For a beginner level understanding of the flow of process in the Procurement cycle, there are a total of 7 Stages:

To begin with, let’s consider the typical flow of the Purchase cycle. Suppose you initiate a Material request in BizCentric based on the item to be Purchased.

Once a Material request is initiated, various scenarios may unfold, such as Multiple Suppliers bidding or offering the same item. In such cases, a Request for Quotation (RFQ) is initiated.

Upon raising an RFQ, suppliers submit their rates for the required quantity. Users within BizCentric or via the Web portal can input rates from different suppliers. Once quotations are received, they can be compared using Supplier Quotation. Subsequently, after comparing and selecting the best quote, a Purchase Order is generated.

Following the creation of a Purchase Order, an Invoice or a Purchase Receipt can be generated, depending on the organizational process flow. Finally, a Payment Entry is made.