The procurement management module automates and controls workflow and implements both procedural and approval processes for purchasing expenditures. EAM purchasing manages every aspect of the purchasing cycle from requisition creation, approvals, supplier selection, purchase order placement, and goods receipt through invoice matching.
Work performed on physical assets often requires the purchase of materials or services. Stocked materials are bought when materials management determines that an item needs to be replenished, while non-stocked items are purchased based on need. Purchasing management ensures that the organization selects qualified suppliers and obtains the best price and delivery terms for required materials and services. They also ensure that goods are delivered on schedule, that quality standards are maintained, and that suppliers are paid correctly. EAM purchasing also retains historical data about suppliers’ track records, enabling purchasing personnel to select the best suppliers for requirements, negotiate favorable terms, and limit financial exposure to individual suppliers.
Module features
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Module feature |
Description of feature |
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Purchase requisition generation |
With the purchasing management module, you can create purchase requisitions manually or automatically when inventory drops below minimum stock levels. Generate requisitions for approval or to transfer requisitions to purchase order processing. |
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Requests for quotations |
Quotations are requests to suppliers for prices on parts and services. With the purchase management module, you can perform the following tasks:
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Purchase orders |
Create purchase orders for immediate needs from purchase requisitions, from a low-stock items record, or from RFQs. The purchasing management module supports the following elements:
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Invoice vouchers |
EAM invoicing allows you to create vouchers for invoices received from suppliers. After receipt of materials and services, EAM invoicing matches the received goods against purchase orders taking into consideration specified ranges of tolerance set for extra charges or discounts and invoiced quantities. You can also record invoice vouchers for credit and/or debit notes for which your inventory and cost will be reduced, e.g., returns. The invoicing process also includes non-purchase order vouchers to record invoices for items or services received without associated purchase orders. |
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Contracts |
Create and supervise standard contracts to include a contract clause library, purchase order and item discounts, applicable dates, shipment and payment conditions, and contract value. Support for multi-tiered contracts. |