Supplier relationship management (SRM) is the coordinated plan developed jointly by the consumer and the supplier to improve the overall performance of the operation and reduce total supply chain costs. SRM helps making closer and more collaborative relationships with important supplier to implementation new value and reduce risk of failure. SRM includes strategic sourcing, supply and support the comprehensive procurement solutions.
Contact management is the management of contracts from customers, vendors, partners, or employees. It helps to support all customer lifecycle which covers any process that creates or utilizes contract data. Contact management includes following steps: request, generate, negotiate, approval, execute, report, comply and rewiew. A contract is legal agreement between the parties. There are many types of contracts, e.g. sales contract, purchasing contract, partnership contract and trade agreements.
Purchasing contract is contract between a seller and a buyer. The seller agrees to transfer the ownership of the property to the buyer, and the buyer agrees to accept the property and pay him a sum of money. Purchasing contract also includes some basic conditions of supply that define the basic rights and obligations of contracting parties at transportation, packaging and labeling of goods, cargo insurance and registration of the commercial documentation.
Contract lifecycle is methodical management of a contract from its initiation to performance of a contract. The positive side of this method is that guaranteed respect for each stage and regulation slightest inaccuracy during the cycle. In practice, contract lifecycle can leaded to improvements in cost savings, efficiency and the observance of all legal norms.
Supplier onboarding includes some special relationships between customer and supplier. Main feature of relationships is that you can work with a lot of different suppliers using a single database. This means that the work between the customer and supplier will be more efficient and productive for both sides.
Supplier Management is management concept to the planning and management of all the flow of information on raw materials, products, services and emerging. It includes all activities with supply chain such as sourcing, movement and storage. One of the aims of this concept is control of supply chain at every stage and demand management within and across companies. Besides use supplier management may lead to improve inventory visibility and the velocity of inventory movement.
Punchout Catalog is a method by which buyer can to access a supplier's Website from its own procurement application. Buyer can look through the Web-based catalog and choose some goods but no orders are sent to the supplier when the user checks out from Punchout catalog.It is only a visual material from supplier to customer. The information contained in this catalog is always current because punchout catalog is an own database of supplier.
Approval Routing is a business practice which used for managing approvers in organization. It improves internal control in organization because different users can create and confirm orders, depending on their level of access. In practice, approval routing helps to enhance transparency on spending allowing managers to reduce unnecessary spending.
Purchase order software is software created for investment procurement. The advantages of it is that all applications created automatically. Also, the control of residues and needs happens automatically too. Programs eliminate manual data processing that ensures minimization of errors and effectiveness of use.
Purchase order management is an internal organization function. The purchase managment covers all activities that relate with purchase and acquisition of various goods or services.Company's order is an internal document specifying the requirements and their costs.The order performed, if approved by persons with the appropriate authority.
Purchase order system is an organized system for easy purchase order management. There are many different software, which helps to systematize. This is necessary in order to manage orders efficiently on the basis of already implemented. Electronic document management is much better than paper documents. The electronic orders can easily keep track of recurring orders and extra orders will not be created. In addition, the use of electronic document management ensures the security of data against loss or damage.
Purchase order process is process in the company that draws up the order in the form in which it can be sent to the supplier. This process includes the activities of the successful approved the formation of needs and obtain the necessary goods according to the purchase order.
Purchase Order confirmation is final process before executing the order. At this point the customer approves with the supplier the exact price, time and place of delivery. This creates a documentary basis that the two sides come to an agreement. Usually, you cannot make changes to this confirmation after its approval. The last stage of the procurement process is a receipt of goods by the customer. In this period the action of the purchase order ends because all the items of the contract fulfilled.