Introducing Supplier Approvals 🛡️
For biotech companies reliant on investors to fuel their research and development endeavours, monitoring of supplier payments emerges as a strategic imperative. In the dynamic world of biotechnology, where innovation is fueled by capital and scientific discovery, effective management of financial resources is paramount to sustain operations, advance research initiatives, and ultimately deliver value to investors. Within this context, the exercised in monitoring supplier payments assumes critical importance, serving as a linchpin for financial stability, investor confidence, and long-term sustainability.
Biotech companies operate within a unique ecosystem characterized by high research and development costs, lengthy regulatory approval processes, and uncertain timelines for product commercialization. In this environment, maintaining a balanced cash flow is essential to navigate the complexities of drug development, clinical trials, and market entry. Suppliers play a pivotal role in this process, providing essential goods and services critical to advancing research and manufacturing operations. Consequently, the timely and accurate payment of suppliers is not only a matter of ethical business practice but also a key determinant of operational continuity and stakeholder trust.
Supplier Approvals in Smart Biotech within Odoo
At Idealis Solutions, we understand the critical importance of supplier management, especially when it comes to sensitive information like VAT numbers and bank account details. Ensuring that supplier fields meet necessary approvals is not just about compliance—it's about safeguarding your operations from potential risks.
Imagine the repercussions of a supplier payment being directed to the wrong bank account due to a misstep in data encoding. It's a scenario no business wants to face. That's why we've developed the Supplier Approval feature.
Here is the flow of the Smart Biotech's Supplier Approval feature:
- Upon creation, a new supplier is automatically assigned the 'draft' state.
- Within the supplier view, two buttons allow any user to transition the supplier to the 'To Approve' state.
- Users belonging to the supplier approval access group are equipped with two buttons to approve or reject suppliers. Approved suppliers advance to the 'Approved' state, while unapproved ones revert to 'Draft'.
- When a critical field is modified for an approved supplier, it automatically returns to the 'To Approve' state. This implies that modifications to non-critical fields do not alter the supplier's status. It's noteworthy that users cannot approve their own modifications, even with sufficient access rights.
Registering a supplier payment for an unapproved supplier is prohibited, thus minimizing the risk of erroneous transactions. While bills can be registered, payments cannot be processed until approval is obtained.
Designating critical fields that require managerial approval can be done within the purchase settings. 🛠️
This is a crucial aspect of configuration. To attain approval, a value must be set for each of these fields. Furthermore, any modifications to these critical fields necessitate approval from another user before payments can resume.
Tracking the status of suppliers is easy with our interface. Simply glance at the upper right corner to see their current approval status.
Need to filter suppliers based on their approval status? You can use filters, allowing you to swiftly identify suppliers awaiting approval or those already approved.
This functionality ensures that suppliers' sensitive data is correctly encoded, providing security and peace of mind regarding where your money is allocated. You can confidently make payments to trusted suppliers knowing they are directed to the right bank account.
Moreover, if you wish to exert control over the origins of each product, especially considering variations in quality among suppliers, our vendor price-list approval feature serves this purpose. It grants you precise control over the procurement origins of each product.
With this feature, you can define whether products are approved by default based on their category.
Approved products can be sourced from any supplier, although a manager retains the ability to manually block specific vendors if necessary. Conversely, products not approved by default require manual approval for each supplier.
By implementing these streamlined flows, Smart Biotech not only adds layers of security to your system but also provides peace of mind in your supplier management processes.
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The importance of Supplier Approvals in the Biotech Industry