A purchase requisition is a process in which an employee of an organization sends requests to the management for purchasing equipment or gadget on behalf of the organization.
A purchase requisition form is a document that lets the organization know what the requirements of the employee are. All the essential information is mentioned in this document such as product name product quantity product quality vendor details.
Then this purchase requisition form is submitted to the manager and the manager approves or rejects it and mentions the reason if the purchase requisition is rejected. If approved, then it is passed to the finance department then they check the budget if they have the budget then they approved it.
As per the budget quantity and quality is selected then this purchase requisition is converted into a purchase order and sent to the vendor.
Purchase requisition software automates the process. The software saves time and minimizes the process. Most importantly, quick actions are taken on the purchase request.
Whenever any update occurs it lets know all the employees kept in the loop. According to Statista, “The procurement software application market will bring in an estimated 5.94 billion U.S. dollars in total revenue in 2021. The market is projected to experience a slow but steady expansion in the coming years, with a constant annual growth rate of 2.3 percent.”
Read More: Purchase Requisition Features