In today’s uncertain economic times, supply chain disruption is an obstacle many companies continuously face. To stay competitive, organizations will need to expand their supplier relationships and diversify with whom they conduct business. One way to address the constant shifts in supply and demand can be through established vendor relationships. Leveraging NetSuite’s Advanced Procurement module, specifically requests for quotes (RFQ) and granting suppliers access to the vendor center, are two ways to help conquer these issues.
Request for Quote
Using the RFQ transaction within NetSuite, companies can begin the process of setting up contracts with new and existing vendors. They can analyze which vendor best fits their organizational needs and obtain a better idea related to the pricing and quantity that various vendors can fulfill. In these uncertain times, RFQs will allow a company to have multiple supplier relationships in place in the instance that they are all needed to meet demand, or if a vendor is not able to meet all procurement needs. Contract effective and bid open and close dates on the RFQ ensure timeliness of the vendor submitting their pricing, discounts, terms, and other relevant details. Check out the demo video below for an inside look.
NetSuite’s Vendor Center allows companies to direct their suppliers to a single place for documents and relevant information. With access to the vendor dashboard, suppliers can respond to RFQs or view current and past purchase orders, decreasing turnaround time. In a time where teams are running leaner, ensuring vendors know there is one place where they can find answers to their questions is increasingly helpful.
Julianna Holtzman is a Consultant in Bridgepoint’s NetSuite Consulting practice. She has worked in NetSuite as a functional consultant for over two years implementing modules for multiple clients in different industries. Julianna honed her analytical and problem-solving skills through practical experience on a ERP team where she was responsible for multiple phases of script testing, database conversion and documentation. She has a degree in Management Information Systems with a concentration in Enterprise Resource Planning from the University of Arkansas.