Are you tired of working across multiple channels – Excel and Word spreadsheets – to get purchase requisition right?
Well, what if we told you that there is an all-in-one purchase requisition system to put all your troubles at bay?
Yes, for years enterprises have had to rely on manual legacy modes of gathering all the information needed regarding what needs to be purchased – and needless to say, it was a tiresome and laborious process.
Thankfully, that’s all in the past. Say hello to modern tech-based purchase requisition systems.
What is a Purchase Requisition System?
In a nutshell, a purchase requisition system (PRS) is software that enables employees to place requests for raw materials, services, or inventory through an online platform.
This technology allows purchasing teams to create, approve and track in-house purchase requisitions and subsequent purchase orders on a centralized platform.
The use of technology in the requisition process enables the automation of a key procurement process. Instead of spending hours working to consolidate Word and Excel spreadsheets, sourcing employees can now easily automate purchase requisition workflows in a matter of minutes.
Learn how to create a purchase requisition workflow
Building an efficient purchase requisition management process starts with a capable purchase system.
7 Benefits of a Purchase Requisition System
You may be wondering if it is at all worthwhile to invest in an all-in-one purchasing platform. The answer is straightforward, ‘yes’ and here’s why.
Faster Workflow Approval
Request-to-purchase cycles can be long if purchasing teams have to contend with issues such as improperly approved requisition requests, duplicate requests, and late requests.
Previously, internal departments would send their requests via emails or some other communication channel. There was always a risk of these messages getting lost in email chains or going unseen.
With a purchase requisition system, however, there are no missing requests, and bottlenecks in the system can be pinpointed with greater speed and resolved quicker, all of which leads to faster workflow approval.
Better Data Visibility
Requisition errors and multiple entries are common mistakes encountered when dealing with requests. An all-in-one purchasing platform means all requests are in a central repository. Duplicates can be easily rectified speedily.
Furthermore, purchasing teams can track requests and comment on their status (ie. pending, in-progress, completed) in real-time.
This data visibility drastically improves the entire purchase requisition process for everyone involved in the procurement process.
Clearer Request Reporting
There is a lot of paperwork involved in the purchase process. A colossal amount of reports to be drafted and signed. Once issued, these reports must be filed and stored carefully.
Instead of having request reports stored all over the place, a solo purchase requisition system allows all this disparate information to be kept in a single archive for easier retrieval.
This makes life easier when it’s time to three-way match or to verify a purchase order against the original request.
Save Time Spent on Manual Tasks
Time is money and nowhere is time a more precious commodity than in the world of business. This is a maxim the purchasing and procurement teams are all too aware of.
Fortunately, the advent of purchasing technology has helped countless procuring departments to not only save time but also streamline the entire request-to-purchase cycle.
Automated purchase requisition systems make it possible to replace the manual processing of requests thereby saving considerable amounts of time.
Improve Process Efficiency
Owing to sophisticated elements such as smart notifications and alerts, dedicated purchase requisition software removes approval bottlenecks that slow down the efficiency of the entire requisition-to-purchase cycle.
PRS is geared at making the purchase requisition approval process smoother and more efficient. PRS truly does empower purchasing teams with the tools necessary to quickly evaluate and approve requests thereby radically boosting the overall process effectiveness.
Inbuilt Cloud Capabilities
Almost every modern PRS comes equipped with inbuilt cloud capabilities. This means you can increase how much capacity your internal team needs without the need to invest in additional physical infrastructure and hardware. Keep your IT costs low with an all-in-one purchasing platform.
Cloud computing’s on-demand access nature makes it possible for teams to work remotely – and in a world that’s gradually progressing to more hybrid work situations – this is a highly desirable feature in a PRS.
Reduce Purchase Spend
Reducing purchasing spending is by far one of the top priorities for any sourcing department. If there is a time in the procurement process where you’re going to help your bottom line, it’s definitely at this stage.
Purchase requisition software lessens license overhead costs for enterprise systems, reduces paperwork, mitigates bottlenecks, and errors. These are all seemingly minor issues but the cost factor of each combined can add up rather quickly.
These are the top seven advantages that purchasing departments can expect to garner when they invest in an all-in-one purchasing platform.
The Bottom Line
Regardless of whether you’re using a purchase requisition system to request materials, services, or supplies, one thing is certain – a PRS definitely speeds up and streamlines the requisition process. With fewer manual entries, there are lower requisition errors and potentially faster purchase request cycle times. Most purchase requisition systems today easily integrate into existing enterprise ERP making life easier for enterprises seeking to invest in such systems.
If you’re looking for reliable, robust, and innovative procurement process solutions look no further than ProcurePort. Our software is trusted and used by enterprises and organizations such as UNOPS, HUD.GOV, and conEdison.
To discuss procurement software with a consultant or to schedule a demo of our solutions, contact us today.