Procurement Contracts play a vital role in the purchasing of the right goods and services for your organization. They establish clear payment terms, conditions, identifies items, unit of measurement, and pricing to mention a few. Ultimately, they ensure goods and services are being obtained at the negotiated price, while also considering quality, delivery time, and other factors.
Creating and maintaining these contracts has traditionally been a time-consuming process. With the introduction of Procurement Contract Load Utility in FSCM Image 43, creating procurement contracts has become much more efficient. This automation enables users to establish procurement contracts from comma-delimited (CSV) or fixed-length format files. The supplier’s contract data is first loaded into staging tables. A validation process highlights any errors for easy identification and resolution. After correcting all errors, the final step is to generate the procurement contract, which was previously only done online.
Procurement Contracts often undergo amendments due to changes in item pricing or with the addition or subtraction of goods or services. The contract maintenance process has been enhanced in FSCM Image 51. This enhancement enables users to systematically update procurement contracts with header, line, and item pricing changes. This process follows the same steps ensuring all validations are met and includes an optional review of changes before the contract is updated.
Errors are highlighted in red for users to quickly identify. All errors are listed at the bottom providing additional information as to why they failed validation.
Having the ability to update contract lines systematically is a game-changer for organizations that have hundreds if not thousands of contracts lines! This tool will save time and reduce the potential for user errors while searching and replacing pricing information.
Automating the procurement contract process in PeopleSoft enables organizations to work faster, smarter, easier, and more consistently while reducing the need for manual and repetitive tasks. Make the most of this tool starting today!