Powerful Procurement Management Software for the Retail Industry
24 items to be reordered today. Order valued at
Rs. 1,01,486
In the recent past, 44% of items in your purchase order were under serviced
How procurement management software helps your business
All-in-one platform for efficient procurement
Manage all procurement activities in one place. From vendor selection to purchase order creation and inventory management, manage the entire procurement process in one place.
Create strong and long-lasting vendor relationships
Monitor vendor performance, handle vendor relationships, and negotiate for advantageous terms and prices. Experience improved supplier relationships and guaranteed on-time delivery of goods and services.
Optimize inventory levels
Get real-time visibility into stock levels, demand forecasts, and inventory replenishment to optimize inventory levels. Minimize excess stock and carrying expenses; maintain accurate inventory on hand to satisfy client demand.
Help with complete cost control
Spot areas for cost savings, examine expenditure trends, uphold procurement guidelines, and reduce expenses. Experience complete cost control, maximize savings, and enjoy decreased spending.
Redefine cash flow with better mechanisms
Automate critical workflows such as purchase requisitions, approvals, and invoice processing to shift focus from administrative tasks to strategic initiatives.
Key features of Gofrugal's procurement management system
- Purchase
- Reorder
- Supplier
- Margin
- Maximum Control
- Centerlized Management
- AI-Driven
- PO reconciliation
End-to-end purchase management
Decide on purchases based on customer needs, not supplier pressure. Create automatic or manual purchase orders, receive them as goods inward against a PO, and convert them to purchase invoices. Initiate purchase returns with auto credit notes and pay suppliers directly from the software through linked banking.
Automated purchase requisitions and orders
Reduce inventory costs and avoid stock issues with an automatic reordering system. Set reorder formulas based on minimum and maximum stock, sales and purchase history, purchase unit factor, sales order frequency, and more. Let your retail purchase order software handle reorder decisions.
Supplier management
Make informed decisions even when unavailable by setting up supplier-specific VAT/GST purchase formulas and validating PO/RN requirements. With procurement software, create items from the purchase invoice page, import Excel data, and streamline purchasing with supplier-specific invoice templates.
Margin protection
Accurately track expenses, calculate margins, and determine GMROI. Set supplier-specific purchase formulas to monitor costs and examine product-specific ROI from the purchase screen. Establish gatekeeper margins to ensure profitable pricing and adjust prices instantly based on product, category, and supplier.
Maximum control
Maintain control over pricing and purchasing with minimal staff. Eliminate obligations such as PO expiration tracking, purchase return adjustments, and retrospective invoice entry. Gain control over selling prices and product mismatches with an approval system.
Centralized management
Manage local outlet purchases and central office procurement with centralized software. Streamline processes with auto-indent, centralized orders and contracts, and automated payment management. Restock warehouse inventory based on demand-driven supply transfers.
AI-driven decision making
"The Eye," our procurement management software, employs AI and ML to automate purchasing decisions. Forecast and restock considering supplier lead times, seasonality, and production. Address supply chain inconsistencies and adopt a Sell -> Buy -> Stock approach.
Three-way PO reconciliation
With an online retail procurement system, complete goods-in processes remotely. Import products via mobile barcode scanner, enter quantities manually, add items, print barcodes, and conduct three-way PO reconciliation by comparing purchase orders, goods inward notes, and goods received notes.
What are the challenges faced in procurement?
- Supplier-influenced decisions
- Procuring beyond your budget
- Impulsive buying behaviour
- Human errors in procurement
- Not abiding to processes and KPIs
Supplier-influenced decisions
Solution
Plan and procure based on insightful reports based on customer buying patterns, enabling proactive decision-making and not based on supplier influence.
Procuring beyond your budget
Solution
Adopt a centralized purchase and bill approval mechanism to eliminate errors, reduce time, and maximize accuracy in material inwards, invoicing, and payment processing.
Impulsive buying behaviour
Solution
Do regular stock audits, monitor inventory levels, and stay up to date on stock distribution across outlets with centralized control to manage inventory and plan procurement.
Human errors in procurement
Solution
Invest in an AI-based reordering solution that helps with procurement and stock management based on the real-time analysis of customer buying patterns, supplier histories, and inventory behavior patterns.
Not abiding to processes and KPIs
Solution
Rely on a procurement solution that enables a structured mechanism to prevent breaches of KPIs, such as gatekeeper margins, and set up an approval mechanism for accepting requests beyond the process.
Brands that minimized inventory and maximized sales with Gofrugal's Procurement management Solutions
Get real-time visibility into stock levels, demand forecasts, and inventory replenishment to optimize inventory levels. Minimize excess stock and carrying expenses; maintain accurate inventory on hand to satisfy client demand.
New Nikita Supermarket, Mumbai
Mr. Chandrakanth Ravariya
With Gofrugal's procurement management software, my inventory is always up to date, and reordering with the right suppliers happens automatically. I've never lost customers due to out-of-stock inventory after implementing Gofrugal.
Thayagam Shopping Mall, Thiruvizhandur
Mr. Arjun, Owner
Overview of procurement management software
What is procurement software?
Procurement software helps with procurement management, including the processes, strategies, and activities involved in acquiring goods, services, or work from external sources to fulfill organizational needs. It's a systematic approach that involves solving procurement management problems, including planning, sourcing, purchasing, and managing resources efficiently and effectively to achieve business objectives. Discover the benefits of procurement software
Purchasing software vs. procurement software
Procurement Vs. purchasing, consider these fundamental differences between procurement and purchasing processes.
- Scope: Procurement is all about strategic planning, supplier selection, and contract management, whereas purchasing focuses on transactional activities such as ordering and payment processing.
- Objective: Procurement aims to optimize costs, mitigate risks, and foster innovation, while purchasing is primarily concerned with fulfilling immediate operational needs at the lowest possible cost.
- Timeline: Procurement involves long-term strategic planning and relationship building, while purchasing operates within shorter timeframes, focusing on timely acquisition and delivery of goods and services.
Why you need to automate procurement?
Procurement strategies not only challenge the status quo but also identifies innovative approaches that drive cost savings and process efficiencies. Leveraging process automation tools to implement and monitor this strategy yields significant long-term benefits. These tools streamline complex procurement processes, minimizing risks and errors proactively.
Software that helps automate procurement management offers organizations a comprehensive solution to deploy their procurement strategy model, enhancing operational management from process automation to role-based user dashboards.
Learn about deploying procurement strategies with automation tools.
Who uses procurement software?
Any aspiring business that wishes to achieve cost efficiency and quality assurance, gain a competitive advantage with innovation, stick to compliance and ethics, reduce risk, and increase certainty and quality in their procurement process should invest in procurement software. Learn how procurement software supports strategic growth.
What should you look for in procurement management software?
While evaluating a procurement management software, check if it has the following features:
- End-to-end purchase management, automated purchase requisitions and orders, supplier/vendor management, margin protection, maximum control, centralized management, AI-driven decision-making, three-way PO reconciliation
- A complete procurement management plan for you to access
- Affordable pricing models and different editions that help with upgrading the plans as you scale your business
- Adaptability to grow as market competition increases and the size of the business grows
But the best way to evaluate procurement software is to experience a free trial or personalized demo to get to know the platform better
Common procurement management challenges
Here are the common challenges in procurement management:
- Not performing deep research
- Procuring beyond your budget
- Impulsive buying behavior
- Human errors in procurement
- Not abiding to processes and KPIs
- Poor, nontransparent communication