Purchase Requisition Management can be a laborious and time-consuming activity for the teams, from initiating a purchase request to finalizing the quotation. Additionally, it is a major issue to manage and synchronize the entire procedure. All of these require obtaining approvals, updating the relevant departments, maintaining request forms and other documents, and they are also subject to human error.
You can avoid the headaches of delays and errors caused due to manually accomplishing these tasks by performing Purchase Requisition operations using AntMyERP Purchase Requisition Software.
A request for the team’s purchase requirements is made by the purchase department to the management as the initial stage in the Purchase Requisition Management process. The purchase department submits a purchase request to the management and finance department whenever a need for a supply or a product arises.
Manually raising a purchase request can result in several reminders, repeated requests, and the possibility of missing on certain crucial information, which could even cause the request to be cancelled. However, these problems can be fully addressed with a Purchase Requisition Software, creating a more efficient method of submitting a purchase request.
Getting management team and financial team approvals is a crucial stage in the Purchase Requisition process. Without their authorization, the process cannot move further. This phase determines whether the procedure must continue or must be terminated. Using AntMyERP Purchase Requisition Software, you can easily track the request status, authorization status and any comments raised by the management and finance team. The Management Team and Finance Team decide the outcome of the purchase request based on the following criteria:
The Purpose is the first requirement that a purchase request must satisfy. The reason or necessity for raising the product request determines whether or not it will be approved. The Management Team confirms the request’s intent and grants it an approval based on its analysis.
The budget is a key determining element for seeking management and financial team approvals. The financial team’s budgetary allowance determines the purchase request’s outcome. Depending on the budget, the number of the requested products may also be changed.
Quantity of requested products are analyzed by the concerned teams and approval decisions are taken according to budget and other mandates.
Based on the decision made by the management and finance team the quantities of the requested products can be altered.
Send Purchase Order
Once the purchase request is approved, the purchase order is sent to multiple vendors. On the basis of the purchase order the vendors return the quotation. Our Purchase
Requisition Software can help you to create a purchase order with ease and without any human introduced errors. The Purchase order created using the software is always available on the system to offer complete transparency in the business. It also assists you in referring or reusing this purchase order for future reference.
Uploading the Documents
Once you begin receiving quotes from different suppliers based on your purchase order, it is crucial to have a central location to store all of the quotations and accompanying documents so that you can quickly access and retrieve them as needed.
You may upload all of these documents to the AntMyERP Purchase Requisition Management tool’s straightforward interface, ensuring that you never lose track of any quotation or document. It also ensures that
- Your quotations and documents are always traceable
- You can evaluate them at any future point in time, whenever required
- These uploaded documents are key drivers for passing audits and providing a clear picture of the business’s processes
Compare Quotations and the Final call
The next important stage in Purchase Requisition Management is to compare the various quotations received from various vendors after you have all of them in one location. You may compare the quotations based on price, quality, specifications, and quantity.
The final stage in Purchase Requisition Management is making the final decision, settling on the best quotation, and delivering the final purchase order to the chosen vendor. The automated AntMyERP Purchase Requisition Software makes the entire Purchase Requisition process simple by allowing you to keep a track of the chosen vendor, maintain the date of raising the purchase order, projected date of delivery, invoicing, and much more.