TYASuite - Cloud ERP Solutions

   Among the adverse effects of the COVID-19 pandemic on the global economy, one of the worst-hit components has been the supply chain. The worldwide cessation of transport and logistics facilities has left the supply chain destroyed, and procurement processes have been consequently affected by it as well. For the economy to recover, and businesses to resume their production, procurement must first be re-instated with haste. Major Adverse Impacts Due to the worldwide transportation, logistics and human-to-human contact limitations, the supply chain has suffered multiple blows, and the major impacts have been - Overcrowding in warehouses With a lack of road, sea and air transport, warehouses have been overcrowded, and massive losses have been suffered due to the expiration and damage of goods that have been in storage for too long. Projected costs of transportation are rising The projected costs of transportation post the lockdown are rising as the lockdowns are...

  A Brief Outline of the Procurement-To-Pay (P2P) Process In general, the term used to define a business process and not software or technology; it’s a process of agreeing to terms, acquiring goods by the tendering process. It includes Requirement Generation, Requirement consolidation, Vendor Evaluation, Purchase Order Generation, Receiving Goods or services, Recording of Invoicing and payments. Organizations may spend well more than revenue if the procurement process is not managed well. IT even leads to a big loss for organizations financially by lacking procurement strategy. Over the years, the Procurement process life cycle has transformed in many innovative ways with the help of technology from On-Premises ERP to cloud ERP solutions that manage well from anywhere and affordable for everyone. Manual Procurement Process takes time and boring tasks The manual bookkeeping accounting process normally completes the tasks for the time frame of 5 to 7 work...

TYASuite Procurementto Pay Software manage your procurement cycle seamlessly to purchase your required items/products or services from the external vendors by involving in the step by step procedure. This process involves in inquire, request, receive and then pay so, therefore, the complete cycle is called procurement to pay process The key process of the procurement life cycle.   Product Requirement analysis: The procurement process starts with the analysis of the products they demand and when they required and what is the affordable budget for the company. Selection of vendors: In this step, the company involves in a list of vendors. By comparing them with a list of other vendors they select one among them who can provide the goods they required from them. Requesting a quote from selected vendors: The company will request for the quote with the selected vendor which includes the information of goods & services, terms and conditions, signature of auth...

Understanding the term “Procurement to Pay Process”  Procurement to Pay (P2P) also called “Procure to Pay process” is a term used to define a business process and not a software or a technology in itself. P2P summarizes various steps involved in the Procurement process of any business.  Steps included in Procurement to Pay Process across industry 1. Requirement Generation  2. Requirement consolidation  3. Vendor Evaluation  4. Purchase Order Generation  5. Receiving Goods or services  6. Recording of Invoicing   7. Payment The above steps can be executed manually or through a well-designed software. The use of software in the procurement process started as early as in the 1990s. Over the last 30 years, technology has traveled from being a luxury to a necessity and from becoming unaffordable to affordable.  However, today also business owners are not comfortable with implementing ERP software due to their implem...