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Documents used in procurement processes vary depending on the type of procurement being undertaken, but typically there are five main documents: a Request For Proposal (RFP), an invitation to tender (ITT), an offer letter, a contract, and a performance review.

What is Procurement Automation. Procurement automation is about automating your procurement processes to maximize efficiency and reduce the time taken. It speeds up the procurement process by freeing employees from repetitive and time-intensive tasks.

A procurement application consolidates information on purchasing requirements, supplier availability, purchase order status, etc. onto a single dashboard. The procurement manager has a bird's eye view of the status of all the tasks from the consolidated dashboard.

These top five business processes to automate are a great place to begin: Purchase requisition and approval. Manual purchase requisitions and approvals result in inefficient purchasing workflows and a weak security review process. ... Sourcing. ... Invoice management. ... Payments. ... Contract management.

It includes: GPN, SPN, EOI, REOI, prequalification document, Initial Selection document, request for bids document, request for proposal documents, forms of contracts and any addenda.

Procurement automation provides visibility into historical spending. The software provides updates on past purchases, contract statuses, order history, and supplier quotes. Workflow automation provides a consolidated view of the actual expenses that are useful in making data-driven management decisions.

The 7 steps of the procurement cycle Identification of needs. ... Purchase request and approval. ... RFX creation and execution. ... Vendor evaluation, vetting, and selection. ... Contract negotiation and agreement. ... Implementation and delivery. ... Supplier performance evaluation.

As procurement automation significantly reduces the need for manual labor, it leads to cost savings. It furthermore helps enterprises to negotiate better prices with suppliers, reduce the probability of errors and duplicate payments, as well optimize procurement processes to reduce waste.