Purchasing is not something that should be handled with a pen-and-paper technique in business, as manual errors can lead to massive losses. That’s why it is important to have an organized and automated system like Odoo in place.
With the Odoo purchase order system, the entire procurement process is automated, covering everything from creating purchase orders and managing vendors to processing payments.
Odoo purchase order system provides clear visibility into the entire purchasing process, allowing you to make changes while it is still ongoing to minimize errors.
That way, you can reduce the risks that crop up in the purchasing department which may also have an impact on production and sales.
In this blog, you will know how Odoo Purchase can help your business in Malaysia.
Let us start!
Why Use Odoo Purchase Management Software?
Purchase management software automates and simplifies the entire process from purchase requisition creation to payment to the supplier, ensuring all steps are efficiently managed and tracked.
However, it's important to note that not all purchase management software solutions will be suitable for every business in Malaysia.
4 reasons you should use Odoo purchase management software:
Automated purchasing workflow
Multi-step purchase approvals
Complete vendor pricelist
Automated purchase orders
Using Odoo purchase order management system is a smart choice for businesses as it automates the entire purchasing workflow seamlessly. This automation reduces manual errors such as missing or duplicate orders, ultimately saving your business time and money.
What’s great about Odoo is it allows you to automatically send requests for quotations to suppliers based on factors like stock levels, manufacturing orders, and sales orders. This helps you make quick and efficient purchasing decisions, ensuring your business always has enough inventory on hand.
Another good thing about Odoo Purchase is you can create your own purchase order template to suit your needs. It gives you complete control over the design of your purchase orders and maintains consistency across all your documents.
With the Odoo Purchase module, you can easily manage all your purchase orders in one place, achieving greater efficiency in your purchasing operations.
Multi-step purchase approvals
Automating an approval process in procurement is necessary to effectively keep companies within budgetary constraints and adhere to company policies. Automating the approval process hinders employees from bypassing the approval process to prevent any unauthorized purchase, fraud, and overspending.
In Odoo Purchase, you have the flexibility to define the approval route, persons involved, and monetary thresholds for each department, allowing for consistent and transparent approval processes based on the criteria you defined. Once the requisitions are approved, they are automatically converted into purchase orders and sent to suppliers.
Overall, automated multi-step purchase approvals in procurement are essential to ensure purchases are always in line with the company’s policies and reduce delays.
One of the primary goals of your business is to obtain the best value for the money. Call for tenders is an effective way to achieve this goal, preventing you from overpaying for products and services.
Odoo Purchase offers an easy and efficient way to execute calls for tenders. You can easily send requests for quotations to multiple vendors and compare their offers in a single view. From there, you can evaluate the suppliers based on various criteria, including price, delivery lead time, quality, and other relevant factors.
After choosing the best offer, you can create and issue the purchase orders with just a few clicks, automatically closing the call for tenders.
Call for tenders in Odoo Purchase is a powerful tool to help companies to ensure that they are getting competitive prices and a wide range of options from different suppliers.
Complete vendor pricelist
Vendor pricelist is a really handy tool in the purchasing process because they let you keep track of the prices you have paid for products or services from different vendors in the past.
With the vendor pricelist in Odoo Purchase, you can easily access information on pricing, delivery times, quantities, and other relevant details for each vendor's products or services in real time. That way, you can quickly identify and compare the deals on offer and decide which vendors to work with for each purchase.
Using a vendor pricelist also helps to negotiate better deals with vendors, resulting in getting the best possible value for money.
In short, vendor pricelists are a key part of the purchasing process that helps you to streamline the process and make sure you are getting the best deals on the products and services you need.
According to Statista, the procurement software application market is expected to generate around 5.03 billion dollars in total revenue by 2023. With a steady annual growth rate of 4.1%, it is clear that this market is going to keep expanding in the years to come.
This highlights the importance of having a tool like Odoo Purchase module for business in Malaysia that make daily purchases of various products and services to meet their requirements. In addition to automation, purchase approval, call for tenders, and vendor pricelist, the module offers many other benefits that can improve your procurement process.
If you're curious about these benefits or have any questions, please don't hesitate to contact us. We're always here to help!