Smart Procurement and Contract Life Cycle Management

Smart Procurement and Contract Life Cycle Management system is a single end-to-end procurement solution that helps in increasing the efficiency of the contract management process. It ensures the easy creation of a purchase requisition, ebidding, purchase order & contract with associated legal documents, validations, approvals, document generation using templates and centralized storage for easy collaboration. It guides users efficiently through procurement processes, improving efficiency while ensuring adherence to organization policies and compliance requirements. Optional integration with ERP/SAP for easy administration is available.

Key Features

  • Vendor master management, allowing the setting of different types of vendors, with the ability to define contacts for each type of vendor.
  • Purchase Requisition (PR) process for different types of PRs
  • E-Bidding and Vendor Evaluation, including RFQ, set up with Approval process for release of RFQs to vendors, selection of Vendors to whom the RFQ is to be sent.
  • Quotes and Evaluation with record & evaluate quotes from vendors. and approval process for accepting the evaluation criteria
  • Recording award details (e-Bidding) Process to record award details based on the evaluation, with contract number and PO for RFQs
  • Procurement contracts with different types of Contracts (Direct, Indirect, Leases etc.). Process of contract creation, associating with relevant Vendors
  • Custom templates for auto-generation of contract documents based on key figures from the contract.
  • Alerts and reminders based on contract values, terminations, contract expiry dates, etc.
  • Process for extension, amendments and termination of procurement contracts
  • Purchase Order (PO) process for different POs corresponding to the respective PR and contract type.

Benefits

  • Complete End-to-End procurement solution.
  • The system stands out for its flexibility, adapting to the simplest or most complex requirements
  • Helps in reducing third-party supplier risk by integrating all your suppliers, contracts and spend and aligning with market intelligence.
  • Lower your procurement and commercial operating costs by automating and streamlining procurement processes
  • Reduces errors and missed commitments due to standardised procurement processes

Smart Procurement and Contract Life Cycle Management Demonstration