What is the purpose of “Record Retention” in requisition processes?

The purpose of "Record Retention" in requisition processes is primarily to maintain historical data for accountability and future reference. This ensures that all transactions and decisions related to requisitions are documented and preserved for an appropriate duration. Maintaining records helps in various ways, including the ability to track and review past requisitions, conduct audits, and ensure compliance with established policies and procedures.

Historical data serves as a valuable resource for analyzing trends, making informed decisions, and improving future requisition processes. It also plays a crucial role in providing transparency and accountability within the organization, as stakeholders can refer back to these records when needed. Proper record retention is essential for effective management of requisition activities, allowing for accurate reporting and analysis, which ultimately contributes to improved operational efficiency.