How NetSuite SuiteProcurement Lowers Your Business Operating Cost

Are you ready to transform your indirect procurement process into a source of efficiency and savings?  

Traditional procurement methods just aren’t cutting it anymore in a business world where time and dollars count. Efficiency in procurement is important, and to reduce costs and simplify operations and growth within the highly competitive business landscape today cannot be overstated. Proper tools can help optimize the procure-to-pay cycle and help save time, money, and effort on every purchase. 

Oracle NetSuite unveiled its newest solution: SuiteProcurement. This solution is being introduced to make processes easier while saving much-needed funds with the purchasing system by allowing the customers to track and control every purchase from request to payment. Simplifying the procure-to-pay cycle by making automation in tools and even through partnering with vendors and being smart, fast, and more effective, it serves that purpose.  

Let’s explore how NetSuite’s new indirect procurement solution, SuiteProcurement will redefine procurement for growth-oriented businesses like yours.  

What is NetSuite SuiteProcurement?  

Oracle NetSuite SuiteProcurement SuiteApp is a comprehensive, fully embedded procurement application in NetSuite ERP. It is specially designed to simplify and centralize the indirect procurement processes of your business. Indirect procurement pertains to the purchasing of products and services required to operate a business.  

Ideal for fast-growing businesses, this procurement solution streamlines and automates the process from item selection and purchase order creation to approval of purchase orders, interactions with the selected vendors, and payment processing. This streamlined approach puts companies in control of indirect spending and ensures organizational policies are adhered to.  

With SuiteProcurement, businesses can make direct purchases of all their necessary goods and services from trading partners such as Amazon Business and Staples Business Advantage. This thereby centralizes purchasing power and helps you easily unlock exclusive discounts on business essentials, turning it into an invaluable addition for cost-sensitive organizations.  

As Evan Goldberg, founder and executive vice president of Oracle NetSuite, highlights, “by giving customers access to great offers they can purchase from Amazon Business and Staples Business Advantage directly in NetSuite, SuiteProcurement will help them optimize spending and efficiently buy the goods and services needed to support growth.”  

Core Features of NetSuite SuiteProcurement 

SuiteProcurement is equipped with features that make it quite easy to streamline the procure-to-pay lifecycle including:  

• Consumer-Like Buying Experience:  

SuiteProcurement uses Oracle Business Network (OBN) to facilitate integrated, electronic document exchanges with preferred suppliers. You can browse partner sites, select items, and automatically generate purchase requests, creating a smooth buying experience. The system makes use of NetSuite’s unified interface to make purchasing simple and familiar. That means you can punch out directly to your vendor's e-commerce site, browse and shop around for your items, and then check out, and the SuiteApp automatically creates a purchase request in NetSuite with the automatic initiation of the approval process.  

• Approval Routing and Compliance 

Customizable approval workflows offered by SuiteProcurement route purchase requests to the right approvers at the right time upon meeting the predefined conditions. This ensures internal compliance and decreases unauthorized spending.  

• Automated Purchase Order Creation 

Once the purchase requests are approved, purchase orders are automatically generated and sent to suppliers. All other communications like order confirmations, shipping notifications, delivery notifications, and bills from the vendors are also tracked on NetSuite, so you can take immediate action. All this is done without any delay, while manual intervention is completely avoided to prevent any kind of error.  

• Three-Way Matching 

SuiteProcurement helps to reduce discrepancies via a three-way matching, which cross-references purchase orders, item receipts, and vendor bills. This is critical for heightening transaction integrity and becomes an antidote to the risk of fraud.  

How SuiteProcurement Benefits Your Business 

• Seamless Vendor Integration through Oracle Business Network 

Integrated electronic document exchanges with preferred suppliers are supported by SuiteProcurement through the Oracle Business Network (OBN). It connects your business directly to vendors for order placements, shipping update management, and bill management from within the NetSuite platform.  

• Enhanced Control Over Spending 

SuiteProcurement centralizes purchasing across departments, which means that all procurement activities are transparent and aligned with organizational budgets and policies. With real-time visibility, you can monitor spending across vendors, projects, and locations, which helps prevent overages and ensures responsible purchasing.  

• Vendor Partnerships for Exclusive Discounts 

SuiteProcurement partners with Amazon Business and Staples Business Advantage to give companies a way to avail discounts on core purchases. Amazon Business gives a 12-month, no-cost Amazon Business Prime Medium membership with further discount on renewal in subsequent years, while Staples Business Advantage offers dynamic pricing which can save companies up to 10% on business essentials for SuiteProcurement customers.  

• Automated Approvals and Order Processing 

The SuiteApp lets you automate approval workflows based on parameters such as department location and spending limits, tailored to suit your business requirements. This automation ensures that purchase requests are quickly processed and approved, as well as ensuring compliance with organizational policy.  

• Improved Data Accuracy 

With SuiteProcurement, data on purchases and vendors is centralized. This reduces errors and ensures that accuracy prevails across procurement records. This feature makes accounting processes easier since it automatically costs procurement expenses to the correct general ledger (GL) accounts. This helps track that the expenditure comes from the appropriate budget and avoids manual adjustments in accounting.  

Challenges Addressed by SuiteProcurement  

• Eliminate Unplanned Spending:  

As SuiteProcurement ensures purchases from approved suppliers and creates a visible purchasing trail, you can easily eliminate unplanned spending. Every purchase request, from request to payment, is tracked within NetSuite, ensuring compliance with purchasing policies.  

• Multiple Disconnected Systems 

Many companies suffer from inefficiencies due to separate systems for procurement and accounting. SuiteProcurement, being a part of the NetSuite ERP, allows procurement processes to be integrated with accounting and allows you to understand how spending impacts budgets in real-time.  

• Manual Processes and Data Entry 

The automation capability eliminates the need for manual data entry and thus saves time and reduces errors. Automatically generating purchase requests, routing approvals, and much more makes your team focus more on value-added tasks.  

How SuiteProcurement Drives Value for Growing Businesses 

NetSuite SuiteProcurement adds immense value for growing companies in terms of flexibility and efficiency. The elimination of manual work enables your procurement team to focus more on strategic activities such as vendor negotiations and contract management. In addition, the direct connections with Amazon Business and Staples Business Advantage create additional cost savings and make everyday business essentials easy to purchase.  

It offers a unified, user-friendly interface that is integrated seamlessly into the existing business workflows. The SuiteApp can assist you to clearly understand procurement-related expenditure, optimize purchase decisions, and thus enhance the bottom-line result organizations already invested in NetSuite.  

Wrapping Up  

Oracle NetSuite's SuiteProcurement is a game changer in terms of cutting-edge automation and strategic vendor partnerships. It offers a modern, automated end-to-end solution for indirect procurement. Companies aiming for complete control over their procure-to-pay process will benefit significantly from SuiteProcurement.  

Want to learn more on how NetSuite SuiteProcurement can make your procurement operation more efficient and effective? Don’t hesitate to reach out to us. We are here to help you make the most of NetSuite and maximize the potential of your business. Contact us now!