A PO Management software is essentially a part of the inventory management system of any organization which itself could be a part of an extensive ERP package. With competition being the way it is and every organization trying its bit to grab the maximum of market share, a Purchase Order Management Software can make a big, big difference in the way procurements are handled and processed in organizations for the best outcomes.
Among other things, the purchasing software in order to be efficient and effective for its purpose ought to have the following features:
- Should control operations that form part of procurement like vendor listing, supplier & item linking, sending quotation request to vendors, receive and record quotations, analyse quotes, prepare POs, track purchases, prepare goods receipt notes, and update stock inventories and make other reports.
- Should help with rate fixation with vendors: Purchase order management being linked closely to vendor management, the former besides recording physical details of stocks when received for management should also have the facility to inspect and record if the supplies physical characteristics match those on paper
- Purchasing software can help as the purchasing workbench with its MRP details that have complete details of vendors, details of the latter’s contracts and documented lead-time so as to assist in quick recharge of materials to avoid stockouts.
- The best PO software can be the master-file with humongous details of vendors when it comes to vendor-item pricing, discount details, quality, delivery and lead-time details so that only the best vendors can be used.
- The Best Purchasing Software shall also have details of past performance of vendors in every material form including quality of supply, pricing, discounts offered, lead-time to mention some
The Best Purchasing Software can also be the best inventory-level reflector which indicates to organizations when they need to crank up their purchases.