Catalogue based purchasing (Rate Contract) Facility of bulk rate at lowest competitive price.
Catalog based purchasing (Rate Contract) solution is a completely interactive e-procurement application, providing real time access to suppliers. You can compare prices, check inventory and transmit purchase orders in real time. You no longer need to pick up a phone, type a fax or even send an email to place an order or check on the status of the order.
Subsequently, the supplier will send an electronic invoice and after the required approvals, payment can be made to the supplier electronically. Since all the activities associated with procurement are linked to each other, it eliminates the need for cumbersome reconciliation besides providing a robust audit trail.
A major advantage of this system is that it will facilitate demand aggregation between all the offices/stores/project sites i.e., it will enable the aggregation of the requirements for similar items across the offices/stores/project sites and use this aggregated demand to negotiate better rates with the suppliers. The system will also link the procurement data of all the offices and make available a centralised procurement database for querying and real time MIS/reporting.