S2P PLATFORM
Vendor Management, Ratings, Budget Management, Purchase Request, RFQ, Auctions, PO, Goods Receipt and Payment Process
MEREDIAM Source 2 Pay
MEREDIAM is a cloud based Global Sourcing Platform that provides greater spend efficiency while reducing costs. MEREDIAM streamlines all aspects of the sourcing process.
Multiple modules can be plugged into the MEREDIAM platform based on requirements. This makes rapid implementation with high scalability.
Using data analysis based on factors such as current market trends, historic spend, and overall organizational goals for business development, potential vendors are identified and evaluated.
Promising vendors can be on-boarded for collection of vendor master data and to provide role for interaction with the buyer’s procurement software and workflows.
All relevant “RFx” documentation, such as requests for quote(RFQ), requests for proposal (RFP), request for information (RFI), etc. is prepared, reviewed, and approved for distribution.
Suppliers are invited to submit the required bids. Interested suppliers participate in the bidding.
For vendors who will be added to the procurement software as a preferred vendor with a relationship extending beyond the current bid, the buyer negotiates to establish optimal contract terms and pricing.
Once the parties have reached an agreement, the contract is created, reviewed by both parties’ for legal and informational accuracy and completeness, and signed.
Potential candidates are reviewed for suitability, and winner(s) chosen. Depending on the intended role of the supplier, a purchase order, contract, or both will be created. Supplier performance is monitored. Good performance will be rewarded with more orders.
MEREDIAM can seamlessly connect with all standard supply chain softwares to provide in-time procurement solutions based on inventory levels and production speed.
MEREDIAM Source 2 Pay
A purchase requisition is created and routed for review and approval. Ideally, the ordering party uses an eProcurement solution to select from a pre-approved set of vendors and specific goods and services that adhere to best pricing and terms for that specific need.
The purchase requisition is used to create a purchase order, which is sent for review and approval. Upon approval, the purchase order is sent to the corresponding vendor, becoming a legal contract once accepted.
For goods, orders are reviewed and, ideally, receiving paperwork is automatically cross-matched to the corresponding PO. Any exceptions generate returns, refunds, or additional documentation as required by circumstances.
The accounts payable (AP) team issues payment and updates the accounting records to reflect the transfer of payment in exchange for goods/services.
