendars and colour code, and its mobile structure permits associates to update project data in a hurry. You can add remarks to segments, documents, or videos, and make custom fields to send out data generally applicable to your organization.

Functionalities Involve:

  1. Safety efforts to guarantee only approved staff can access the data
  2. Activity flow to permit project managers to micromanage little tasks, see exercises in sequential order, and label teammates
  3. The feature to unfollow exercises to clean up your Stream
  4. Email and calendar sync
  5. Built-in altering and approval functions

Pricing:

  1. Free for up to five teammates. Paid plans are available from $9.80/user/month with at least 5 users.

11. Paymo

Paymo's free variant permits accessibility for one user. Yet if you you're a freelancer or you have a little team, this could be a productive alternative for monitoring billable hours and invoicing customers. Alongside monitoring accounts, Paymo additionally permits you to compose project deadlines, create to-do lists, and keep steady over your spending plans for different projects at once.

Functionalities Involve:

  1. Time Tracking
  2. Kanban Boards
  3. File Sharing and Adobe CC Extension
  4. Three Invoices
  5. Reporting

Pricing:

  1. Free version available for one user. Paid plans are beginning from $11.95/user/month.

12. ClickUp

ClickUp gives a couple of notable highlights to modify the across the board project management tool to suit your teammates, including the alternative for every user to pick one of three distinct approaches to see their tasks and projects relying upon particular inclination. If your marketing team covers sales, plan, or advancement, this is a compelling solution, as it gives highlights to those four teams.

Functionalities Involve:

  1. The capability to form your projects on priority and align tasks to teams
  2. The alternative to set objectives to remind teams what they are expecting to achieve
  3. Google Schedular two-way synchronization
  4. A simple way to search, filter, sorting, and customizing options for handling particular tasks
  5. Activity flow with mentions ability

Pricing:

  1. Available for Free, with an unlimited number of users in limited functions. Paid plans will be started at $5/user/month.

Choosing Your Project Management Software

If you want to pick the right plug & play project management tool, it's essential to think about factors, for example, the size of your team and business, the number of highlights you need and which of those functions you most worth. In any case, I think you'll rapidly understand that having such a tool in place will make your daily work a lot simpler.

TYASuite Project Management Software can be used for organizations across industries like Real Estate Development firms, Software development companies, Real estate project Management organizations, Contract-based manufacturing businesses, EPC Companies, and a lot more. Then, what are you waiting for? Choose TYASuite, which is the only plug & play ERP to manage all your product effectively and successfully.

START YOUR FREE DEMO TODAY!

Sep 25, 2020 | 12 min read | views 583 Read More
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TYASuite

Top Inventory Management Software | Know the High-Rated Features

Are you planning to establish a business in this competitive market? Then, you must know that It is painstaking, stressful, and time-consuming to manage the business. Managing inventory and satisfying the customer's desires is an additional obligation that can deplete the management to extraordinary. Businesses anticipate helps from modern software that is precise and accurate in dealing with inventory, overbooking, wiping out overproduction, and wastage and cost decrease. Proper inventory control is vital for significant business achievement. There are lots of inventory management software out there but choosing the right one is challenging.

Numerous factors consolidate to aid you in choosing the best inventory management software in 2020. This guide will help you compute business needs and pick the right plug & play ERP software for your business.

What Is Inventory Management Software?

Inventory Management Software is a robust and advanced solution, a platform, and a friend in need of a business that endeavours to manage and control of the organization and fabricates sells, purchases, and stocks. Inventory management software helps the management monitor all data, automate pricing for items, and keep up the best stock levels. Smart Inventory management software fundamentally controls the business in encouraging strategic management of items and streamline a process that incorporates ordering, trading, transportation, costing, storing, delivering, assembling, and shipping.

Why Does An Organization Need Inventory Management Software?

Inventory management software functions as an 'Inventory Tracking' system for business that manages production, warehousing, delivering, trading, assembling, ordering, or storing. A business never needs to oversell an item or wind up experiencing backorders. Inventory control software is an ideal solution for the organization to ensure that it is full or restocked. Fundamentally a business decides to execute Inventory Management software because of the accompanying advantages;

1. A Better comprehension of stock developments that empowers diminished stock level necessity and lower warehousing costs.

2. Higher customer fulfilment through stock level visibility and the right delivery.

3. Elimination of theft or loss because of proper stock visibility.

4. Robust inventory tracking solution that reduces costs related to packing, picking, or shipping.

What Are The Primary Features of Perfect Inventory Management Software?

1. Inventory Costing

Inventory management software establishes the inventory cost value and controls profitability through cost accounting strategies that incorporate FIFO, LIFO, Average costing system, and more.

2. Location Tracking

Helps in increasing inventory loss counteraction by monitoring inventory packing, picking, and delivery.

3. Stock Counting And Tracking

Inventory tracking software empowers in marinating stocks and monitoring the merchandise. It gives an investigated report of the hands-on units in the warehouse.

4. Product Categorization

Flawless Inventory management software empowers the x categorization of products for advanced monitoring. The classifications might be modified by size, item type, shapes, value classification, height, weight, group code, serial number, and assembly date.

5. Search And Filter

Inventory system software should be useful in looking for products based on specific filter options, such as serial number, location, batch code, and type of product.

6. Advanced Features

A portion of the highlights that make immaculate inventory management ERP may incorporate billing of materials, price management, inventory review management, color, size specification, kitting, cost tracking, discovery weight tracking, unit of measure conversion, and backorder tracking, and quality measurements.

7. Multi-Location and Multi GST Feature

In today’s scenario you must look for an inventory management software which provides flexibility of managing multi location inventory management and is equipped with Multi GST feature.

8. Cloud Deployment

Gone are days for desktop software. Modern software must be a cloud software which removes all your worries of uptime, 24/7 access and many more.

The 6 Best Inventory Management Software of 2023

1) NetSuite:

NetSuite offers extraordinary capabilities for organizations that depend entirely on highly progressed inventory management software. The framework implements detailed tracking of inventory by serial number and full traceability functionalities. This software consequently creates product catalogs based on classifications, types, and volumes. It, therefore, prompts counting of products and standardizes inventory exactness to wipe out stock tallying errors. The software is upheld by profoundly professional client support that guides you through each element and legitimizes legitimate integration.

NetSuite Features:

  1. Alerts/Notifications
  2. Inventory Optimization
  3. Multichannel Management
  4. Reorder Management
  5. Warehouse Management
  6. Forecasting
  7. Kitting
  8. Product Identification
  9. Reporting/Analytics
  10. Supplier Management

2) Zoho Inventory:

Incorporating Zoho Inventory furthermore helps in tracking sales over advanced marketing platforms like eBay, Amazon, Etsy, or Shopify. The sales team can now proficiently control online and offline orders with this efficient integrated order management software. Zoho Inventory is outfitted with a robust tracking framework that monitors every product's movement from salespoint to the warehouse. Giving real-time delivery rates and in-transit subtleties is another significant component provided by Zoho Inventory to its customers. This independent company inventory software offers free demo to new customers and helps you assess the most significant functionalities. Zoho Inventory spares time by making invoices and permitting the team to deal with the organization effectively.

Starting Price:

$49.00/month/user (Basic-$49, Standard-$99, Pro-$249)

Zoho Inventory Features:

  1. Alerts/Notifications
  2. Inventory Optimization
  3. Multichannel Management
  4. Reorder Management
  5. Retail Inventory Management
  6. Warehouse Management
  7. Kitting
  8. Mobile Access
  9. Product Identification
  10. Reporting/Analytics
  11. Supplier Management

3) TradeGecko:

TradeGecko inventory management tool automatically updates inventories and monitors stock levels, overseeing inventory over various warehouses. The inventory optimization function automates the internal activity and aides the business with the correct stocking strategy. TradeGecko lets you move stock between warehouses, deal with various currencies, receive and fulfil orders, sync orders, and access sales reports. Furthermore, TradeGecko software act as a hub to oversee inventory and keep up a balance between B2C, B2B, and marketplace. This inventory software generates sales email, creates sales orders, sets transporting rates, and numerous other functions to make your business run proficiently.

Starting Price:

$39.00/month (Monthly and yearly subscriptions available)

TradeGecko Features:

  1. Alerts/Notifications
  2. Inventory Optimization
  3. Multichannel Management
  4. Reorder Management
  5. Retail Inventory Management
  6. Warehouse Management
  7. Forecasting
  8. Kitting
  9. Mobile Access
  10. Product Identification
  11. Reporting/Analytics
  12. Supplier Management

4) Stitch Labs

Stitch Labs is a cloud-based inventory management software that points out retail reporting to see historical stock, money related location, and sales speed, which helps in future evaluation. Furthermore, this multichannel system transfers inventory, updates sales channels, tracks units on the way, and inbound locations. Stitch Labs provides purchase order (PO) management, low stock alerts, cost allocation, packaging, and stocktakes. By venturing into this software, a business shows signs of improving its inventory and precise information to win forecasting and settle on smart business choices.

Starting Price:

$799.00/month

Stitch Labs Features:

  1. Alerts/Notifications
  2. Inventory Optimization
  3. Multichannel Management
  4. Reorder Management
  5. Retail Inventory Management
  6. Warehouse Management
  7. Forecasting
  8. Kitting
  9. Mobile Access
  10. Reporting/Analytics
  11. Supplier Management

5) Sellbrite

Sellbrite is one of the best inventory management software that gives easy to use features to spare you from overstocking. Its multichannel inventory control function helps the business track inventory, automate orders steering between numerous warehouses, and give full warehouse control. This inventory and order management software is an excellent platform with incredible client support, and 14 days trial empowering the clients to know the significance of incorporating Sellbrite.

Starting Price:

$49.00/month

Sellbrite Features:

  1. Inventory Optimization
  2. Multichannel Management
  3. Warehouse Management
  4. Reporting/Analytics

6) TYASuite

TYASuite is a cloud-based inventory management software created for businesses of all size, including wholesale, retail, manufacturing organizations, franchises, and non-profit firms. It helps you to manage purchase orders and sales, backorders, sales quotes, dropshipping, partials, consignment, returns, inventory with barcodes and serial numbers – all with functionalities for multiple customers! TYASuite's inventory management function focuses on offering inventory at various locations, keeping a record of the stock level, tracking supplier accessibility, and assuring an on-time return of inventory.

TYASuite, recognized as one of the top five Inventory Management Software for SMEs in India by Capterra; is a cloud-based software created for businesses of all sizes, including wholesale, retail, manufacturing organizations, franchises, and non-profit firms.

Price:

Yearly/month

TYASuite Features:

  1. Procurement management
  2. Alerts/Notifications
  3. Invoicing
  4. Inventory Optimization
  5. Kitting
  6. Mobile Access
  7. Multichannel Management
  8. Reorder Management
  9. Retail Inventory Management
  10. Warehouse Management
  11. Production Tracking
  12. Product Identification
  13. Reporting/Analytics
  14. Supplier Management

Conclusion

The best Inventory Software Solution will streamline organizations' work processes, setup order quantities, and trigger sales force. Inventory data is equally essential as financial data to make business decisions. A business should select a comprehensive inventory management software that helps understand customer needs, eliminate the overstocking, areas that need attention, reduce resource waste, and increase the business profit through advanced sales strategies.

Look at TYASuite Inventory Management Software, which will help you complete your inventory-related tasks in less time frame. Its unique functionalities like multi-location GST Software options, grant-specific controls, filter feature, and RFID function help you efficiently fulfil your business needs. Therefore, when you decide to switch to plug and play Cloud ERP based modules, TYASuite can transform your business drastically.

Sep 23, 2020 | 8 min read | views 703 Read More
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TYASuite

Supplier Management Software: Know All The Insider Secrets

Are you looking for the best supplier management software? If yes, then you are in the right place. Looking for business software can be overpowering. Google search results can be like to stroll down on a market road bazaar. Search results work as market vendors showing their new products and yelling at you to purchase here. Hence, it can get exceptionally generic and overpowering rapidly.

Supplier management tools must provide an exceptional set of functionalities that help you enhance the right way you speak with vendors. Also, the ultimate objective of making this cycle more beneficial than whatever you're doing now. So what are these novel functions? Here, you'll discover a detailed guide for picking the best supplier management software that is right for you.

What is a Supplier management System (Software)?

Generally, supplier management software serves as a project, communication, and payroll management solution for organizations utilizing freelancers and contractors.

Best Supplier management software serves three main features:

1. Vendor Engagement

Accessible and efficient communications modes that enable quick and simple interaction amid contractors and the managers they work with.

2. Project Management

An advantageous tool for process tracking, task assignment, work coordination, and different features of agile project management and collaboration platform.

3. Payroll Management

Straightforward and effective processes to sort out vendor and contractual worker payments, agreements, and costs.

How To Choose the Best Supplier Management Software For Small Business

There are many vendor management software to look over. Regardless of whether you try and narrow it down to those appropriate for small businesses. So before you can pick a supplier management tool, consider this. To begin with, you have to characterize what needs this framework will serve. At that point, think about what features it can play to make your business run smoother and spare costs.

When you deliberately deal with your vendors, you can rapidly identify zones for compliance gaps, consolidation, and performance management. At the point when you know all that, you can ensure that you're getting the extreme value from your suppliers. You should have the option to lessen risks and make smart choices. That all starts with the correct supplier management software.

Every business has its prerequisites, and nobody knows your business as you do. But, there are more than a couple of demands that are valid for each business:

1. Ease of Use

Having a brilliant tool that nobody utilizes is more terrible than no tool at all. While choosing a solution to deal with your managers, ensure it's one administrator and team leaders will work with.

2. Ease of Deployment

Ensure the tool you pick is financially savvy when you think about all the factors. Among them is the deployment speed, particularly if you have a quickly developing business that requires a supplier management tool yesterday.

3. Compatibility & Integration

Your Supplier Management Software will not work in a vacuum. If you want to integrate other systems, consider what frameworks your supplier Management software needs to connect with, and plan this process well before picking the correct solution for your business.

4. Vendor Characteristics

It's essential to pick a framework you'll be happy with utilizing, and your work contractors like. But if your freelancers and contractors are not ready to utilize it - you'll have an issue. Consider your vendors' propensities, uniqueness, and their behaviors, both as people and as a team.

5. Payroll & Work Hours Logging

If you already have payroll software, you may need your vendor management tool to incorporate with it, to keep everything in a single place. You may likewise need to utilize an inherent time clock to monitor your contractual worker's billable hours, so you're never astonished toward the week's end or month. If these are functions you need, search for them while picking a VMS.

6. Compliance & Regulations

A few businesses require specific cycles to comply with native legislation and guidelines. Banks, development projects, and clinical fields are only a couple of them that require supplier management ERP with help for specific features, workflows, and training methods. Ensure your supplier management software can answer these queries.

7. Qualification, Training & Onboarding

By what means will your supplier management software work with your hiring, training, and onboarding cycles for vendors? By what means will it make them more powerful (and practical) to execute? If you need to utilize your supplier management cloud ERP to onboard vendors, train them appropriately before assigning them tasks, think about these functions to incorporate in your list of demands.

8. Project Management

If your vendors can be appointed to different undertakings as per their aptitudes and skills, you should utilize a supplier management tool that lets you manage work processes, ideally with pre-made layouts to enable fast deployment and customization.

9. Communication, Collaboration & Engagement

You need your vendors to invest time doing what you pay for, and doing whatever it takes not to get undertakings or wasting their time accomplishing something that isn't exactly what their director meant when they relegated a task to a contractor. To make things clear, enable efficient collaboration and interaction among vendors and their managers.

10. Security & Reliability

Peace of mind is one of the most ignored models while choosing a software of any sort. Which is a disgrace! A lot more contractors would have thicker normal hair if this was a thought. Envision exactly what amount of hair you would lose if your vendor records disappeared, got hacked, or modified by unapproved users of the framework? Try not to disregard these horrible situations, and pick the supplier management software to keep your line with a solution that provides security and strength.

4 Best Supplier Management Software of 2020

1. TYASuite VMS

TYASuite Vendor Management Software or Supplier management Software is the world's 1st plug and plays cloud software that is hosted on a cloud server, which makes it secure and safe to use. With its outstanding functionalities like RFI/RFQ, vendor rate card mapping, vendor audit score, real-time screening, multi-location handling, onboarding of vendors, reverse biddings, and a lot more. It is surely an effective and efficient VMS tool to manage your business vendor-related issues.

Who it's for: Businesses working in exceptionally directed and high-risk industries like, aviation, construction, services, transport, and healthcare provision as well as business with high volume of vendors as well as business which requires a timely payments to their vendors.

Pricing: monthly/yearly.

2. Ivalua Supplier Management

This strong SaaS software provides 22 modules for various business processes: e-sourcing, spend analysis, procure-to-pay; and supplier management. Its supplier management platform incorporates functionalities for document validation, vendor data management, risk assessment, and a lot more.

Who it's for: Businesses searching for central profile management for their vendors. For associations in exceptionally managed businesses (like healthcare and manufacturing) Ivalua provides industry-specific solution bundles.

Pricing: $2,000.00/month/user

3. Tipalti

This worldwide payment automation software is your complete payroll and supplier management software. It can help you manage the authoritative side of representative, supplier, and vendor payments, from onboarding to tax compliance, everything in an online cloud-based solution.

Who it's for: Organizations looking to handle their payroll and automate other payment procedures.

Pricing: $850/month plus a flat transaction fee based on the payment method.

4. ProcureWare

ProcureWare is a supplier management, bidding, sourcing, and contract management ERP solution. Supplier management functions uphold the making of a redid supplier self-registration process, permitting centralized admittance to a searchable, and updated supplier database.

Who it's for: Businesses looking to streamline vendor diversity and enable for vendor project bidding.

Pricing: By quote

Supplier Management and Beyond

Big numbers of the supplier management software solutions out there offer much more than what you may have set out as your needs in choosing the supplier management software for your business. Odds are that a large number of these frameworks incorporate functions that can replace existing software and solutions in your business. Consequently, expanding efficiency and reducing costs.

Generally, the solutions we've listed above oblige all the necessities that today businesses have in handling vendors. Indeed, these requirements change quickly. So our last tip to you is to think about the necessities and objectives your businesses and your vendors will have tomorrow, as opposed to today.

TYASuite is one of the best supplier management software solutions in 2020. It is designed to manage vendors of any business efficiently. It enables businesses to go paperless and outsource vendors using the best Supplier Management Software. You should try it for yourself and perceive how it can help with your supplier management by taking a free demo.

TYASuite Cloud ERP is a World 1st Plug and Play ERP Solutions. It has a lot of pre-customized features that can be modified to suit your requirement in the click of a button.

Sep 21, 2020 | 8 min read | views 469 Read More
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TYASuite

11 Top Cloud Based ERP Software of 2020 | Secrets Revealed

While ERP software may give an impression of being costly from the outset, their firmly integrated cycles would generally compensate for the underlying steep investment. This is the reason numerous businesses treat them as investments instead of costs. Besides, these solutions boost productivity and, in expansion, esteem. In this way, they are ideal considered as assets rather than liabilities.

But, if you are searching for the best cloud ERP software in 2020, at that point you've come to the ideal place. In this post, we present the 11 best cloud ERP software you can discover on the market now. We positioned them as far as how they coordinate assets well from numerous departments, their convenience, adaptability, and analytics. Ideally, you can discover something that accommodates your business preferences and requirements.

What Are the Top cloud ERP software?

  1. TYASuite ERP Software
  2. Scoro
  3. Odoo
  4. Sage Intacct
  5. Syspro
  6. Oracle ERP Cloud
  7. SAP ERP
  8. Epicor ERP
  9. Brightpearl
  10. FinancialForce ERP
  11. Microsoft Business Central

Getting an ERP platform is certifiably not a quick pass to the magic fortune of 500 lists. An instant reality check on a few very much advertised ERP failures should deal with bringing you sensible quick. If there's one thing to be found out about these, it's that while ERP guarantees luxurious returns, achievement doesn't come for the time being using a one-time purchase and simply watching it overpower staff and CEOs.

Quit worrying about that ERP solutions for SMEs are currently extremely common, motioning to businesses that ERP software has never been more available. But the underlying elation can simply wear off once you discover that implementation can likewise mean a lot of interruption and, hence, longer implementation. The greatest challenge of ERP integration is hierarchical change. Even though 95% of businesses report upgrades in the wake of utilizing ERP tools, around 74% experience delays in the project, and approx. 64% go over budget.

The Biggest Problem in ERP Projects: Organizational Change

The Biggest Problem in ERP Projects: Organizational Change

It isn't going great from that point. An individual sets aside a decent measure of effort to figure out how to utilize advanced tools well, significantly more the entire association. The accomplishment of the ERP platform relies on a very much idea of a change management plan, to persuade users why change is vital and why they should be prepared for it if they are to be included at all. Consequently, before you invest in a top ERP software, you ought to likewise plan how to turn it out.

The solution is clear as the issue: establishing an appropriate authoritative change management plan can get the ball on the road in the correct way, on time, and in all probability without hopping over the financial plan.

11 Best Cloud ERP Solutions

1. TYASuite ERP

With broad tools from procurement to financial management, production, billing and order management, and supply chain management to fulfillment and warehouse, cloud-based TYASuite ERP covers all the business processes that you have to incorporate to cause your business to work at an ideal stream. The wide scope of services has profited businesses of any size, making it the most broadly integrated ERP platform in the market today. Business proprietors and their workers hail the app for how it makes their work more clear in the context of the general business objective. TYASuite Cloud ERP is world 1st plug and play cloud ERP where you can go live in weeks.

2. Scoro

A project management ERP that is essentially vague from standard ERP contributions, Scoro helps organizations tie up numerous work processes and groups through definite work management tools. It accompanies invoicing tools, numerous currency support, and other financial modules. It likewise offers a CRM that paves the way for expanded sales, and insightful reporting and analytics functions to help business proprietors start acting responsibly and develop their businesses.

3. Odoo

It is an open-source, cloud-based platform with every computing module you will need or consider, Odoo is your portal to propping up your business for progress with applications that you can incorporate and downsize as you see fit. It is one of the best tools for your accounting and financial management, CRM and sales modules, purchase, invoicing, costs and payment, HR and recruitment, eCommerce, timesheet, and project management needs, among others.

4. Sage Intacct

AICPA-certified Sage Intacct gives all the basic financial business requirements. The cloud-based platform has accuracy accounting at its core, with expansions for inventory management, bank reconciliation, numerous sales tax calculations, and various currency support. Your financial information is protected by big business security conventions, while amazing analytics gives you helpful reports to guide your organization to develop.

5. SYSPRO

Accessible as a cloud or on-premise integration, 40-year nonconformist SYSPRO deploys numerous outstanding computing innovations to help businesses with top-rated accounting services, billing, quote and payment management, supply chain control and inventory management, auditing and fraud detection, order and invoice processing, and forecasting. It outfits bots to deal with dull and unremarkable tasks, so human operators can focus on what they excel at.

6. Oracle ERP Cloud

Among those in this accumulation of the best cloud ERP software platforms with a worldwide impression, Oracle ERP Cloud sets out a strong business establishment. An adaptable way to deal with pricing lets you run the application whenever and pay just for those functions that you use, sans any agreement term. If commitment is more as you would prefer, Oracle provides an agreement term from 1 to 7 years, the cost contingent again upon the modules that you choose.

7. SAP ERP

From Germany and a brand that is inseparable from reliability and longevity, SAP ERP gives completely consistent financial and accounting solutions alongside sales and CRM features, HR and supply chain management, procurement and billing modules to deal with different aspects of your business from one intuitive dashboard.

8. Epicor ERP

Consolidating the most recent advancements with what is already a strong ERP, Epicor ERP conveys coordinated, consistent business activities that benefit as much as possible from the digital technology in the field of artificial knowledge, big data, and mobile computing. It manages the most unpredictable numbers for effective, big data, accounting, and financial management, responsive client communications, human capital, supply chain, and inventory management, alongside project management, among others.

9. Brightpearl

Cloud-based Brightpearl packages together the most fundamental computing solutions to help your business explore the advanced demands of worldwide trade. The solutions extend from inventory and order management, sales order, purchasing, accounting, and vendor management, to delivery and fulfillment.

10. FinancialForce ERP

One of the best cloud-based ERP software is FinancialForce ERP, which is a salesforce's software of professional services automation tools acclaimed by best industry practices and insightful analytics to get your business rapidly going for progress as only Salesforce knows how. The tools are worked around a strong financial management framework that highlights smart billing processes, alongside a great general ledger.

11. Microsoft Business Central

Microsoft Business Central is the most recent manifestation of business management solution Dynamics Nav, presently providing a cloud-based membership choice and robust integration with other programs of Microsoft. The new iteration includes a remarkable business analytics tool on head of the jobs and financial management, human resource and payroll, project management, inventory management, sales, and marketing tools that Dynamics Nav was prestigious for.

Are You Ready for Your ERP Integration?

Well, those are the first-class ERP software accessible on the market. But once more, simply having the right software doesn't get you the advantages that top organization users do. There is a "delicate" part with regards to implementation, and that is the individuals. It involves some persuading and training them to utilize these top cloud ERP software to their most elevated potential. Accordingly, there is truly more work to be done when you receive a solution from the outset.

Adoption needs planning

Authoritative change requires planning. What's more, probably the most ideal approach to start your ERP integration planning is to evaluate some software first. Indeed, we suggest you start from our highest level platform, TYASuite Cloud ERP. It is a full-fledged ERP solution with simple to-utilize, amazing features from collaboration software to analytics. If you need to examine the highlights intently, you can undoubtedly do so when you sign up for a TYASuite Cloud ERP free demo.

If you take this way, you'd have hands-on expertise with the platform and see whether it will work for you first. Thusly, you would have a thought of how the transition pretty much would work for your association. Additionally, power users pair their ERP platforms with different systems, for example, inventory and purchasing solutions, among others. Likewise, ensure that your picked ERP software will likewise accommodate your present architecture, design, culture, and use.

We at TYASuite always thrive our best to cater to the best industry experience with inexpensive ERP Cloud software. Getting a free demo of TYASuite ERP is one of the initial steps to take.

Let's get in touch and start your journey with TYASuite Plug & Play Cloud ERP today.

Sep 18, 2020 | 8 min read | views 5465 Read More
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TYASuite

Inventory Management Software: Improve Business Productivity

Are you looking to improve your business productivity? Is managing your business inventory getting out of hand?

An effective inventory management tool can enable companies to swiftly take advantage of the changing market demands at substantially low prices. This will also assist in the proper functioning of the supply chain system which might change their potential customers into actual customers.

The following strategies can help in improving business productivity through inventory management software to deliver better results:

Categorize the Products

The categorization of the inventory stocks is important. There are many products which a company tends to sell and holding them at one warehouse is a tedious task. Therefore, a user-friendly system of categorization is helpful as it classifies the items based on value and documentation. One of the most famous methods to do it is “ABC classification”. This system also keeps the inventory tracking system up to date. TYASuite catalog management feature can also help you to create catalogs for all your products which provides a point of differentiation amongst them.

Integrate Mobile Technology

By integrating your inventory with mobile technology, it will improve your business productivity effectively. This can also help in warehousing management by controlling and tracking the stocks and shipping them at the right time and location. It can also drive towards a better supply chain thus, in turn, improving customer satisfaction.

Use of Efficacious Data Analysis Feature

From time to time every company needs to analyze its inventory and requires forecasts for the future. A built-in analysis tool will speed up the process which will be fruitful for the profit margins of the organization. Also, the company can keep an update about the stocks to its increasing demand in the market through an inventory tracking tool, which will tell exactly when to reorder the products.

Invest In Training

Training your staff to work with the modern Cloud ERP software in a constructive way is essential. This will dramatically enhance the workflow and the results which you were hoping would be achieved in less time. This is one of the main strategies for improving business productivity as, without prior knowledge about warehouse management software, these staff members won’t be able to function properly; for only you to realize months down the line that you haven’t accomplished the result you were hoping for.

Upgradation of Shipping Structure

Proper and successful inventory management largely depends on the warehousing and shipping system of the company. If the packages are not handled carefully and delivered at the correct time, then this could harm the reputation of your company. This problem can be tackled by a flexibleinventory management software, which will lead to overall efficiency in the warehousing facility of the organization. This can be accomplished through TYASuite’s supplier management and barcoding/RFID feature which enhances your shipping structure altogether.

We at TYASuite family always thrive our best to cater to the best experience you can have in the industry with inexpensive ERP Cloud software.

Try TYASuite plug and play ERP software which provides you with the best services at affordable prices. Grab our FREE DEMO version now before the offer vanishes with a blink of an eye!

Sep 15, 2020 | 3 min read | views 1324 Read More
TYASuite

TYASuite

Make Your Business Process Easier with the Best e-Procurement Software

By bringing suppliers online and streamlining the entire process with the help of a procurement software is making the way of a business easier than ever. For organizations using the best e-procurement software, business processes have become transparent and easy to manage.

E-procurement implies that procuring products from suppliers/vendors and interacting with vendors online. Businesses create e-procurement portals where vendors can register. Once they’re registered, vendors see which products are required and quote prices at which they will supply them. This streamlines the whole process and makes everything simplified and transparent. As every transaction is done online; corruption, which plagued procurement in the past, has been eliminated.

Earlier what vendors could do only by visiting buyers' premises, is now done online. This has lowered the overall costs for stakeholders and creates a win-win situation for the companies and the vendors. There is no to and from between purchasers and sellers because communication is simple and easy. Also, all vendors who have registered on e-procurement portals or vendor management portal, they enjoy equal access to data and information. This builds faith in the processes, and between vendors as well as businesses.

Why Do Business Need Procurement Software?

Because Procurement software or procurement to payment software as it called many times can make the purchasing process streamlined, automated, organized, and efficient. The primary task of procurement tools is to make the life of business owners easier and their business more productive. Automating the processes of purchasing materials and goods as well as maintaining an inventory of products usually is performed through automation and simplification of such functions as:

  1. Sending Quotation request online through quotation management software
  2. Receiving and comparing quotations without any manual effort
  3. Ordering a product or service
  4. Generating, receiving, and fulfilling purchase orders
  5. Sending and processing invoices
  6. Maintaining an inventory
  7. Matching invoices to the materials received
  8. Paying all the bills online
  9. Tracking, controlling, approving the entire procurement process

Benefits of E-procurement Software in Business

  1. Advantages of procure to pay Businesses with e-procurement portals can create Request for Proposals (RFPs) for vendors. Once RFPs are created, vendors quote prices at which they will fulfil them. Quotes submitted by vendors help businesses shortlist suppliers.
  2. E-procurement cloud portals also enable businesses to create auctions. Businesses hold reverse bidding by stating any vendor willing to supply a product at a less than quoted price will win a contract. Hence unlike traditional procurement channels, e-procurement quickly allows businesses to receive quotes from many vendors. This software can also play role of reverse bidding software.
  3. Another advantage of procurement management system is they store all information online thus eliminating the need to manually keep track of it. But the advantages of e-procurement portals don’t end here. Technology is reshaping what is possible with e-procurement portals.
  4. Artificial Intelligence (AI) has an important role to play in e-procurement. Like search engines, e-procurement portals use AI to produce relevant results. When users input keywords in portals, AI produces relevant results. This makes finding buyers' needs easy for vendors.

Key Features of Procurement Software

If you’re still unconvinced by this evaluation, here are a few of the less obvious, but equally rewarding features of using Procurement software:

  1. Flexibility: Sourcing and procurement software applications like TYASuite are native to cloud, mobile, and touch innovations. This means that customers can access it anyplace, anytime, and on any of the computing devices – tablet, laptop, or mobile phone.
  2. Everything Under One Roof: As a single, unified platform that incorporates all relevant features at its core, such a tool allows more constant data, processes, and workflows. And unlike modular items, integration is seamless, so you don’t need to think about the integration costs, delays, or glitches.
  3. Speed: It is designed to speed up and strengthen the way procurement pros work, such software helps you to switch fluidly between similar tasks.
  4. Boost Adoption & Happiness: Intuitive, user-friendly tools smooth the learning curve, boosting adoption, and supporting use over the long duration, thereby needing no comprehensive or expensive re-training.
  5. Proven Best Practices: Standardize on documented, best practice processes field-tested across a wide range of industries, requirements, and uses that help your procurement team achieve tangible savings faster.
  6. Boost Savings: The overall functionality of procurement platforms helps the realization of significantly more leading savings, usually in the 25 to 40 percent range.
  7. Save Time: Save time and effort spent on vendor discovery and on-boarding a new world of suppliers already combined into your core sourcing and procurement platform, completely integrated with your native workflow.

So in the end, if you aren’t already using procurement cloud software, you’re efficiently losing out on the opportunity to streamline and hence automate significant parts of a very complex system that could very easily be costing you millions with every passing day. This then just begs the query – what are you waiting for?

TYASuite is the best e-procurement software suite that can take your business to the next level and increase productivity 10 times higher.

At TYASuite, we offer end to end procurement software that can enable any business to boost its profit. TYASuite Cloud procurement Software is a World 1st Plug and Play software. It has a lot of pre-customized features that can be modified to suit your requirement in the click of a button.

Don’t miss our free demo in a time of crisis.

Sep 14, 2020 | 5 min read | views 490 Read More
TYASuite

TYASuite

Top Vendor Management Software: Best Features And Benefits

In this fast-paced world, businesses around the globe are working tirelessly to make ends meet. While doing so they work and handle several suppliers at once. The business environment becomes complex for a person to handle all the processes manually, to overcome this problem a vendor management software is the best solution available in the market.

As the business grows, these vendors are not merely people who provide goods, services, or platforms to companies but also become a partner, in the long run, to achieve success simultaneously. A cloud ERP Vendor Management Tool helps in easy onboarding of suppliers, performance tracking through vendor tracking tool feature, timely payments through accounts payable automation software, contract management, risk management, and strong relationship bonds.

There are many features and benefits of Vendor management software which can help you to enhance your business processes with higher productivity to yield fruitful results.

Features of Vendor Management Software

1. Easy Onboarding

A supplier management software helps in easy and faster onboarding of suppliers. This reduces time wastage by screening the vendors on a real-time basis. It also provides information about the vendors and uses diversified catalogs to ease the whole process.

2. Endorses Collaborations

A cloud-based vendor management tool enhances and promotes the process of collaborations with other processes and vendors. Due to easy collaborations with other departments, it becomes easy to monitor and analyze the performance of vendors. It also avoids redundancy in business operations.

3. Efficient Tracking

It also keeps a tab on the performance of the vendors to draw useful insights from the derived data. It helps in keeping into consideration the vendors who do not adhere to the rules and regulations of the company and need to be blacklisted.

4. Self-service to Vendors

This is a feature where it gives the vendor the liberty to update their information, and get regular alerts on new orders and payments. Vendor Portal Software or vendor Login software feature allows this facility.

5. Reviewing of Critical Information

A vendor software also helps in précising reviewing all the critical information relating to any third-party vendor risk. This is done by using proper rules and regulations. It also helps in gathering and storing all the essential contracts in one place for future reference.

Benefits of Vendor Management Software

1. Centralized Management

From vendor onboarding, billing information, and contracts, everything is managed in one place. It eases the process of data retrieval and helps in analyzing that information at a faster rate.

2. Stronger Supplier Relationships

With in-built features, vendors can create customized criteria for everything. There is a transparency in reviewing the performance of the vendors which boosts the morale of the vendors. It thus creates good bonds between suppliers and management.

3. Helps in Mitigating Risks

A supplier portal software also helps in mitigating risks involving vendors and the way they perform. There are times when a company needs to fulfill certain conditions to onboard a vendor. Thus, all the compliances relating to suppliers are taken care of due to cloud ERP vendor software.

4. Provides Better Value

The main objective of a vendor management tool is to provide better value to the company regarding the money they are investing in that supplier. Thus, it leads to a huge amount of savings in the long run if implemented perfectly. Reverse Bidding software function helps organization to always have the lowest possible cost of the procurement.

5. Enhances Productivity

It also assists in enhancing the overall productivity of the business. From finding the right vendors to the products which are needed by the business to the timely re-stocking, everything is planned smoothly.

Why Choose TYASuite Vendor Management Software

TYASuite Vendor Management Software is India’s 1st plug and play software that is hosted on a cloud server, which makes it safe and secure to use. With its unique features like RFI/RFQ, vendor audit score, vendor rate card mapping, real-time screening and onboarding of vendors, multi-location handling, and much more, it surely is an effective tool to use to manage your business vendor-related problems. The software is affordable and reliable as well as customizable.

Sep 11, 2020 | 4 min read | views 1847 Read More
TYASuite

TYASuite

Analyze the top features of inventory management software

While stepping up the success ladder in the corporate world, one of the biggest challenge which any business face is related to inventory. With a surge in the demand for goods, there has been a tough competition among organizations to sell more and more types of items. Every company tends to increase the number of products they sell which at times creates hodgepodge due to mishandling of operations at such a large scale. Due to mis-management Inventory gets slow-moving, spoiled, overstocked etc. To cater to these problems an inventory management software is the best solution. It has many features and benefits which prove to yield fruitful results for a company. Some of them are-

Features of Inventory Management

1. Catalogue Creation

Often a company deals within a range of products and services and managing them all at once is a tedious task. To overcome this, an inventory management system provides the feature of creating catalogues. This eases the process of searching for a specific item from the wide list of available options.

2. Barcoding System

Each product is given a unique barcode to identify and track the whereabouts of that item. This helps in providing transparency in operations while exactly knowing when the product will reach its end consumer.

3. Pricing Management

This feature of inventory management software helps in controlling the prices of each product regarding the market price. If there is a change in the prices, the system would automatically update the price for an efficient working system.

4. Return Management

Most of the time, a customer wants to return a certain product due to size or quality issues. Managing the return process efficiently becomes a hassled task while optimally managing the task of fulfilling the new orders on time. But with inventory management, this can become an easy task. 

Benefits of Inventory Management

1. Visibility of Inventory On Real-Time Basis

One of the main benefits of an inventory management software is to provide up-to-date reports about inventory to the management for the smooth functioning of business operations.

2. Automate Re-Order Process

Businesses often run out of stock due to untimely replenishment of the inventory. This leads to a bad image of the company in the market among its customers. To save you from this situation an inventory control system would keep a track of the stock in the inventory and would automatically place an order to replenish the stock. 

3. Highlighting Slow-moving items

A good inventory management software can highlight to management slow moving items in your company. Based on this, management can take a timely decisions to liquidate the inventory at a discount before it is too late.

4. Digital Tracking of Goods

From the time when a customer places an order, he/she wants to know when they would receive it. With the help of inventory tracking software, it keeps a digital track of the goods until they reach the customers in good shape and form. 

5. Robust Reporting

This system also provides detailed analysis reports which are useful in managing the inventory of the company. Thus with these reports, the process of decision making is eased with faster outputs.

6. Integration with Other Processes

An inventory management software is integrated with other business processes like procurement to pay, sales, and more to increase productivity with utmost efficiency. 

Have a glance at TYASuite Inventory Management Software which lets you undergo your inventory-related tasks hassle-free in less time frame. Through its unique features like grant-specific controls, multi-location GST option, filter functions, RFID feature, it assists you in seamlessly fulfilling your business operations. Therefore when a company decides to switch to plug and play Cloud ERP based modules, it can transform its business drastically.

Sep 10, 2020 | 4 min read | views 1039 Read More
TYASuite

TYASuite

Best Procurement Software to Automate Your Business Process

Do you have an integrated software to deal with your procurement to pay process? Is your supply chain as proficient and accurate as you'd like? If not, you might be missing a chance to ensure quick delivery times, better productivity, economies of scale, and lower overall costs. Procurement software can help you to ensure the most gainful decisions in your procurement processes. 

How to Select the Best Procurement Software: A Handy Guide

- What Is Procurement Software?

- Types of Procurement Software

- Features of Procurement Software

- Benefits of Procurement Software

- Best Procurement Software in the Market

  1. Procurify Software
  2. TYASuite Procurement to Pay Software
  3. Precoro Software
  4. Promena e-Sourcing
  5. Kissflow Procurement Cloud
  6. Fraxion Spend Management

- Conclusion

What Is Procurement Software?

Procurement to pay software helps you to issue Purchase orders for services and products and monitor all key order information in real-time including purchase quantities, vendor, delivery timeframes, product or service purchased, payment terms, and costs. Many Procurement software also helps you management the requirements from the user department and helps you automate the Purhcase Order process as well.

Types of Procurement Software

The best procurement software is available on the market in a number of different varieties. Despite the significant differences in each software's functioning, the majority refer to it as procurement software.

Procurement software is also known as purchase order software, you can assure that every order is authorized, legitimate, and trackable. By connecting your procurement process to inventory control, you can get accurate stock quantities, seasonal trends, movement history, and supplier lead times.

Another type of best procurement software is procure-to-pay software, which connects your purchasing department with your accounts payable department. This will help to simplify your organization's purchasing supply chain.

Third kind of procurement software links your entire procurement to vendor and manages your vendors as well. SAP Ariba, TYASuite Supplier Management Software are the few software which exists in the world which helps manages end to end procurement and supplier management.

Key Features of Procurement Software

Feature Definition
PR document creation Procurement software enables for the creation of Requisition documents and helping track the approval of the requisition as per company policy and within the budget.
PO document creation Procurement software enables for the creation of purchasing documentation for both internal tracking purposes and communication with suppliers.
Vendor database Vendor database functionalities allow for the tracking of supplier information such as payment and service terms and vendor order histories.
PO/invoice matching Automated tools that assist in the 3-Way matching of vendor-issued invoices to the corresponding procurement order provide an important cost control safeguard.
PO status tracking Reporting data on procurement status helps with a variety of business tasks including allowing production/service/job teams to plan future activities and sales to communicate to customers expected fulfilment timeframes.
Approvals management Requisition systems improve cost control efforts by formalizing a purchase review process.
Receiving management Receiving management functionality provides tools for verifying that goods have been properly resolved and puts in place workflows that allow for the timely resolution of instances where items are not received on time, in proper condition, or at all.
Blanket purchase order A blanket purchase order is a document provided to a supplier that provides authorization for ongoing purchases up to a certain dollar amount or until other business conditions have been fulfilled and can be used to create purchasing efficiencies where repeated, ongoing purchases will need to be made.
Automatic or recurring purchase orders Support for recurring purchase enables the creation of procurement orders in the future when particular conditions have been met and provide a means of significantly decreasing the labour associated with authorizing purchasing events.
Supplier lead time management Portraying both procurement initiation dates and order reception dates gives a source for discovering average lead time by a supplier, which can be used to determine supplier selection when supplies/goods are required to meet expedited order/production/delivery deadlines.
Automated Payments Certain Procurement software helps you automate payment of the invoices. Through automated work-flow and linking to your banks, the payments for the invoices can be pushed to your banks on due dates subject to approvals.
Compliances Only Procure to Payment Flow is not sufficient. You must need to check if your software is capable to handle local compliances related to GST, TDS, cash payments etc.

Benefits of Procurement Software

  1. You can share and collaborate internally
  2. Share and collaborate with suppliers/vendors on a single platform
  3. You can regulate procurement processes within your company
  4. Track events and receive alerts
  5. Investigate the business intelligence data to gain information into the procurement process so that you can estimate and plan accordingly
  6. Minimize operational and logistics costs
  7. Eliminate Manual process and manual errors

Top Rated Best Procurement Software in the Market

Procurify Software

Procurify is one of the cloud-based procurement to pay solutions that help businesses manage, track, and control spend. Businesses can centralize all purchasing data while allowing teammates to do their purchasing.

This real-time solution helps users build, track, and report on all requisitions, POs (purchase orders) and expenses. The purchaseorder processing system is structured to provide a user experience similar to online shopping and offers integrations i.e. Amazon Punch-out. 

TYASuite Procurement to Pay Software

TYASuite is a cloud-based e-procurement software created to help businesses manage and simplify the whole supply chain lifecycle, from raw material procurement to sales order distribution. Experts can leverage artificial intelligence technology to estimate project profitability, build and assign tasks to particular users, and receive automated reminders of project updates. 

Features of TYASuite include end to end procurement lifecycle from Purchase Requisition to Payments to vendors including expense tracking, access control, inbuilt work flows and approval flows, returns management, data import/export, collaboration, and more. IT also helps end to end vendor management form vendor onboarding, request for proposal (RFP), request for information (RFI), request for quotation (RFQ), and e-auction solutions, reverse bidding and many more. TYASuite is India?s 1st Supplier Management Platform which is interested into its Procurement software to give a complete end to end package to your company. What best is you can go live within 7 days in your company with their plug and play features.

Precoro Software

Precoro is a cloud-based purchasing tool that simplifies procurement processes for small and medium-sized organizations. Key features include the creation of purchase order and delivery, billing, visual analytics on spends by departments, receiving, real-time budgeting, three-way matching, and catalog management long with product links.

Precoro enables users to design purchase requests, receive purchase orders, and set automated approval routing. Precoro?s vendor management tool stores supplier data including contact information, addresses, and payment terms that help users in creating purchase orders.

Promena e-Sourcing

Promena e-Sourcing is an organized cloud-based procurement, sourcing, and auction management software. It enables strategic solutions, such as a request for proposal (RFP), request for information (RFI), request for quotation (RFQ), and e-auction solutions.

Promena e-Sourcing help users to push purchasing exercises to the cloud. Its e-Tender and e-Auction modules create a transparent and simplified purchasing environment for users as well as prospective customers.

Kissflow Procurement

Kissflow Procurement software is ideal for businesses that are either transitioning from manual procurement management modules, implementing a solution for the first time, or replacing disparate point solutions. With Kissflow, organizations can reduce guesswork and make better, quicker, and smarter purchasing decisions. Kissflow is less of a procurement software but more of approval work flow platform.

Fraxion Spend Management

Fraxion gives complete procurement solutions for purchase requisitioning, spend management, expense management, and spend analysis.

The solution helps mobile purchase requisition-to-purchase order features with advanced approval routing, invoice approval, quoting, and 3-way matching abilities.

Conclusion - 

The ideal way to start your search is by checking out the features and benefits of top procurement platforms. You can do this by signing up for the free demo offered by leading procurement to pay software providers like TYASuite. 

At TYASuite, we offer end to end best procurement software that can enable any business to boost its profit. TYASuite Cloud procurement module is a World 1st Plug and Play procurement software. It has a lot of pre-customized features that can be modified to suit your requirement in the click of a button.

Sep 08, 2020 | 8 min read | views 596 Read More
TYASuite

TYASuite

How to Choose Best ERP Software? An Essential Guide to Help You

When the market is flooded with a lot of solutions for businesses of all shapes and sizes, it becomes challenging for CIOs to zero in on the best ERP Software for consistent and robust management of its resources and operations.

The decision to choose the best ERP software for your business is a task no less difficult than finding the right partner for marriage. Whether you are the CIO of a big enterprise or the managing director of a growing small or mid-sized business (SMB), there is no scope to err in zeroing in on the best ERP software for your business.

The stakes are high and the implications of any wrong move are hazardous to the overall health of the business. We have seen many businesses have lost years of time and money before they could realize that they have selected the wrong ERP. Hence, it is best to be prudent while making ERP selection.

Here are a few suggestions that can help you to navigate your way towards selecting the best ERP software from the multitude of options available in the market, many of which may not understand the language that your business processes talk in.

1. Know Your Requirements

Before venturing out on the search of an ERP solution, it is important that you first ascertain the areas of your business that are ailing and need a cure. In simple words, identify the pain points that are pulling your business down, and also list down areas of your business that you would want to be streamlined via process integration and automation. Defining requirements helps in mapping the expectations with features and functionalities that the different ERP