PROJECT COST SOLUTIONS
TRANSCRIPTION
My name is Niall Brennan from LiveCosts.com. Today, we are going to look at how to check material prices before placing an order.
To begin, I’m going to jump into the software and create a purchase order. Normally, this process starts by creating an order, selecting a supplier, assigning it to a job, and linking it to a budget within that job. From there, I would go line by line, adding the details of the order.
LiveCosts has a catalog feature that stores supplier-related information, including price details, product codes, and descriptions. This allows users to build purchase orders more efficiently. Additionally, we have templates that help create common lists of materials when multiple items are frequently grouped together.
For this demo, I’ll be using the AI Import feature. Since I have a supplier quotation, I can upload it directly into the software. LiveCosts accepts PDF and JPEG files, meaning you can process both digital and scanned paper quotations. The software will then extract relevant information such as product codes, quantities, unit descriptions, and, most importantly, the latest supplier price.
To enhance this process further, I’ll select a supplier, and the software will automatically cross-check all the extracted product codes against the catalog. This allows us to compare the latest supplier prices with the most recent prices in our system.
Price changes are highlighted using color indicators:
- Red indicates a price increase
- Blue means the price remains the same
- Green shows a price decrease
For example, if we see that the price of a Gyproc Wallboard has increased from €10.10 to €10.90, we can take action. If this is a known price increase, we can update the catalog to reflect the new price. However, if we’re not satisfied, we can review where the previous price came from, including the date and document source.
This feature is incredibly useful for spotting pricing discrepancies across supplier quotations and ensuring cost accuracy before making a purchase.
If you think this tool could improve your procurement process, visit our website for a detailed product demo, or feel free to book a sales call to chat with our team.
