Procurement contracts play a vital role in establishing clear payment terms, conditions, items unit of measurement, and pricing, ultimately contributing to effective expenditure control with a supplier. 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.
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 line item and 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. This is a game-changer for contracts that have several lines and multiple updates! This tool will save both 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!