What is the process called that starts with creating a Purchase Requisition?

The process that starts with creating a Purchase Requisition is referred to as the Procurement Process. This process encompasses all the steps involved in obtaining goods and services for a business. It begins with a purchase requisition, which is a formal request for the procurement of items needed by a department within the organization.

Once the requisition is approved, it may lead to the creation of a purchase order, negotiation with vendors, and ultimately the delivery of the goods or services. The Procurement Process is critical for ensuring that companies acquire the right resources at the right time and cost, effectively managing supplier relationships, and maintaining adequate inventory levels.

This term captures the entirety of activities involved in purchasing, including identifying needs, vendor selection, and order fulfillment, making it the most suitable term for this process.