An important part of conducting business is procurement and this has been true ever since the existence of commerce. Even though scribes no longer keep note of transactions on papyrus scrolls, the practice of carefully choosing and acquiring the products and services that are required for daily business operations is still crucial.
Procurement can have a direct impact on the bottom line of a business by enabling it to consistently obtain the raw materials required at the most affordable price.
The procurement processes are often taken for granted until something gets in the way.
The fast-paced business environment of today demands an effective procurement process to have a competitive edge.
When the process is efficient it not only saves money for a company but also ensures that the supply of materials is steady without any roadblocks. In this article, we will explore how your organization’s procurement process can be streamlined with DynaPro for Microsoft Dynamics 365.
Understanding procurement:
The definition of procurement is not the same for every company. For some, it is the range of activities associated with acquiring goods or services, with procurement teams striving to acquire supply that offers the best value at reasonable prices.
Other businesses believe that procurement includes every step, from obtaining suppliers and gathering business requirements to monitoring the delivery of goods and revising payment conditions.
For a few others, it consists of a narrow range of activities that include only issuing purchase orders and making payments. A series of steps is involved in the procurement process, which are as follows:
- Identify the materials required
- Select a supplier
- Discuss the trading agreement’s terms with the chosen provider
- Complete and submit the purchase order
- Obtain the invoice and handle the payment
- Delivery and audit of the final order
- Maintain a record of invoices
Such manual processes can often result in unwanted mistakes. It may lead to inaccuracies, delays, and approval bottlenecks. There can be instances of unauthorized spending and even overspending.
All such issues can be fixed with the help of automation. It will be helpful for every user including purchaser, approver, and accounting. Procurement management software takes the processes around purchasing goods and services and centralizes them into a single system.
Similarly, DynaPro is a robust e-procurement add-on for Microsoft Dynamics 365 Business Central. It is designed specifically to control the purchasing process.
It automates workflows, and assignments, allows collaboration between teams, and boosts accuracy. Let us check out the features of the application:
Purchase Requisition Features:
This feature enables a user to enter the purchase requests directly in the ERP system. It either enables advanced approvals or provides four-state management – open, pending, approved, and closed.
The user will also get a general setup for defining the status field on PRQ. This application can create quotes directly from the purchase requisition worksheet and send an RFQ end email to each selected vendor.
Such a feature of the application saves time as it reduces the total number of emails along with unmanaged purchase requests. The automated workflows ensure efficient processing of purchase orders which minimizes errors and manual involvement.
Budget Control Features:
Planning your budgets is the very first step you need to take so that a budget structure is made. With the help of Microsoft Dynamics 365, you can compare your budget and the total expenses.
The feature ensures expenses are within the limit and do not cross the pre-defined budget. It also creates templates that include the finances and dimensions needed for each one.
If you need a revision of the budget then it is also possible with this feature. For your business, this feature will boost efficiency with quick, precise budgetary figures that enhance departmental financial performance.
Procurement performance can be understood through integrated analytics and reporting systems, Companies will be able to track supplier performance, find areas for cost savings, and examine spending trends.
Contract management:
All of your business contracts might be created, managed, and analysed directly in Business Central with the help of Contract Management. Businesses will be able to minimize excess inventory, prevent stockouts, and maintain ideal stock levels with the use of advanced inventory management skills. With the help of real-time inventory tracking accurate visibility into stock levels and movements is ensured with this feature.
The procedure for overseeing enforceable contracts between your business and its suppliers or clients i.e., sales and purchase contract management is easily possible with this application.
There are a number of benefits of DynaPro Advanced Procurement Solution for Microsoft Dynamics 365 Business Central. These are as follows:
- Increased Efficiency: This automation feature of this procurement management software diminishes manual tasks which in turn reduces the chances of errors and increases operating efficiency by speeding up cycle times. Automated purchasing ensures that accuracy is improved and time is saved for your business.
- Improved supplier relationship: It is possible to build and maintain a strong supplier relationship with effective vendor management tools. It also guarantees more dependable deliveries and better terms.
- Save time and costs: Your business will be able to save a lot of time and money when there is improvement in the supplier negotiations and streamlining the procurement procedures. Time is also saved when outdated systems and manual purchasing processes are replaced with automation. It reduces the chances of unauthorized spending and overspending. Purchase requests can be directly inserted in the procurement erp system.
- Amplified visibility and scalability: Informed decision-making is made possible by real-time data and analytics, which offers thorough visibility into procurement operations. Microsoft Dynamics 365 Business Central being a cloud-based solution, can expand with your organization, handling more complicated and larger procurement volumes.
Conclusion:
A strong and all-inclusive solution for handling procurement procedures in contemporary businesses is provided by DynaPro for Microsoft Dynamics 365 Business Central.
A business will be able to increase productivity, cut costs, and strengthen its connections with suppliers by utilizing its sophisticated capabilities and interacting with the larger Dynamics 365 ecosystem.
With the advancement of technology, Microsoft Dynamics 365 will continue to be a crucial facilitator of innovation and change in procurement procedures, assisting businesses in maintaining their competitiveness in a business environment that is rapidly changing.
If a business invests in such a procurement erp system it will help the business in managing the related activities of the procurement process. For procurement management in the coming years, Microsoft Dynamics 365 Business Central will be the only answer because of its integration capabilities, scalability, and powerful tools.
Dynamics Business Solutions (DBS) is certified Microsoft Dynamics partner in UAE, we take pride in our ability to develop and deploy the right business solution that matches global client’s requirements. DBS has developed in-house state of the art solutions for HR and Payroll, Dynamo and DynaPay on top of Microsoft Dynamics 365 FO and Business Central respectively. These solutions are catering the all business needs of HR and Payroll departments. We provide best services and support to our clients.
To know more, speak to our expert at Dubai: +971 4 447 5525 Abu Dhabi: +971 2 222 2100 or inbox us your query at info@dynamics.ae OR visit www.dynamics.ae
