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What is a Purchase Requisition? Definition and Process

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Key Takeaways Purchase requisitions are essential for helping organizations align spend with budgets, policies, and strategic goals. Once submitted, it routes through an approval workflow to ensure the request aligns with budget, policy, and business needs before any actual purchase is made.

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What About Procurement Objectives?

Procurement Templates

Financial Objectives Budget Management: Monitor and manage procurement budgets to ensure spending stays within approved limits. Decide what is worth investing in, if there is no budget enquire, what might you be able to trade, what might already exist for other departments where the upfront fee has already been paid.

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How to implement a future-ready e-procurement function

Spend Matters

Lack of visibility into budgets and contracts: Without real-time tracking, procurement teams risk exceeding budget allocations and violating contract terms. Integrate procurement with budgeting and contract compliance: Ensure purchases are validated against financial plans and existing contract terms in real-time.

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Aligning Finance and Procurement to improve expense management for financial forecasting and control — Phase 4: Leveraging technology

Spend Matters

For employee expenses, where every individual can have a potential budget impact, this kind of proactive control is essential. But with the right technology, T&E becomes an active signal in budgeting. Align budget holders and department leads on upcoming commitments. But not all platforms are created equal.

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Marketing Operations Efficiency: The Essential Checklist

In this eBook, we’ll show you how marketing operations can create efficiencies in your tech stack, reporting, and budget that will not just improve internal processes, but also create the sustainability you need in order to scale.

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Here’s a comprehensive list of the top 100 skills that a Procurement Manager should master

Procurement Templates

Master Budgeting: Practice building and managing procurement budgets aligned with organizational goals. SAP, Oracle) Procurement software (e.g., Coupa, Ariba) Data analytics tools (e.g., Analyze Total Cost of Ownership (TCO): Incorporate factors like lifecycle costs, maintenance, and disposal into purchasing decisions.

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Aligning Finance and Procurement to improve expense management for financial forecasting and control — Phase 3: Structuring the collaboration

Spend Matters

In earlier phases ( phase 1 and phase 2 ), we identified how expense management misalignments can erode budget accuracy, delay financial reporting, and leave policy enforcement lagging spending behavior. Lack of visibility into committed spend : Approved-but-unsubmitted expenses remain invisible to budget holders and forecasters.