Manufacturing Company Automates their RFQ to PO Creation Process
The company sent out RFC to vendors and received multiple quotations from various vendors on a regular basis. Their multiple resources were engaged day long, with the volume of documents approximately 500 daily, in just manually extracting, analyzing, and comparing multiple quotations in the Excel sheet and then sending it to line managers for approvals. This method not only consumed valuable resources but also introduced errors and prolonged the purchase order (PO) creation process. The complexity of managing data in Excel sheets further exacerbated the challenges, necessitating a more streamlined and automated approach.
Solution by Symtrax
Symtrax stepped in to revamp the company’s procurement process. The company implemented a cutting-edge solution that introduced a pre-defined template for vendors to submit their quotations directly to an accessible portal. Through this portal, vendor quotations were automatically analyzed and processed. The solution also facilitated the direct comparison of quotations and the selection of the best quote, eliminating the need for manual intervention for preparing the comparison sheet. Intelligently routing the selected quotation to the concerned personnel for approval. Additionally, the solution enabled the automatic generation of POs in the company’s ERP system and the transmission of POs to the selected vendor.
Here is the workflow of our solution:
- Using Compleo, enter the vendor details such as name, email ID etc. and send the RFQ document to various vendors.
- Vendors then receive a link via email for filling quotation details.
- Compleo sends a predefined RFQ form. Vendors use this predefined form to fill, add, edit, and submit details such as item rate, offered price, quantity, date of delivery, etc. all in the platform accessible through any web browser. Simple and intuitive to use thus enhancing the supplier experience as well.
- Compleo then captures the data from all the incoming quotations and collates it into an Excel file for effortless comparison.
- Compleo intelligently routes the consolidated Excel file to the authorized personnel, based on the predefined business rules.
- The automated process workflow ensures better price comparisons and helps in selecting the best quotation.
- Once the approval is received, a PO will be created directly in the system and emailed to the selected vendor thus automating a tedious and cumbersome process making it completely paperless.
This streamlined approach not only improved accuracy but also significantly expedited the procurement workflow.
The successful implementation of Symtrax’s innovative solution
- Achieved a notable 40% reduction in the time required for quotation processing and vendor selection.
- Streamlined the procurement workflow, leading to quicker quote approvals and purchase order (PO) creation.
- Implemented a pre-defined form on a web portal resulting in a significant 65% reduction in manual errors.
- Optimized resource allocation to other various tasks, ensuring better productivity and time management.
- Fostered a more transparent and collaborative relationship with vendors.
- Symtrax’s solution not only met but exceeded expectations, delivering tangible results that positively impacted our procurement operations with ROI in 6 months.
About Manufacturing Company
With a rich history marked by growth and innovation, this global manufacturing giant excels in automotive, engineering, renewable energy, and infrastructure. Renowned for its leadership in the automotive sector, the company has achieved global expansion through strategic partnerships and sustainable practices, particularly in auto components, heavy vehicles, motorcycles, and renewable energy projects.