Ramco Procurement Solution

For Banks, with cost pressures exceeding on all fronts, it is imperative to adopt strategic procurement, rather than looking at this function tactically. Organisations need a Procurement solution, that offers complete systemic controls and management of all costs within the organisation.  Ramco Procurement Solution is available on cloud, mobile and provides necessary integration to social media and relevant information for the function.

Ramco Procurement Solution integrates various components such as Planning and Budgeting, Procure to Pay, Fixed Asset Management, Project Management and Lease Management.

Ramco Procurement Solution

Ramco Procurement Solution caters to all the processes of the procurement cycle from the pre-ordering phase to invoicing and payments. The solution eliminates manual effort, improves overall process controls and compliance.

With the Ramco Procurement Solution, you can empower your team to manage their own requisitions, impose processes through configurable workflow, reduce costs and gain better control.

  • Ramco Procurement Solution caters to all kinds of procurement such as IT procurement, non-IT procurement, Bulk Procurement, Services Procurement and Template based procurement for new branch openings
  • Supports Contractual Procurement wherein the details of the contract with the vendors can be specified, and the procurement can be carried out based on the contract
  • E-Catalogue enables items to be requisitioned in an easy and user-friendly manner
  • Ramco Solution supports ad hoc purchases when the item is not defined but is needed for immediate usage
  • Control and monitor expenses by definition of purchase budgets, based on the organization’s needs
  • Automatic Invoice Matching, whereby the quantity of the invoice can be matched automatically, making the invoice eligible for payment
  • Configurable workflow based on organizational requirement
  • Manage the supplier vendor information and also to keep a tab on the vendor’s performance using the vendor rating functionality
  • Ramco Solution allows the company and supplier to interact and transact on a real-time basis through the supplier portal

Ramco Fixed Assets Management

Ramco Fixed Assets Management monitor the organization’s capital purchases through capital budgets and effectively handles all activities in Asset Management, ranging from expense capitalization, payment of insurance premiums, calculation of depreciation expenses, revaluation of assets, tracking of asset transfers and sales management to retirement of assets.

  • Fixed Assets capitalization
  • Process depreciation with depreciation methods - Straight Line method, Declining Balance method and Sum of Years digit method
  • Maintain capital budgets
  • Manage asset insurance and insurance payments
  • Facility to perform asset retirement and asset disposal
  • Perform upward or downward revaluation of asset costs
  • End-to-end inter-company Asset Transfer Management, including confirmation of transfer initiation from sending unit and transfer completion by the receiving unit, and appropriate accounting of the same

Ramco Project Management

Ramco Project Management provides a direct solution to the needs relating to Project Management. It also provides a project-wise profitability report through cost centers associated with Projects /Sub projects.

Project Management is integrated with Ramco application such as Procurement, Sales and Finance.

Some of the other aspects that can be addressed include:

  • Facility to map cost group to account codes for consolidating expenses and revenues
  • Provision to plan the overall project in terms of project revenue, project expenses and setting up of project targets
  • Provision to set the targets for planning a particular project and comparing it to actuals
  • Projects are mapped to cost groups for deriving group-wise profitability
  • Milestones can be mapped to Project cost centers
  • List of activities in a project/sub project can be scheduled
  • Project Progress Reporting to track the status of the project

Ramco Lease Management

Ramco Lease Management provides end-to-end automation for the lease functionality of the banks. The solution mainly focuses on Lease Management of premises/properties.

Using Lease Management, financial institutions can maintain the lease related information and manage the payments with respect to leases.

  • Provision to capture owner details such as ‘Area Occupied’, Cost Centre’, ‘Percentage Share’, ‘Payee Name’, Account Code etc.
  • Payment Schedule generation based on Lease Payment frequency
  • Payment vouchers automatically generated based on the Payment Schedule
  • Capturing Rent Escalation which reflects in the Payment Schedule generated
  • Provision to define maintenance-related details
  • Facility to make security deposit payments against lease and advance rent payment against lease
  • Lease Renewal: Provision to transfer the Lease and Security deposit data of the existing lease to new lease on renewal

You may also like!

  • Ramco Cloud Financials enters Gartner Magic Quadrant

    Ramco Cloud Financials enters Gartner Magic Quadrant

    Read More
  • Ramco provides a single platform for all the processes at Axis Bank

    Read More
  • Rakbank makes things better and quicker with Ramco's sophisticated HCM solution

    Read More
  • CBI enables best practices in Workforce Management with Ramco HCM

    Read More
  • Bank of India deploys Ramco Banking Analytics for smooth functioning

    Read More