For decades, purchase requisition paperwork has been a core part of the procurement process. It reduces maverick spending and ensures a well-supervised spend cycle for goods and services. The most significant downside with paper-based purchase requisitions is that they take too much time before they get approved. From the blurry authorization to purchase approval with stamps and signatures and the physical data exchange, the paper-based purchase requisition management system is out-dated.
With technology advancements today, managers across the globe embrace the use of purchase requisition form software to fasten the process. This newly introduced cloud-hosted e-Procurement solution doesn’t only offer efficiency but offers an unparalleled level of control at every purchasing process stages. Here are a few benefits of controlling spend through requisition management software in the cloud.
Purchase Requisition Processing
Today’s requisition management program offers flexibility in creating purchase requisition and route them via the necessary approval workflow automatically. This process significantly reduces delays in the system. After the requisition approval, they are automatically converted into purchase orders by the software.
Purchase Order Management
Organizations can use the purchase requisition management system to organize purchase orders in the best possible way. Several purchase orders can be tracked and managed, all within a central location. Also, you can use user permissions, customized budgets, workflows, and policies in a way that goes along with your employees’ usual routine. Peradventure, if changes to your current manual process are paramount, the software offers flexibility for your team to learn new and adapt to new ways of doing things.
Without a centralized platform, it could sometimes be challenging to manage your vendors. The E-procurement system has an in-built centralized database that captures all your vendor information. It enables your procurement team to manage every vendor’s performance better, negotiate better deals with suppliers, and ensure quality.
Mistakes such as wrong invoicing could be so expensive and harm cash flow, supplier relationships, and even on your bottom line. Using procurement software with requisition management helps to accurately match order receipts and invoices, and quickly route them via the necessary approval channel to your financial software to maximize your invoice process efficiency.
For a maximized procurement process, it’s vital to have an active contract management system in place. With a requisition management program in the cloud, contract management could be made centralized by attaching documents to each vendor. Access to such information can be controlled with user-specific permissions, to see when and who takes action with the audit trail.
Upgrading Requisition Management with Spark Rock
It’s challenging to accomplish strategic and business goals with an intricate procurement process. With the implementation of a digital requisition management system, the entire purchasing process can be transformed.
First-class requisition management software helps organizations accelerate the process, integrate purchase documents with back-end procurement system, automate approval routing, and generate timely reports designed to the requisition management process.
Spark Rock procurement software provides a system that covers the whole procure-to-pay cycle. Purchase orders are easily extracted from approved purchase requisition and are sent automatically for approval without human intervention. Our procurement software can be integrated effortlessly with other finance or ERP tools used at your organization.
Contact Spark Rock to learn more about our products at +1 866.878.5552 or firstname.lastname@example.org.