Trusted purchase order management software can reduce administrative costs, promote accountability, improve communication and asset oversight, and help your organisation to scale efficiently and effectually. Contract Insight can help you to make better purchasing decisions with comprehensive asset lifecycle management.
Purchase order workflow
Establishing a system to manage purchase orders will ensure budgetary compliance, save money and streamline the purchasing process as follows:
- Set spending thresholds: If you are a software administrator, you can set spending thresholds for individual users, and review reports regarding the spending habits of employees.
- Create a purchase order: Add a new purchase order record in Contract Insight, and then enter important purchase order information into your system’s configurable fields.
- Add relevant line items: Simply add items from your organisation’s approved catalogue or add one-off item.
- Author purchase order: Easily merge your purchase order document and your organisation’s letterhead with an approved template and terms within your system.
- Send a new document: Your new purchase order document can be emailed directly to suppliers or posted to your supplier gateway.
- Compare purchase order amount: Compare the purchase order’s total amount against the budget for your purchase order contract record.
- Track receivables: Confirm that your purchase order matches up with the items that have been received.
Purchase order process implementation
Our purchase order management software module is user-friendly and convenient by nature of its integration with the rest of your system.
Contract Insight allows you to sync a contract’s budget with a corresponding purchase order record. This unifies your purchasing process and gives you more transparency. As users add line items to a purchase order record, the total purchase order amount will change accordingly. In turn, the system provides you with the percentage of your contract budget that any given purchase order represents. So you can easily compare actual purchases to the terms defined in a contract.
In the purchase order module, Contract Insight system administrators can set spending thresholds for individual requesters and approvers. With this feature, you can see what percentage of a contract’s budget their employees have used, as well as precisely what they’ve spent the budget on. System administrators can have governance over employee spending permissions within your system. Once an employee reaches their budget limit, they are no longer able to add/approve purchase orders. So you can easily decrease unnecessary spending.
A streamlined purchase process
It also offers useful tools for supplier purchasing, order management and streamlined purchase order consolidation and duplication. Contract Insight’s Punchout Integration makes requests and fulfillment easy. Users select products from leading suppliers using web catalogues. The system’s Shopping Cart module allows authorised users to create purchase orders and requests. With easy item catalogue creation, simple transfer of line items from a contract into a catalogue replaces the need for monotonous data entry. From a visual standpoint, Contract Insight users can browse catalogs with eye-grabbing images of items as they scroll.
Contract Insight users can set up flexible purchase requests and request processes. They can create their document templates to be generated with purchase orders. They can easily email a prepared purchase order document to a counterparty or supplier right from Contract Insight. With flexible features, its streamlined purchasing process can easily align with your needs.
Revolutionise purchase orders with Contract Insight
Contract Insight revolutionises your purchasing process with:
- requests and templated term creation
- the tracking of order amounts against contract record budgets
- reduced data entry and purchase order consolidation
- asset transparency with a easy view of orders and where they are located
- visibility into request details, including requestor, request status, line items and supplier information
- expedited purchase orders, as well as the easy viewing of quantities received, assets on purchase orders and approvals
- easy tracking of asset receipt dates, locations and shrinkage
- inventory management for replenishment need visibility and the reduction of unneeded purchases.
Contract Insight from Four
Contract Insight is a cloud-hosted (SaaS) or deployed (on-premise) contract management solution. The acclaimed platform is trusted by thousands of professionals for their contract management, legal document management, procurement and sourcing needs. Used by many Fortune 500 companies, Contract Insight gives you real time visibility into your contracts. It doesn’t just shore up your security; it will help you meet contract compliance regulations, centralise your contract management and improve your overall contract administration process.
For more information, contact John O’Brien, CEO at Four Business Solutions, global business consultants and software integrators providing business processes improvements in Finance, Supply Chain and Operations, across a broad range of industries.