What is Requisition? – Definition
Are you familiar with the term ‘requisition’? If not, don’t worry! In this blog post, we’ll be diving into the definition of requisition and how it relates to businesses. From its origins in military supply chains to its use in 21st century business operations, we’ll explore what requisition is and how it can help streamline your operations. So, let’s get started!
What is Requisition?
In business, a requisition is an official request, often made by an employee to their employer or manager, for something needed for work-related purposes.
This could be anything from office supplies and equipment, to company vehicles or travel expenses. In most cases, a requisition must be approved by a manager or supervisor before it can be processed.
The Different Types of Requisitions
There are two types of requisitions: internal and external. Internal requisitions are created by employees within an organization for goods or services from another department within the same organization. External requisitions are created by employees for goods or services from outside vendors.
The Pros and Cons of Requisition
There are both pros and cons to requisition. On the pro side, requisition can be a helpful way to ensure that your company has the supplies and materials it needs to function. It can also help to streamline the ordering process and keep track of inventory. On the con side, requisition can be time-consuming and expensive. Additionally, if not managed properly, requisition can lead to stockpiling of supplies and materials that may never be used.
How to Use Requisition
If you’re new to requisition, the first thing you need to do is understand how it works. Requisition is an online tool that helps businesses manage their hiring processes. It’s a great way to keep track of applicants and ensure that all your hiring needs are met.
To use requisition, simply create an account and log in. Then, you can create a requisition form. This form will ask for basic information about the position you’re hiring for, as well as the skills and qualifications you’re looking for. Once you’ve created the form, you can share it with potential candidates.
Candidates can then fill out the form and submit their applications. You can review all the applications in one place, and make decisions about who to interview based on the information in the form. Requisition makes it easy to keep track of your hiring process and ensure that you find the best candidate for the job!
Alternatives to Requisition
When it comes to sourcing the goods and services your business needs, there is no one-size-fits-all solution. The best method for acquiring what you need will vary depending on the item itself, the quantity you need, the time frame you are working with, and your budget. With that in mind, let’s take a look at some alternatives to requisition:
1. Purchase Order: A purchase order (PO) is a formal document that is issued by a buyer to a seller, specifying the type, quantity, and quality of goods or services that the buyer intends to purchase. POs are typically used for large orders or when dealing with new suppliers.
2. Request for quotation: A request for quotation (RFQ) is a type of solicitation in which businesses invite suppliers to submit bids for specific products or services. RFQs are typically used for commodities or other low-value items.
3. Request for proposal: A request for proposal (RFP) is a type of solicitation in which businesses invite suppliers to submit detailed proposals outlining how they would meet the specific needs of the buyer. RFPs are typically used for complex purchases or when multiple factors must be considered before making a decision.
4. Auction: An auction is a process whereby buyers compete against each other to obtain goods or services at the lowest possible price. Auctions can be conducted online or in person, and can be an effective way to source high-
In conclusion, a requisition is an essential part of any business process. It helps to ensure the smooth running of operations by providing a standard system for ordering and tracking goods or services. By taking advantage of its features such as cost control and capturing critical purchase data, businesses can benefit from greater efficiency and accuracy in their procurement processes. With this understanding, companies are now able to make better decisions on when and how to purchase goods or services that best suit their needs.