How Executives Can Use Source-To-Pay Software For Requisitioning
Requisitioning Software
business across multiple industries require solutions for requisitioning that enable their purchasers to quickly and easily generate, approve, and track purchase requests. Source-to-pay software, integrated within business current system, can be the answer in streamlining the process by providing transparent and efficient way of managing requisitions. By implementing source-to-pay system, executives can better understand their purchase process and manage their spend in more effective manner.
The ability to easily create and approve requisitions is essential in allowing business to efficiently process purchase orders. Executives must be aware of the general steps in using source-to-pay software for requisitioning. The following is an overview of the basic steps in using such solution for requisitioning:
1. Enter the Details and Submit the Requisition
The requisition process begins with entering the required details of the purchase. This includes the requested item, its estimated cost, delivery date, delivery address, information of the purchasing group and potential suppliers. Once this is completed, the requisition is submitted.
2. Approve the Requisition
Once requisition has been submitted, it can be reviewed and approved by the relevant parties. If it is agreed upon, the requisition will be approved in order to move the process along.
3. Identify Suppliers
Once requisition has been approved, requisitioning software can be used to start the supplier identification process. This involves creating shortlist of potential suppliers that meet the requisition’s requirements.
4. Receive Supplier Quotes/Invoices
Supplier quotes and invoices can be easily obtained using the source-to-pay solution. This allows the requisitioning process to move forward as the requested item can be purchased from the chosen supplier.
5. Purchase the Item
Once the most suitable supplier is identified, the item can be purchased. The purchase can be coordinated by interfacing the source-to-pay software with the supplier’s system.
6. Track Purchases
The source-to-pay software can also be used for monitoring and tracking the purchased item. This can be done by creating alerts when shipment is delivered, or when payment is due.
By following the aforementioned steps, executives can effectively use source-to-pay software to streamline the requisition process. Such solution enables business to save time and money, while creating improved purchasing visibility and better supplier relationships. Source-to-pay software can also be used in other processes such as managing payments, invoices, and contracts. As such, it is essential for executives to be aware of the integrated capabilities of source-to-pay solution in order to gain the most value from it.
