Dynamics NAV Procurement
Microsoft Dynamics NAV Procurement module offers the efficient management of procurement, detailed data about every purchase and payables, and it records all the relevant data with respect to suppliers, price lists and catalogs of items.
Dynamics NAV Procurement module includes among else:
- Records of incoming invoices
- Allocation of the purchase costs on the internal organizational units
- Periodical Accounts
- Working in multiple currencies
- Standard procurement
- Debt Management
- Detailed data about the suppliers, their conditions and methods of doing business
Dynamics NAV Procurement Benefits:
- Control of the debts of the business – effective management of costs and payments through rapid notification of past due to payments, electronic approval of documents and immediate monitoring of cash flow.
- Optimization of the financial condition of the company through strategic planning of the flows of payments and maximal use of policy discount.
- Increased opportunities for the procurement by signing the contracts with privileged conditions and access to data on the history of purchase.
- Easy allocation of the costs in periods through automatic calculation and the account entry.
- More effective execution of the activities on a daily basis.
Dynamics NAV Procurement provides instant, real-time access to inventory and order status, production plans, material and product specifications, promotional programs and discounts, and tools for maintaining delivery status with suppliers.
In addition, the procurement authorization functionality via the Dynamics NAV workflow functionality allows electronic approval according to the organization’s unique purchasing approval policies.
Dynamics NAV procurement functionality includes:
- Real-time, the dimensional inventory data based on actual materials use and the replenishment status.
- Available-to-promise and capable-to-promise quantities.
- Inbound shipment time.
- Integration with production plans (manufacturing).
- Item tracking through receipt, production, and distribution.
- Inventory attributes adding a lot of numbers, serial numbers, and the multiple SKU’s.
- Supply Chain Risk Management flagging the changes, delays, or other unexpected events.
- Create demand forecasts and the production plans based on data about demand, orders, and the material supply.
- Notifications that alert the relevant personnel of transaction changes, supply chain events such as the missing PO confirmations or late supplier shipments.
- Three increasingly difficult levels of the advanced warehouse management functionality.
Requisition Management functionality allows the organization to automate their requisition process. The system suggests the purchase orders based on a variety of information, such as minimum, maximum, and reorder quantities and algorithms that can include all data points available in the system pertaining to do demand, production planning, and supply.
Purchase Order Authorization
Automatically the alert managers and the senior executives with emails notifying them when their approval is necessary. Document Management allows the electronic capture of an external document, like vendor quotes, to satisfy even the most rigorous internal control policies.
Understanding what procurement strategies mean
A procurement strategy is one that takes into account all the aspects that affect the supply of raw materials, parts and other inventory necessary to complete an order. Consider the seasonality of products as one such factor. There are many products that have their highest sales at certain points of the year due to their specific purpose.
Purchasing for jobs has to consider when these orders occur, so companies can buy accordingly. At the same time, it must be done carefully, for any unused inventory will just sit there until it’s properly disposed of. That can get expensive over time due to the cost of storage in a warehouse.
There are also matters of when a reliable supplier suddenly becomes unreliable. With material sources coming from anywhere in the world, there’s a greater risk of something disrupting the supply chain, from political and labor activities to sudden changes in the cost of supplies, to supply ships being lost at sea or commandeered by pirates.
All of these facts mean a procurement strategy should include contingency plans. The most common one has a secondary source for particular raw materials, especially one from a more reliable location. In this way, while it may be more expensive to do business with them, shops can procure materials and still get the job done.