Oracle NetSuite unveils SuiteProcurement with key partnerships

Oracle NetSuite announced the launch of NetSuite SuiteProcurement, an indirect procurement solution designed to assist customers in tracking and controlling every purchase from request to payment while streamlining the procurement process. This new offering includes collaborations with Amazon Business and Staples Business Advantage, which are the initial suppliers to support the solution by providing various benefits to SuiteProcurement customers.

"For growing businesses, indirect procurement can be a time-consuming and costly process that negatively impacts the bottom line," said Evan Goldberg, founder and executive vice president, Oracle NetSuite. "By giving customers access to great offers they can purchase from Amazon Business and Staples Business Advantage directly in NetSuite, SuiteProcurement will help them optimize spending and efficiently buy the goods and services needed to support growth."

NetSuite SuiteProcurement aims to provide significant savings for businesses through Amazon Business and Staples Business Advantage. For instance, SuiteProcurement customers will be eligible for a 12-month, no-cost Amazon Business Prime Medium membership, valued at USD $1,299. This membership allows business-only pricing and savings, along with a 50 percent discount on membership renewals in subsequent years.

"Amazon Business helps millions of business customers worldwide make smart business buying decisions, save time and money, and grow their companies," noted Mobeen Khan, Amazon Business director of business development and global partnerships. "We are very excited to collaborate with NetSuite on the upcoming launch of SuiteProcurement, giving our mutual customers instant access to a vast selection and amazing deals on their everyday business purchases."

Additionally, Staples Business Advantage will offer NetSuite SuiteProcurement customers dynamic pricing, expected to yield an average of 10 percent savings on all business essentials.

"For over 30 years, Staples Business Advantage has helped businesses across industries gain the resources they need to remain productive," stated Michele Parzianello, chief sales officer, Staples. "With NetSuite SuiteProcurement, we will help NetSuite customers gain greater access to our comprehensive range of business essentials with preferred pricing to help drive operational efficiency."

Powered by Oracle Business Network, NetSuite SuiteProcurement will integrate financial and procurement workflows to enhance the buyer experience and streamline purchasing processes. Key features of the solution include seamless vendor integrations, automated approval processes, automated purchase order creation and invoicing, complete visibility of spend, improved data accuracy, and streamlined accounting processes.

The seamless vendor integrations are geared towards helping customers reduce costs and improve financial controls by establishing trading partner relationships and enabling access to preferred pricing on goods and services through the Oracle Business Network. Automated approval processes support compliance with organisational policies, protecting the bottom line by routing purchase order requests for approvals and enabling customised approval workflows based on employee location, department, and spending amount.

Moreover, automated purchase order creation and invoicing will ensure orders are fulfilled and paid on time through direct transmission of purchase orders to vendors and automation of order confirmation, shipping, and vendor bill processes. Additionally, customers will benefit from complete visibility of spend, offering real-time insights on spending across various locations, departments, vendors, projects, and accounting codes.

Improved data accuracy is another highlight, with the solution centralising all purchase order details, including the description of items purchased, manufacturer name, and manufacturer item number. Lastly, streamlined accounting processes will aid in reducing manual work and tracking spending against budgets by leveraging predefined category mappings to automatically post to the appropriate general ledger accounts.