A procurement automation software elevates purchase quote-purchase order-purchase invoice process.
The LITS RFQ software eases the submission of purchase requests for goods and services through a user-friendly form. Users can include product descriptions, departments, budget details, specific items, and supporting documents. This functionality expedites uninterrupted procurement operations within the Business Central ERP.
The RFQ tool provides complete control over procurement, clear visibility into spending, minimizes the risk of fraud through quote comparisons, and supports accurate budgeting and financial forecasting.
ERP quotation process
Procurement automation software standardizes the purchase quote–purchase order–purchase invoice process for procurement teams. This helps them with initiating quotation requests, comparing vendor responses, and converting the selected quote into a purchase order.
Procurement teams can
- Create RFQs with detailed product or service descriptions
- Send RFQs to potential vendors
- Track vendor responses like pricing and terms
- Compare quotes from multiple vendors
- Select the ideal vendor
- Generate a PO for the selected quote
- Send PO for approvals and issue it to the vendor
In this blog we discover how LITS RFQ software helps with vendor quote comparison.
The vendor quotation process can be made simple through quote comparison. This eases the burden of choosing the best quote and vendor, which leads to building long-term relationships with the chosen vendor.
Why accurate vendor quote comparison matters?
Vendor quote comparison makes vendor selection easier for your business. The right vendor not only provides a quote with the best price but also offers fitting delivery timelines, payment terms, and performance. The selection of right vendor brings transparency in all aspects of purchase requests and procurement.
LITS RFQ software allows procurement teams to compare vendor quotes with detailed comparison of pricing, delivery timelines, terms, and other factors. The solution organizes this data in a centralized location which makes the process simpler for analyzing responses from various vendors. This way users can identify the vendor that matches to your criteria.
This is how LITS RFQ as a compare vendor quotes software helps your business.
Ensures Cost Efficiency: Precise comparison helps identify affordable pricing while maintaining service standards. It makes certain you do not need to overpay for goods.
Data Driven Decisions: Vendor quote comparison helps teams to make informed decisions and avoid selecting risky vendors.
Reveals True Value: Know how vendors bring value through detailed comparison. You can identify vendors offering competitive pricing, faster delivery, better service levels, or flexible payment terms.
Reduces Errors: Unreliable comparisons lead to choosing wrong vendor. Evaluating every aspect from the vendor’s side helps prevent costly procurement mistakes.
Improves Vendor Relationships: Once a reliable vendor is identified, doing business with them becomes easier and will lead to building strong relationships for future purchases.
LITS RFQ makes vendor quote comparison easier so you can choose the vendor that fits your procurement needs.
Here’s how the software supports your procurement process:
Tracks Every Stage of the Quotation process
Send quotations to potential vendors and keep track of vendor responses. This provides visibility throughout quotation cycle.
Centralized Storage
All quotations are stored in one central location. Users can retrieve past quotes and compare current quotes with trends.
Real-time updates
The software provides present status of vendor quotation – open, pending, or closed, and displays which vendors have submitted their quotes.
In simple terms, LITS RFQ Software helps with
- Comparing vendor quotes at the same time
- Score quotes based on predefined factors
- Find the most favorable quote
This supplier evaluation tool provides a simple solution for control over procurement process through precise vendor comparison.
What are the key features of LITS Request for Quotation Software
- Categorize purchase requisitions for anonymous items and fixed assets
- Define methodical numbering for each requisition.
- Automatically create new items
- Make purchase requisition approval
- through approval workflow
- Supports requests for existing or new products and fixed assets
- Create multiple purchase quotes for approved purchase requisition
- Simplify quote selection and approval
- Convert selected quote into a purchase order.
When you are looking for an easy procurement process, it is valuable to implement the supplier evaluation tool from LITS SERVICES. A key advantage of this solution is its ability to help you compare vendor quotes and choose the one that best aligns with your business needs which makes it easier to identify a reliable vendor.
Once you’ve made the decision to adopt this powerful RFQ automation solution, you can consult with LITS SERVICES, the developers of the RFQ software. Their consultants can assist with customization if needed for smooth integration with your business environment.
