Last week, NetSuite held its 5th annual user conference, SuiteWorld. During the event, there are always exciting announcements alongside previews of new features. Here at NoBlue we’re writing a series of blogs to keep you up to date with all the big news.
During his keynote last Wednesday, NetSuite Founder and CTO Evan Goldberg unveiled NetSuite’s next-generation procure-to-pay capabilities. Designed to increase efficiency, simplify the user experience, and improve control over spend visibility across the entire organisation, the new procure-to-pay release is expected to include the following features:
As easy to use as a B2C website
Built using NetSuite’s SuiteCommerce platform, NetSuite’s commerce-ready procure-to-pay makes entering employee requisitions easier than ever before. It is expected to deliver a superior B2C-like shopping experience with an intuitive, simplified purchasing flow and user interface allowing employees to make intelligent purchases at the right time, at the right cost.
Blanket purchase ordering
This will allow employees to buy, receive and expense goods at their convenience over a fixed period of time following one single set of negotiations with a vendor, rather than having to repeat the same process again and again.
Flexible and customisable workflow
This will allow busy business users to save time by establishing role-based and rule-based limits on purchases. For example, by setting minimum limits on purchases that require management approval or flagging specific suppliers for review based on past order history, credit rating or other factors, this can eliminate cumbersome and redundant negotiations.
Dashboards provide real-time visibility into metrics across the organisation, including purchase orders of direct materials and third-party logistics. Linked to NetSuite demand planning, purchasing is improved not just at specific costs or quantities but also at the best time period, thereby optimising when to make a purchase and at what cost.
Self-service vendor center
This will allow vendors to enter responses to quotes, view purchases, check the status of quotes and purchases, and monitor accounts payable reports and time tracking on extended projects.
Global vendor management
Multi-currency, multi-language and multi-subsidiary capabilities with support for local accounting regulations and country-level financial and indirect tax reporting.
NetSuite’s procure-to-pay can provide businesses with unprecedented visibility into suppliers including global organisations with multiple subsidiaries at both the aggregate level and the subsidiary level with the entire purchasing history tracked in NetSuite’s unified system.
That visibility can allow businesses to monitor supplier balances and unpaid bills and set vendor credit limits by subsidiary, identify purchasing changes over time, and helping to ensure that the company is spending wisely.
NetSuite seamlessly ties procurement processes to mission-critical business processes including financials, inventory management, order management, demand planning, supply chain, financial consolidation, multi-currency and financial reporting.
Are you interested in using this new functionality? Or do you have anything to add? Let us know in the comments below, we’d love to hear your thoughts.