In every small business, life cycle there comes a stage when the organization starts growing. Then the people managing the operations also increase at every step. And that is the point when a need for approval becomes a mandatory requirement for running the business. Because of the companies, increase in size, the development of a hierarchical structure begins, and accordingly, the delegation of authority and responsibility happens. Due to these things, the power to approve a particular process lands on a specific person in the firm. And sometimes, due to a large number of approvers at every step, the process of accepting these requests becomes chaotic. That is when and why the businesses need a proper Approval Management system to automate this whole process.
Nowadays, many businesses are working on half of their capacity due to this ongoing pandemic. Since many officials are working from home, then the manual process of approval management is becoming obsolete. A lot of time goes to waste for sending e-mails and getting these approvals from higher authorities. And to stop all these things from happening, the companies should start using Approval Management software.
So let’s start understanding all things relating to the Approval and Request Management process.
What is Approval Management?
Approval management is a business process that involves the management of steps through which an official approval for work from different levels of the organization gets obtained. And the word work here means invoices, purchase orders, customer credit limits, and many other documents and initiatives.
Read More about – 4 Facts and Challenges SMEs should know about Purchase Order
What are the different steps in the Approval Process?
So from the beginning paragraphs, you all may be wondering that what type of steps are there in the approval process. Here is a standard procedure that all companies follow in their approval workflow process.
Process Due Date
First of all, the purpose of using this process is to make things easy and fast. And that is why it is a topmost priority to determine the specific time for giving approval or rejection.
The different sub-departments or officials submit a document that needs approval from the authorities at this stage. And the documents can be of any type like invoices, purchase orders, etc.
After the submission of documents to the person in charge, the proper scrutinizing of the papers happen. Then after complete satisfaction, approval is given by the official as if anything goes haywire, it’s his responsibility.
Access or Permission Levels
As this process is of great importance, security is needed. So because of this, the permission levels are necessary to set. As to who can view this whole workflow, How much access should be given to someone, and who all can edit, approve or reject at every stage.
Approval History Logs
The second purpose of having this process is to determine the responsibility of a person in charge of all these processes. And to track this, it is a requirement to have a record of those giving the approvals.
So to automate the approval management process and to implement the proper workflow, the businesses need to use software solutions. And to help them in this area there is much software available in the market.
Now for selecting the software for themselves, businesses and the persons in charge of managing it must consider all their requirements. Because they should choose software based on the needs, nature, and size of their operations.
They shall only go for a solution that satisfies all their requirements. If not available, go for another solution. For small and medium scale enterprises and manufacturing concerns, Tranzact is one such suitable software solution.
TranZact is a digital transformation tool and platform for SMEs to digitize business processes right, from customer inquiry to dispatch. It helps businesses in their Approval and Permission management needs. So companies can choose TranZact or any other software only if it fulfills all their needs.