Requisition Management is the process of managing requests for goods or services within an organization. It involves analyzing and evaluating incoming requisitions, prioritizing them on the basis of urgency and availability of resources, negotiating the best terms from suppliers, and seeking approval from relevant stakeholders before finally approving or rejecting the given requisition.
It’s an area of business management that requires considerable attention to detail, thoughtful decision-making, and excellent communication skills. By leveraging Requisition Management, organizations can ensure that they are getting the best possible value out of their external vendors while also ensuring that all internal procedures are properly completed.