Prendio supports blanket orders by allowing the $ amount of a service line or the quantity of a part line to be reduced with each received invoice.
What is a blanket order?
A blanket order is a long-term order for supplying parts or services for a fixed period or in a fixed quantity, After it is confirmed by the supplier, shipments or services may be made against it periodically, on as-and-when-required basis, or as specified in the order, without calling for new purchase orders.
Here are some examples of how a blanket order can help you.
SERVICES - Contracted Research Organizations (CRO)
Because the services and invoices received might vary from period to period or between milestones, a blanket order that captures the total of the service effort over a period of time can be used to allow flexible invoice amounts. This type of order would be entered into Prendio as a "Service" line including a description of the work, a total $ amount expected to be spent and supporting attachments. As invoices are received, the invoiced amount will be deducted from the line and the order will remain open until the amount is exhausted or the order is closed.
PARTS - Large quantity of same part items
Often there are significant savings to be appreciated by negotiating large quantity purchases. However, you might not want to receive the entire volume of items in a single shipment. A blanket order will allow you to release items on a predetermined schedule or as needed. This type of order would be entered into Prendio as a "Part" line. As invoices are received, the qty of parts received will be deducted from the line and the order will remain open until the quantity is exhausted or the order is closed. Optionally, if the delivery schedule is known, each expected shipment could be entered as a line. This approach would provide for better cash-flow management.