Requisitioning is one of the several tasks in the procurement process, which begins the procurement cycle. From the smallest of supplies, such as stationery items, to the largest of supplies, everything starts with a requisition. The requisition has to be formal and needs to pass through several steps of approval before the supplies are procured. Instead of handling requisitions the old-fashioned way, online procurement software helps make the requisitioning process easier. Here are some ways in which procurement software makes the requisitioning process easier and more accurate.
One of the most important benefits of the procurement software is it provides a centralized location to manage all the requisitions from one location. Whether it is requisition creation, its approval flow, or screening, all these tasks can be managed from a single, centralized source. This not only increases transparency in the process but also helps multiple stakeholders manage their tasks efficiently.
The solution provides users with a variety of templates defined to make filling the requisition form simpler. The solution offers multiple templates that can be used to order inventory items and out of the inventory items. All users have to do is fill in the fields with the right information and submit the requisition for approval. Since the software comes with templates, all the requisitions look similar and can be standardized, which makes it easier to file and audit them.
In any organization, the requisition needs to be approved, sometimes by just one senior executive and sometimes by multiple executives. These approvals can happen one by one or simultaneously. These approval workflows can be set up in the software, and the software routes the approvals automatically. Approvers will receive automated notifications to approve a requisition as and when requisitions are sent for approval.
Tracking Requisition has Got Easier
The software also acts as a repository of all the requisitions that have been filled into date. It shows users the requisitions that have been filled in, sent for approval, approved, rejected, or expired. Users can also pull reports on different aspects of requisitioning such as the number of requisitions that have been filled, approved/rejected, and so on. Essentially, the software helps users pull reports on any aspect of the requisitioning process and makes it completely transparent. The added advantage of comprehensive reporting is that managers and purchasing department can make proactive decisions to ensure goods are procured at lower prices while leveraging discounts and other perks offered by vendors.
The procurement department then converts the requisition into a purchase order if all the terms are met. The software also shows the terms of fulfillment and helps in vendor selection. Further, users can also measure vendor performance in fulfilling the terms of the purchase order.
All in all, requisition is the key process, and procurement software can help make it efficient and easier for all the users.