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Purchasing is a systematic and organized process of acquisition of goods and services on behalf of the buying entity. The process of purchasing varies depending on the organization’s needs. Purchasing is very important for companies in order to ensure the acquisition of vital items in a timely manner and at a reasonable cost.
Typically, purchasing is part of a much larger acquisition process, which is procurement. Procurement focuses on ensuring a long-term supply in line with demand at the lowest possible cost. With this, the focus consists of expediting, supplier quality, logistics and purchasing.
8Manage Purchasing supports an organization goes about making necessary purchases of goods and services to facilitate its continued operation. 8Manage Purchasing workflow includes Type & Rule Settings, Purchase Order Creation, Payment Terms setup, Review & Approval, e-Signing, e-Chopping and e-Sending to Supplier, e-Confirmation from Supplier, Delivery Planning & Confirmation, Acceptance & Return, Invoice Matching, Invoice Approval & Payment Request.