Best Practices: Transactions

Transaction accuracy is crucial for maintaining on-time order fulfillment and cost-effective order processing. Here are some reasons why you should pay attention to these transaction details in My Exchange:

Statuses

• Indicate successful transaction transmission or payment

• Show transaction failures, terminations, and exceptions

• Identify unconfirmed purchase orders that require supplier acknowledgement

Sent/Received Dates

• Show when transaction documents were sent or received

• Determine the transactions’ prioritization

• Reveal potential problems with your system or operations

Confirmation Numbers

• Shows purchase orders are confirmed and being processed

• POs that are “waiting on confirmation” need to be confirmed to initiate order fulfillment

Average Response Time

• Calculates the average time suppliers take to acknowledge purchase orders

• Represents good customer service (GHX top-ranked suppliers are below 60 minutes)

Payment Due Date

• Expose early or past due invoice payments

• Payments affect cash flow

• Past due payments can incur penalties like late payment fees

• Early payments may be encouraged by discounts

Prices

• Represents how much your organization is owed or owes

• Some prices are contract negotiated

• Watch out for underpayment and overpayment

Buyer Identifiers

• Include organization and facility names

• Include Buyer IDs, which are assigned to buyer users and are listed on the buyers’ transactions

• Help disclose off-contract spending

• Can be referenced during purchasing disputes

Transaction Numbers (e.g. PO Numbers, Invoice Numbers)

• Help find specific POs, POAs, ASNs, and invoices

• Derived from MMIS/ERP systems and are visible in My Exchange

Types

• Categorize the documentation (PO, POA, ASN, invoice, etc.)

• Segment transactions more specifically (Consignment PO, Rush PO, etc.)

• Imply different item deliveries and payments