Procurement Process Management
A procurement management tool that allows you to move your entire company's procurement process – from purchase request to contract signing and invoice receipt – into the digital space.
Try NowWhy is it worth using?
Clear cost management and savings
All procurement activities are organized so that only what is needed is purchased at the best price – ensuring profitability and reducing costs.
Transparency throughout the procurement process
All information – from requests to decisions – is collected in one system. The process becomes transparent, documented, without the possibility of data distortion or missing steps.
Automated process without manual work
The system automatically selects responsible approvers, automates actions, thus reducing the risk of errors and saving employee time.
Centralized information management
All documents and actions – from requests, tender conditions, offers to winner confirmation – in one place. Everything is organized and easily accessible.
Efficiency and quality standardization
The system is “embedded” with procurement logic – no step will be skipped or performed differently than required. This allows implementing procurement best practices without additional control mechanisms.
Data-driven procurement control
Managers can analyze procurement volumes, durations, savings, or customer satisfaction – this provides tools to make informed decisions.
How does it work?
- Procurement request submission
- Procurement request approval
- Procurement tender / survey conditions approval
- Supplier and offer information collection
- Winner confirmation
- Contract signing with the winner
- Incoming invoice control
Procurement need – procurement request formation
A procurement request is a document that the procurement requester submits to the procurement department to initiate a purchase. Without any document management system, this is usually done by email or in paper format. Digital request submission is a more efficient way to present needs to the procurement department. The requester only needs to fill out a pre-agreed standardized form, attach documents, and submit the request, which will form the basis for a tender or price survey. The request submitter can see the request execution status and communicate with the procurement executor if necessary. All history is registered in the system and is easily traceable, and the procurement process becomes more structured.
Procurement request approval
When the requester forms a procurement request to the procurement department, according to agreed rules it automatically goes to company managers for approval. Electronic procurement request approval can be organized according to various logics.
For example:
- According to direct subordination – the requester’s manager will always approve;
- According to procurement amounts – different managers will approve from defined amounts;
- According to purchased goods – depending on goods, different managers will approve.
Procurement tender/survey conditions approval
The person responsible for procurement execution prepares tender or survey conditions and has them approved. This ensures that they correctly understood what goods need to be purchased, and also that the prepared conditions are transparent. Approval can be organized according to various logics.
For example:
- The procurement initiator will always approve;
- From defined amounts, the procurement executor’s manager and additional company managers will approve;
Supplier information collection and winner confirmation
The procurement executor systematically collects all information related to the ongoing procurement about the supplier and the goods being purchased. The system ensures that no mandatory documents will be missed, and also ensures transparency, as all offers and documents will remain in the system forever.
After collecting all information about suppliers and receiving procurement offers, the procurement executor must decide on the procurement winner. The procurement executor must have the selected winner approved. Approval can be organized according to various logics.
For example:
- The procurement initiator will always approve;
- From defined amounts, the procurement initiator’s manager, procurement executor’s manager, and additional company managers will approve;
Contract signing
The contract management module is an electronic tool designed for working with contracts. When a procurement tender winner is selected, a contract signing with them is organized. Having an electronic contract management module, a contract with a supplier can be signed with a qualified e-signature directly in the Vecticum system. The contract can be linked to primary procurement documents – procurement request, documents submitted during the tender, supplier. When needed, authorized persons will always have access to signed contracts with your partners. Contracts are systematized, cataloged, their basic information is registered, so finding the right contract will always be very simple. If necessary, other accompanying documents can be added to the contract. The system allows filtering and viewing current contracts, monitoring contract end dates, and receiving automatic notifications/reminders about their expiration.
Incoming invoice management and control
The electronic incoming invoice management solution helps ensure control of whether purchased goods/services are being purchased at the same price that was approved in the purchase order. If the received invoice exceeds the approved purchase price or the amount does not match, the system automatically informs responsible persons. Linking invoices to an approved purchase, contract, or project budget line ensures control that purchases will be made within budget limits. As received invoice amounts approach the budget limit, responsible employees can take appropriate communication or budget replanning actions in advance.
Procurement Request Management Solution Functions
- Procurement request database;
- Electronic procurement request approval according to company approval sequences;
- Ability to organize procurement request approval according to various logics – organizational structure, procurement amounts, etc., applying various exceptions;
- During implementation, up to three approval sequences will be implemented, where the system calculates additional approvers according to various rules;
- Ability to approve procurement requests by email, phone, or logged into the system;
- Procurement request linking with purchase order, supplier, contract, purchase invoice, department, so they can be found and reviewed;
- Ability to upload tender winner information and confirm the winner even according to the most complex approval sequences;
- Cost center budget control;
- Cost control according to signed contract;
- Ability to write comments at any process step;
- Procurement process indicator monitoring;
- Procurement request search, filtering, review;
- Access rights management;
- Data export to Excel.
Database
Depending on the purchased Vecticum modules, you can have systematized domain databases:
- procurement request database;
- procurement tender / survey database;
- received offers database;
- procurement contract database;
- invoice database.
Easy Search
Procurement requests can be linked to the supplier-procurement winner, contract, purchase invoice, department, so they will be easy to find and review.
Approval Process
The procurement request/tender conditions/procurement winner approval process is organized according to organizational structure and employee responsibilities. The system includes employees in the approval process based on data – amount, responsible person, department, or cost center. Company employees can approve received tasks via email, phone, or in the Vecticum system.
Automatic Control
The system can automatically check whether the contract amount does not exceed the approved procurement request amount. By linking received invoices to a purchase order/contract, the system can automatically calculate whether the total amount of procurement-related invoices does not exceed the approved budget. Discrepancies are marked and sent to responsible persons for review and approval.
Communication
All questions arising during the procurement process can be resolved using the comment function. At any step of the procurement process, when questions arise, employees can simply write a question and send it to a selected person. Employees will be able to respond to received questions/comments directly from email, via mobile phone, or while in the Vecticum system. All question and answer history is recorded in the card.
Reports
Digitized data provides the ability to obtain reports by procurement customers, procurement executors, procurement duration, purchased goods, procurement amounts, suppliers, etc. You can view report data directly in the system, easily export data to Excel, or create interfaces and export to a business intelligence system (Business Intelligence – BI), such as Microsoft Power BI.
Rights Management
Access rights in the Vecticum system are very easily managed. The system allows you to set which positions have the right to access certain data.
Company Group Process Standardization
With the system, you will easily standardize procurement processes, data collection, and approval rules used in different companies. You will provide convenient access to employees working in multiple companies.
Security and Change History
All data, both files and metadata, are stored encrypted in the system. Any changes are recorded in separate entries.
Integrations
Vecticum’s open integration interface allows automatic data transfer to the most popular ERP and business analytics systems.
Frequently Asked Questions
What is Vecticum?
Vecticum is a flexible business management system designed to automate various processes: from vacation or invoice approval to custom solutions tailored to the company. It allows centralized document management, ensures security, smooth employee workflow, and easy adaptability for both small and large organizations.
What is Vecticum pricing?
Vecticum offers flexible pricing plans tailored to your company’s employee count and chosen solution scope. To receive a custom quote, please fill out the inquiry form or contact our team.
How to try Vecticum?
To try Vecticum, fill out the registration form – our team will contact you and arrange a demonstration and trial opportunity based on your needs.
How quickly can the Vecticum system be launched?
Standard solution deployment can take up to one hour. Each company’s deployment process is arranged individually, considering the number of selected modules and the organization’s internal processes.
Is Vecticum suitable for small and medium-sized companies?
Yes, Vecticum is a flexible platform suitable for both small, medium, and large organizations. Solutions are easily customized according to individual business needs.
Can Vecticum be used by foreign companies or employees?
Yes, Vecticum supports multiple languages – the system is available in English, Lithuanian, Russian, Polish, and Latvian, making it easy to use for international teams as well.
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