Smart Sourcing Redefined, Driving Efficiency in Procurement Excellence
Procurement in Retail refers to the most critical function of sourcing of goods and services that matches customer preferences as well as considered important by a Retail Enterprise. Procurement function covers the entire gamut of activities involved right from the selection of goods and services that can profitably be offered to Customers in tandem to the business model of the Retail Enterprise. Since good and services move across the globe in the current modern supply chain era, procurement activities extend to understanding international commercial norms and dealings. In any Retail Enterprise, Procurement is given utmost importance for the simple reason that if smart sourcing can be done, smart profits can be earned.
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With the consumer supremacy on the uphill, the Procurement function is also getting interlinked to corporate good practices and ethics. An ethical procurer is welcomed by an ethical customer creating barriers for non-ethical procurers to acquire goods easily. Safe sourcing has become an important ingredient of smart sourcing and traceability factors are playing a major role in procurement decision making. Due to the close alignment of Procurement practices with the strategic objectives of Retail Enterprises, Procurement has become strategic sourcing occupying high governance importance on Retail ERP products. With the emergence of new-age collaborative business practices and better analytics, the Procurement Module is emerging as a natural extension of prevalent systems to bring transparency, automation, and efficiency into purchase processes. Hence Procurement module occupies a pivot position in Retail ERP, and can help save money, time, and efforts.
Retail ViVA’s Procurement Module is built to streamline procurement decisions for buying teams to do smart sourcing from domestic and international vendors, agents, and partners. Retail ViVA captures all cost to arrive at accurate landed costs, which is an important ingredient for customer pricing strategy. Integrated with Retail ViVA’s Open-to-Buy tool, the Procurement Module provides the best decision support system for buying teams to make well-informed decisions, keeping inventory movement, customer off-take, and vendor supply lead times.
Features
- Full coverage of Procure-to-Pay process with integrated internal controls
- Facility to Market Buying and integrate into organized buying process with internal controls
- Good record keeping through integration with Enterprise Content Management
Benefits
- Integrated with Supplier Portal Module, Procurement functions fosters building long term relationship with Vendors and paves for strategic sourcing
- Integrated with Retail ViVA’s Open-to-Buy tool, Buying teams get the benefit of best decision support system to make right procurement decisions
- Integrated with inventory and budgeting modules, Retailers can analyze spend management and derive insights for cost savings
Retail ViVA’s Procurement Module is designed to foster long term partnerships
with Vendors and drive souring as a strategic process to gain optimum value at both ends with the ultimate aim of providing best value to end customers. The Procure-to-Pay processes are widely covered integrated with other modules including auto-posting to General Ledger and Sub Ledgers.
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