1. Automation of the requisition process
While choosing a product may take some time and thought for your business users, executing a purchase really shouldn’t. Good purchase requisition software will present users with a consistent workflow that includes all of the steps from initiating orders and collecting supplier bids to receiving goods.
2. Strong vendor management
You’ll be far more likely to get the best price when you include multiple vendors in your bidding process. But when time is a factor, it’s tempting for procurement staff to cut corners and include only the vendors with which they’re most familiar. By using purchase requisition software to automate steps in vendor bidding, you can gather more bids in less time—and end up with the best possible deal for your company.
3. Streamline approval process
No purchasing process will be complete until it has all the proper approvals. But with an increasingly mobile workforce, it’s often difficult to track down the right person at the right time for their signoff. This often results in needless purchase delays—which can cause lost productivity for the whole workforce. With purchase requisition software, you can configure workflows that automatically alert each of your decision-makers when their approval is needed.
4. Audit trail
As your company grows, you’ll need to pay greater attention to your financial controls. Who initiated that $10,000 purchase? What was its purpose? Who approved it? Who received the goods? When auditors and shareholders are the ones asking the questions, you won’t want to be scrambling to find answers in file folders—you’ll want to be able to pull them up on screen in seconds. So, make sure your purchase requisition software provides audit trail functionality.
5. Integration with other modules
In some ways, your purchase requisition software is only as good as its integration. It’s all well and good to automate processes, but it is even better that other departments such as service, sales, shipping, receiving, warehousing, and even your management team can see status of procurements on their dashboards, helping them in their decision-making capabilities.