Enterprise Purchase Order Management
Automatically track, manage, organize, and instantly route approved requests for PO creation with an Enterprise Procurement System. Increase control over transactions, keep Purchasing commitments up to date, and streamline the procurement process company-wide.
Purchase orders are an important tool that help organizations keep spending within budget, avoid duplicate purchases, track committed costs, reduce the potential for errors or fraud, and gain visibility into spending patterns. Paramount WorkPlace provides enterprise-level purchase order management capabilities through the Enterprise Procurement System, allowing you to better manage the vital purchase order (PO) process.
The WorkPlace Enterprise Procurement System’s purchase order management function automatically tracks, manages, organizes, and instantly routes approved requisition requests for PO creation. Companies can increase control over transactions, keep committed cost values up to date, and streamline the procurement process enterprise-wide.
Features and benefits of an Enterprise Procurement System:
- Control: Full control over who is permitted to create manual Purchase Orders, initiate Change Orders or automatically generate from approved Requisition and RFQ workflows
- Flexibility: Flexibility to release PO via automatic email, printer/fax, and cXML
- Speed: One click Receipt and Invoice creation options directly from the PO screen
- Documentation: Full Change Order Management document retention, revision number tracking, and approval workflow
- Auditability: Quantity status and detailed audit log, tracking actions throughout the purchasing lifecycle
- Insight: Effective Dashboards and analytics of Purchase Order status, detailed audit logs, inquiries, and reporting for compliance with purchasing authorizations
Terms & Definitions
What is a Purchase Order:
A purchase order is a commercial document issued by a buyer to a seller, indicating types, quantities, terms, and agreed prices for products or services.
What is Enterprise Grade:
Enterprise Grade describes products that integrate into an infrastructure with a minimum of complexity and are robust and scalable across a large organization.
What is a Dashboard:
Dashboards often provide at-a-glance views of KPIs (key performance indicators) relevant to a particular objective or business process.
What is a Change Order:
A change order is work that is added to or deleted from the original scope of work of a contract or purchase order.
What are Committed Costs:
Committed costs are the costs which have not yet been paid, but an agreement, such as a purchase order or contract, has been made so that the cost will be incurred.
What is cXML:
cXML (commerce eXtensible Markup Language) is a programming language designed to standardize the communications between procurement applications and eCommerce suppliers.