A Request for Quote (RFQ) is a request sent to one or more suppliers asking them to provide specifics about their pricing, terms, and conditions related to a purchase contract for an item they provide.

GetSet IBMS helps to manage the process from creation of a RFQ to receive quotes in Excel from the Supplier and to determine the L1 Supplier.

The first step is to set up a RFQ in order to define the item, the pricing tiers, and the open and close date of the bidding period. By sending the RFQ to the suppliers, they are able to define and submit their pricing, terms, conditions, and other relevant details for their quote.

After all the suppliers have submitted a quote, buyers analyze the submissions to determine the best overall deal from the quotes provided. After analysis, the buyer marks which items are to be purchased from which suppliers. Once the buyer selects the best supplier for each item, the next step is to create purchase orders.

Tracking purchases is an important step in maintaining inventory. By knowing what is on order, quantity ordered, and when it will be received, inventory levels are more easily optimized.

GetSet IBMS can help create purchase orders for the appropriate items and quantities, help track special orders, and enable drop shipments.

Suppliers can access a business’s account through the supplier portal, which allows to see all purchase orders placed for them. User can send email from GetSet IBMS to the Supplier with the approved purchase order in PDF format.

Purchase order management with centralized data and document management ensure all the information you need is tracked from request through approval. Real-time visibility of budgets, full auditable tracking of every action associated with the PO, including internal conversations, will give your approvers the information they need to make informed purchasing decisions.

The GetSet IBMS allows receiving items which are approved in the purchased order and that to the extent of quantity specified in the approved purchase order.

Traceability (Lot Tracking)

Lot tracking, or batch tracking, helps your business with product traceability to keep track of which of your customers received specific groups (or shipments) of items and when they were received. The supplier you purchased from and date in which the items were purchased is also recorded allowing you to track an individual group of products (or shipment) from your supplier to your stores and then ultimately to your customer.

Lot tracking is a core component in achieving FDA / ISO / CFIA compliance for many businesses. This feature of GetSet IBMS also allows you to perform lot costing – tracking actual costs instead of FIFO or FEFO.

Landed Cost

Many companies import items and rely on accurate landed cost tracking in order to determine the actual cost of their inventory.

Landed cost tracking function in GetSet IBMS allows you to account for all costs associated with getting inventory to your stores — your true inventory costs.

Track as many landed costs as you require — there is no practical limit. Common landed costs include: duty, brokerage, freight, insurance, storage, wharfage and many more.

This eliminates the need to manually track the landed costs – a process that is time consuming and error prone.

GetSet IBMS allows allocating individual landed cost in 3 ways:

• proportionately based on value or

• different percentages of FOB or CIF value of an item or

• fixed amount of each unit of an item (weight)

Landed cost tracking function is commonly used for businesses that import items. It also accounts for the costs and charges associated with moving inventory from multiple stores and shipping locations within the same country.

Track payables by entering purchase invoices as they arrive from suppliers and pay them from the payment batch as they are due. This provides an accurate outstanding of payables at any given point of time.

Purchase Invoice creation from Goods Receipt or Work Order.

Three-way matching is a great business practice but when you do it manually it is labor-intensive, time consuming and highly susceptible to human error.

To save from overspending or paying for an item that they did not receive GetSet IBMS helps to match the three critical documents before a purchase invoice is paid.

Accounts payable reviews the quantities, prices, and terms to ensure that what is ordered (via the purchase order) matches the goods received (via the GRN) which matches what they are being charged (via the purchase invoice).

If any issues are found – inaccurate quantities, wrong prices, damaged goods, or more, payment is not sent until the issue is rectified. Once the purchase invoice has been validated by the three-way matching process, payment is sent according to terms.