Precoro

Implementing Precoro is designed to be efficient and straightforward:

• Consultation and Demonstration:

  • Begin with a personalized consultation to assess your organization's procurement needs.

  • Participate in a tailored demo to understand how Precoro can address your specific requirements.

• Process Mapping:

  • Plan and outline your procurement workflows, including document types, approval hierarchies, and user roles.

  • Define approval workflows for various documents, such as purchase requests and orders, to ensure efficient routing and authorization.

• Data Import and System Configuration:

  • Import existing data, including suppliers, items, and users, into Precoro.

  • Customize the system settings to align with your company's processes, including setting up custom fields and configuring user permissions.

• Training and Onboarding:

  • Conduct training sessions for your team to familiarize them with Precoro's features and functionalities.

  • Provide resources and support to ensure a smooth transition to the new system.

• Go-Live and Support:

  • Launch Precoro within your organization and begin live operations.

  • Access ongoing support from Precoro customer success team to address any questions or issues that arise during the initial usage phase.

Precoro is designed to be highly customizable, allowing businesses to tailor the platform to their specific procurement and spend management needs. Key customization features include:

1. Custom Fields:

• Documents: Create custom fields for various documents to capture specific information pertinent to your organization's processes.

• Items: Assign custom fields to items, enabling detailed tracking and categorization, such as specifying brands, project numbers, or stock groups.

• Suppliers: Implement custom fields for supplier profiles to gather and manage essential data, enhancing supplier management and analysis.

2. Approval Workflows:

• Direct Manager Approvals: Assign specific approvers to individual requesters, ensuring that approvals come directly from the appropriate managers.

• Over-Budget Approvals: Set up additional approval steps for purchases that exceed predefined budgets, enhancing financial oversight.

3. Document Numbering:

• Custom Numbering: Define custom numbering formats for documents, incorporating elements like creation dates, department codes, or supplier identifiers to align with your internal documentation standards.

4. User Roles and Permissions:

• Role Customization: Add new roles and define specific permissions to control access and actions within the platform, ensuring that users have appropriate access levels based on their responsibilities.

5. Integrations:

• ERP and Accounting Systems: Integrate Precoro with various ERP and accounting systems, including NetSuite, QuickBooks, and Xero, to ensure seamless data flow and process synchronization.

• API Access: Utilize Precoro open API to develop custom integrations with other business tools, facilitating a cohesive and efficient workflow across platforms.

  precoro.com

6. Supplier Portal:

• Supplier Management: Invite suppliers to a dedicated portal where they can manage their information, submit documents, and communicate directly, streamlining supplier interactions and data management.

7. Reporting and Analytics:

• Custom Reports: Create tailored reports to analyze procurement data, enabling informed decision-making and strategic planning based on your organization's specific metrics and KPIs.

Precoro offers training and support to ensure new users can effectively adopt and utilize the platform:

1. Onboarding and Training:

• Standard Onboarding: Precoro provides migration assistance, personalized training sessions, and educational materials tailored to your team's specific goals.

• Dedicated Customer Success Manager (CSM): Upon subscription, each client is assigned a dedicated CSM who offers process optimization consulting, custom onboarding plans, personalized training, migration assistance, and ongoing support.

2. Support Channels:

1. Online Chat Support: Precoro' Customer Success Managers respond to 96% of customer inquiries within two hours, providing timely assistance through the in-app chat feature.

2. Email Support: Product experts are available via email, typically responding within one business day to address any questions or concerns.

3. Educational Resources:

1. Knowledge Base: Precoro maintains a comprehensive Help Center where users can access detailed information about the platform's functionality, including step-by-step guides and best practices.

2. Video Tutorials: Upon request, CSMs can prepare personalized video instructions to assist users in navigating specific features or workflows within Precoro.

Precoro implements an array of security measures to safeguard user data and ensure compliance with industry standards:

1. Compliance Certifications:

• SOC 2 Type II Compliance: Precoro has achieved SOC 2 Type II compliance, adhering to the American Institute of Certified Public Accountants (AICPA) Trust Service Criteria, which encompass security, availability, processing integrity, confidentiality, and privacy.

2. Data Encryption:

• In-Transit and At-Rest Encryption: All data transmitted between users and Precoro's servers is encrypted using industry-standard protocols, ensuring data remains secure during transfer and storage.

3. Access Controls:

• Multi-Factor Authentication (MFA): Precoro offers MFA to add an extra layer of security, requiring users to provide multiple forms of verification before accessing the platform.

• Single Sign-On (SSO): The platform supports SSO capabilities, allowing users to authenticate through their organization's centralized identity provider, thereby enhancing access control and simplifying user management.

4. Data Residency:

• Regional Data Hosting: To comply with regional data protection regulations and improve data access speed, Precoro offers data hosting options in both the European Union and the United States. New customers can select their preferred server location during account setup, while existing customers have the option to migrate their data as needed.

5. Secure Data Transfer:

• SFTP Integration: Precoro provides a Secure File Transfer Protocol (SFTP) connector, enabling automated and secure document downloads. Users can customize fields, set download frequencies, and select specific document types for seamless and secure integration with other systems.

6. IP Access Control:

• Restricted Access: Administrators can define specific IP address ranges that are permitted to access the Precoro platform, thereby preventing unauthorized access from unrecognized locations.

7. Two-Factor Authentication (2FA):

• Enhanced Login Security: Precoro supports 2FA, requiring users to provide a second form of verification during login, which significantly reduces the risk of unauthorized account access.

Precoro's policies on data ownership and portability are designed to ensure that customers maintain control over their data and can manage it according to their needs:

Data Ownership:

• Customer Responsibility: Customers are responsible for all activities conducted under their Precoro accounts, including ensuring compliance with Precoro Terms of Service by all users within their organization.

Data Portability:

• Data Export: Precoro provides features that allow customers to export their data from the platform. This ensures that organizations can retrieve their information as needed, facilitating data portability.

Precoro offers flexible subscription plans that allow organizations to scale their procurement solutions in alignment with evolving business needs:

Subscription Plans:

• Core Plan: Priced at $499 per month (billed annually), this plan is ideal for businesses seeking to control spending and transition from manual processes. It includes features such as advanced procurement, automated approvals, custom fields and workflows, vendor and contract management, and integrations with QuickBooks Online, Xero, and Slack.

• Automation Plan: At $999 per month (billed annually), this plan is designed for businesses aiming to scale operations with a comprehensive procure-to-pay platform. It offers all Core features plus AI-powered accounts payable automation, real-time budget tracking, vendor onboarding and approval, PunchOut catalogs, supplier portal, inventory management, and advanced integrations.

• Enterprise Plan: This plan provides a complete procurement centralization and automation platform tailored to achieve full operational efficiency on a global scale. It includes all features from the Automation plan, with additional benefits such as unlimited users, ERP integrations, regional server selection, IP whitelisting, and advanced admin controls. Pricing is customized based on specific organizational requirements.

Scaling Up:

• Upgrading Plans: As organizational needs expand, businesses can upgrade to a higher-tier plan to access additional features and accommodate increased procurement demands. For instance, moving from the Core to the Automation plan provides enhanced automation and supplier management capabilities.

• Adding Users: Precoro pricing structure allows for the addition of users as needed. For teams with 20 users or fewer, the cost is $35 per user per month, billed annually. Organizations requiring more than 20 users can contact Precoro directly for customized pricing.

Scaling Down:

• Downgrading Plans: If an organization finds that its current plan exceeds its needs, it may have the option to downgrade to a lower-tier plan. It's advisable to consult with Precoro support or sales team to understand the implications and process for downgrading.

• Reducing Users: Organizations can adjust the number of users to align with current requirements, potentially reducing subscription costs. This flexibility ensures that businesses pay only for the resources they actively use.

Contract Terms:

• Annual Billing: Precoro' plans are billed annually, which may offer cost advantages and simplifies budgeting for organizations.

• Refund Policy: All payment obligations are non-refundable, as outlined in Precoro' Terms of Service.

Precoro terms and conditions for contract renewal and cancellation are designed to provide clarity and flexibility for its users. Key aspects include:

Contract Renewal:

1. Automatic Renewal: After the initial subscription period, the agreement automatically renews each year for successive one-year terms. To prevent automatic renewal, either party must provide written notice of termination at least thirty (30) days before the end of the current term.

2. Fee Adjustments: Precoro reserves the right to adjust its fees annually based on the Consumer Price Index (CPI). Customers will receive written notice of any fee adjustments at least thirty (30) days before the anniversary date of the agreement. If a customer disagrees with the adjusted fees, they must notify Precoro in writing within ten (10) business days of receiving the notice, after which both parties will engage in good faith discussions to resolve the matter.

Contract Cancellation:

1. Termination by Precoro: Precoro may terminate the agreement at any time by providing at least thirty (30) days' advance written notice to the customer.

2. Termination by Customer: Customers can cancel their subscription by providing written notice at least thirty (30) days in advance via email to [email protected]. The agreement will terminate at the end of the applicable renewal period following such notice. Customers are not entitled to withdraw from the agreement if there are any outstanding debts or financial obligations to Precoro until such obligations are settled.

3. Material Breach: Either party may suspend or terminate the agreement if the other party commits a material breach and fails to resolve it or commence corrective action within fourteen (14) days after receiving notice of the breach.

Refund Policy:

• Warranty Claims: If there is a material decrease in the platform's functionality that persists without relief for more than thirty (30) days after a warranty claim has been submitted, the customer may receive a refund of any prepaid, unused service fees for the affected period.

Precoro adheres to several key compliance standards to ensure data security and regulatory alignment:

1. SOC 2 Type II Compliance: Precoro has achieved SOC 2 Type II compliance, meeting the American Institute of Certified Public Accountants (AICPA) Trust Service Criteria for security, availability, processing integrity, confidentiality, and privacy.

2. General Data Protection Regulation (GDPR) and UK GDPR: Precoro complies with the GDPR and UK GDPR, ensuring the protection of personal data for individuals within the European Union and the United Kingdom.

3. California Consumer Privacy Act (CCPA): Precoro aligns with the CCPA, safeguarding the privacy rights of consumers residing in California.

4. Health Insurance Portability and Accountability Act (HIPAA): Precoro adheres to HIPAA standards, ensuring the protection of sensitive health information.