Project Procurement Software by ARES PRISM
PRISM Procurement is project procurement management software that provides the required functionality to manage the complete procurement process for the lifecycle of any project size or type. Manage requisitions and purchase orders, handle procurement scheduling, shipment expediting and supplier evaluations all within PRISM Procurement.
Benefits of Procurement Management
Streamline Procurement Processing
Increase Operational & Capital Efficiency
Enhance Visibility & Control
Full Project Procurement System
PRISM Procurement is a full-blown procurement system made for projects, not operations. Project procurement should not be treated as operational procurement, it cannot be fully managed in SAP because it lacks bidders lists, attachments, the ability to put together a procurement plan, etc. PRISM Procurement acts as a database for materials project managers need and an equipment database for all the capital equipment that will be needed for the project.
Project engineers can set up engineering requisitions by choosing the material needed and its quantity in the Material Database of PRISM Procurement, then submit their complete requisition to the PRISM Procurement module. Once submitted, the requisition is received by the purchasing team who are notified and create an Request for Quotation (RFQ). PRISM Procurement copies requisition items to the RFQ automatically. The module interfaces with scheduling software so that it is easy to identify when items are needed in the procurement plan based on installation needs.
Vendor & Supplier Database
PRISM Procurement also acts as a vendor/supplier database whether imported in or for vendors utilized on previous projects. Users are able to reference previous purchase orders from past projects. In the procurement solution, users can rate vendors based on their performance and delivery. Add bidders (vendors that are applicable) to the needed materials to bid on an RFQ, then adds terms and conditions and/or procurement instructions, links these documents to the RFQ to produce a bidder’s list report. PRISM Procurement also produces cover letters to each bidder automatically, and the procurement team takes all these documents in a series to create an RFQ package.
Once received, bidding vendors record their prices and send them back. PRISM Procurement produces a vendor analysis document which compares prices against every item, thereby performing bid analysis. PRISM Procurement saves time in choosing vendors and updating pricing against RFQs, manually importing pricing, and awarding the RFQ to the chosen vendor and in creating a purchase order (PO).
PRISM Procurement also helps to track shipments to the jobsite, including multiple shipments per purchase order. This offers users shipment control per purchase order. And because all PRISM modules include change control, users can keep track of changes to POs.
PRISM Procurement Software Features
- Develop bid packages from requisitions, perform bid analysis, and award purchase orders
- Generate engineering requisitions and purchase orders
- Track shipments of materials and equipment
- Measure fabrication progress against the project schedule
- Integrate with Cost Management as a source for commitments in project reporting
- Record invoices and payments to complete purchase order transactions
The Procurement Management Tool
for Project Organizations
- Flexible and easy to learn and maintain
- Role-based solution for all procurement professionals
- Generate requisitions and track required delivery
- Maintain supplier performance scorecards