Microsoft Dynamics 365 Supply Chain Management can assist your firm in centralizing and managing the purchase requisitions from each area of your organization, controlling the approval process, and taking advantage of the consolidation opportunities while having unified data to further reporting and analysis, thus, simplifying the procurement process.
Throughout this blog, I will highlight the main capabilities of the Purchase requisition functionality that Microsoft Dynamics 365 has available in its Procurement and Sourcing module and how you can harness them in your day to day operations as actors in the aquaculture sector, based on takeaways from successful implementations in the land-based aquaculture industry.
1. Manage goods and services acquisition requests
When purchasing feed to sustain your fish, contracting a water quality laboratory test, buying any spare part required for keeping your RAS flow, or even acquiring office supplies for your administrative duties, the Procurement and Sourcing module facilitates the job. It allows you to structure a process flow where any employee of your organization is enabled to create Purchase Requisitions, including the goods to purchase and required quantities, attaching quotes of potential suppliers, and even redirecting the requisition to an RFQ process (Request For Quotations) to obtain and manage offers from your vendors.
With these capabilities, you will waive any email, memo, or call from any department of your company asking the procurement clerk to purchase items and will help you in managing all purchase requirements more efficiently in a centralized system.
2. Give the green light to requisitions and get them ready for purchasing
Once the Purchase Requisitions is created in Dynamics 365 Supply Chain Management, you are enabled to submit its approval by configuring a workflow based on approval criteria, such as the requestor’s department, supervisor, signing limits, and alike. This workflow will lead the requisition through a route where the right approver will review and give the green light for converting Purchase Requisitions into Purchase Orders.
Savings in time and effort are guaranteed for the Procurement department that will receive only approved requisitions. They will have all the information available and the visibility to, for instance, aggregate quantities of feed items present in different Purchase Requisitions to take advantage of price benefits per volume, or to consolidate office supplies Purchase Requisitions from different areas in a single Purchase Order.
3. Monitor and extract relevant information for continuous improvement
Handling your procurement process in the Dynamics 365 environment will enable you to record data for calculating statistics to get insights from your purchasing transactions. For instance, you can generate reports about the open items purchased, by department or by the vendor, in any given period, and the associated costs and expenses allocation. Likewise, you will be able to track the historical prices and the vendors’ supply performance to negotiate new terms that benefit your company. You can even analyze the volume of purchase requisitions submitted and processed to assess the workload of your procurement department and have a more balanced capacity of your resources.
To Summarize, the procurement process turns into a difficult task in companies within thriving sectors like aquaculture. Appropriate control and management supported in a robust system are needed, and Microsoft Dynamics 365 Supply Chain Management can assist you in administering the purchase requisitions, handling approvals and creation of purchase orders, and providing relevant data to run your business and lead your company to successful results.
Thank you for reading this blog! I hope you have gotten a sense of the Microsoft Dynamics 365 Supply Chain Management capabilities to support your business procurement process during purchasing orders with purchase requisitions.
If you want to learn more about the benefits the aquaculture industry can obtain with Microsoft Dynamics 365, please download our case study on Atlantic Sapphire’s implementation
And if you want to learn how the solution applies to your business’ specific needs, please contact us