Requisition Management is the process that includes creating, processing, authorizing, and tracking purchase requests within a company. It also effectively manages the cash flow and helps companies make profits and build better relationships with suppliers.
A requisition management software solution can save companies lots of time and trouble because it’s accurate and easy to handle. Since there are plenty of those solutions available in the market to make things easier, it can be a bit tricky to choose the best one.
Let’s take a look at how those solutions work and what their must-have features are, so you can compare the ones you find and choose whether or not they are the right choice.
How does Requisition Management Software work?
The software allows a company to store all purchase requests in a single cloud database, so you can monitor and control it from any place, at any time.
Here are the steps of the process:
- Request Initiation: an employee starts with initiating purchase requisition to which catalogue items and procurement policies are applied.
- Approval access: when a purchase requisition form is filled correctly, it needs to pass the budget check first before it goes to the approval workflow.
- Create purchase orders: once the requisition is approved, it is converted to the purchase order.
- Controlled tool: as the software follows each step of this process, there is no space for forgery. You can also countercheck the documents at any time.
- Centralized Purchasing System: when the channel work procedure is done properly, efficiency levels and departmental delays rarely occur, which enables companies to make most purchases with great negotiation power.
- Business Protector: with such a process of placing requisition orders, approval, and purchase orders with efficient fraud prevention, companies can easily trace the assets.
This cloud-based purchase requisition management helps you to reduce the amount of work done manually, and chances of human errors are eliminated. It also reduces the paperwork and ensures reduced operational costs and transparency throughout the process.
With plenty of its features, the requisition management software will help you improve execution, accuracy and process effectiveness.
Its key features will help you verify the requisite with the related purchase orders and invoices, before it is approved. You can also generate reports without delays, use its centralized cloud-based storage to maintain and keep secure all purchasing information and allow user-specific permissions with conditional control and access.
The software enables you to send automated reminders and notifications, with the aim of seeking timely actions from stakeholders.
How to choose the best software?
When looking for the best software solution, look for the one which enables your employees to submit purchase requests in a simple way. It should also provide user-friendly and intuitive request flows, so your employees can stay the course with formal procedures.
The right software will reduce processing time and streamline approvals, process requests using automatic routing with predefined parameters, such as budget item, price, role, and more. Choose the one where you can easily access all data, including request statuses, processing times, amounts, etc.
Make sure the software you’re looking for should be SOC2 Type 2 compliant, so you can manage your customer data on principles which include: privacy, availability, security, confidentiality, and processing integrity.
It should also support single sign-on services (SSO), an authentication scheme, so your employees can log in to software systems using one ID and password.
Some other features to look for include:
- Customized forms that fit your own policies and processes.
- Centralized communication – so you can save all communication between stakeholders within a request.
- Mobile approvals, so approvers can address requests using a mobile device.
- File attachments, so all contracts, relevant documents and quotes can be attached to requests.
- Email notifications to update stakeholders on any change and further actions.
- Duplicate requests so you can faster create similar requests.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin