A new customer acquisition costs 5-25X more than making sales to an existing one. Also, considering facts, existing customers spend about 67% more than the new customers. In short, it is vital to ensure business keeps rewarding customers for continued association for products & services offered by the company.
While identifying & rewarding your right customers is vital, business also aims to manage & reward vendors with efficacy. Automating procurement process which is quite labour intensive, becomes vital on grounds of following reasons:
- Rogue purchasing due to lack of oversight
- Communication breakdown with varied vendors
- Purchase office complexity & bottlenecks
Digitizing procurement process helps purchase department members to focus more on business critical activities like decision making & strategizing.
CUSTOMERS & VENDORS, most vital entities for successful running of any business
Field Service Procurement, an unanimous cloud platform for business to connect & manage their vendors and customers with efficacy & enable vendors even connect to business’ customers & help them avail services on offer.
- Purchase Requisition
- Receive customer requisitions for reward against budget achievement
- Purchase Orders
- Invite vendors for RFQ
- Chat Facility
- Intelligent selection of vendor & RFQ against PR using AI
- Raise PO
- Vendor Management
- On-boarding
- Maintaining
- Purchase Invoices
- Smart decoding of invoices using ML
- Validation rule engine
- Automatic parking for accounting & approvals in AP department
- Reconciliation against Quote, proposal & actual invoice
- Integrations
- Account postings to legacy systems
- Accounts Payable
- Analytics
- RFQ to PR
- RFQ to PR to Vendor Invoice
- Timely submissions of RFQ
- Timely service enablement
- Vendor Trend
- Ad hoc reporting
Benefits
- Three way matching of VI with RFQ, GR and RFP
- Proliferation of productivity in purchase department
- Optimized reconciliation efforts for accounts department
- Brings transparency in awarding PO
- Improvises business relations with customers & clients