PEMBROKE, MA--(Marketwired - Aug 5, 2014) - Ariett, a leading provider of Enterprise Purchase & Expense Cloud Software, announces the release of Vendor Contract Management, a new feature that enhances ReqNet, the company's Procurement Software. The solution offers the ability to create contracts, attach electronic documents, submit into approval workflow and manage contract budgets and expiration dates. In addition, companies can report on the status of a contract with visibility to requisitions, purchase orders (POs) and invoices assigned to the contract.
Ariett extends the functionality of ReqNet's Purchase Order Management with an easy to use, yet powerful solution that helps organizations to gain control and visibility to the increasing number of vendor contracts and associated requisitions, POs and invoices. Companies can quickly report on the value and expiration of contracts -- an integral part of procurement and spend management.
"New vendor authorization and contract management are increasingly subject to compliance and review," said Glenn Brodie, President of Ariett. "A company's procurement software must offer the necessary controls to meet compliance requirements. Ariett's new functionality provides an approval workflow, creates a centralized repository of all vendor contracts and includes integrated reporting."
Ariett's new solution helps organizations to both track a contract with a specific vendor and to manage multiple vendors under a defined internal project. Users can create a vendor service contract by dollar amount and define the contract date range for renewal. Legal documents or specifications can also be attached when routing a contract for approval. A Vendor Contract can be selected when requisitioning and used to track commitments against a blanket contract with multiple purchase order releases.
Having a centralized, electronic repository for contracts allows the appropriate individuals to have visibility to valuable spending and budget information throughout the contract lifespan. Organizations are provided with the visibility they need to manage and budget for large amounts of spending under a contract. When submitting a purchase request, users have the ability to review the funds remaining for a contract and whether the purchase request is within budget.
Contracts can be reviewed and approved (or rejected) from any browser or device with Ariett's Mobile First interface designed with the user's experience at the forefront of development. As a result, approvers experience the same user-friendly product and consistent business rules across smartphone, tablet or desktop devices. Not only does Ariett provide efficiency through automation but the product also expedites approval with its interface.
Marc Trudel, Business Operations Consultant for SEMAFO -- a Canadian based gold mining company with approximately 1,000 employees -- recently stated: "Before implementing ReqNet, approval took over 3 weeks; with ReqNet and Mobile Approval, a requisition to PO is approved inside of two days -- often, it is approved on the same day. A quick approval process ensures that products are delivered to our projects in a timely manner."
About Ariett
Ariett is the leading provider of Enterprise Purchase & Expense Software that reduces costs for organizations and improves employee productivity by streamlining requisition and purchase order management, accounts payable automation, document management and travel and expense reporting on a unified platform. We deliver innovative web-based business software in the Microsoft Azure Cloud or On Premise. Please visit http://www.ariett.com for more information and follow us @AriettInc on Twitter.