From Supplier to Selection: How LITS RFQ Simplifies Quotation Management

Managing procurement successfully brings many advantages to businesses in terms of reducing costs, finding reliable suppliers, and making operations simpler. In the path to improving quotation process, modern solutions outperform traditional solutions.

This is where LITS Request for Quotation software becomes relevant. The software transforms the procurement process within Business Central ERP system.

LITS RFQ for Dynamics 365 quotation process

The Dynamics 365 quotation process involves creating a request for quotation, sending it to multiple vendors, selecting the best offer, and then converting it into a purchase order. RFQ management in Dynamics 365 can be well managed with LITS RFQ application.

This platform lets your teams:

• Create and send purchase requests with details to multiple vendors
• Track all responses in a single easy to use interface
• Reduce manual data entry and risk of errors.

What is LITS RFQ tool for Microsoft ERP?

LITS RFQ is an application designed to simplify the procurement process for Business Central ERP users. The solution improves the standard procurement flow from purchase quote to purchase order to final purchase.

This Dynamics 365 procurement app makes purchase requisition easier within ERP. It provides a structured form in which users can provide detailed item descriptions, include department and budget information, and attach supporting documents for approval.

The RFQ tool for Microsoft ERP easily manages purchase requests D365 when combine with Business Central. Included with critical features for simplifying procurement, the software stands out from others in the market.

LITS RFQ Management as Vendor Quote Comparison Tool

LITS RFQ software let procurement teams manage vendor quotation along with quote comparison and analysis from within a centralized platform. 

Vendor comparison involves evaluating various factors to help you decide which vendor to purchase from. Accurate vendor comparison is not just about finding the lowest price, it also considers elements like price consistency, delivery timelines, payment terms, and supplier reliability.

Making the right choice can significantly impact your bottom line and operational efficiency. The software as a vendor quote comparison tool makes sure that vendor comparison is not only accurate but also makes the entire procurement process simpler and more efficient.

Improve procurement with the Dynamics 365 procurement app

The Dynamics 365 procurement app is powerful when combined with LITS RFQ tool. Users can manage the procurement from purchase requests to vendor selection with ease. Important benefits include:

• Create, send, and track purchase requests easily
• Faster approval workflows to manage purchase requests D365
• Real-time updates on vendor responses and quotations

This combination makes sure that your procurement process is more transparent. It benefits organizations in maintaining better vendor relationships and compliance.

How LITS RFQ tool for Microsoft ERP makes quotation process simpler?

Creating and Submitting Purchase Requests

User submits purchase requests within D365 using the RFQ tool. The request contains details along with attached documents of the products to be purchased in a specific format. Requests go through approval workflows before being sent to suppliers.

Sending RFQs to Multiple Suppliers

Once the request is approved, LITS RFQ sends the request to multiple vendors simultaneously. Suppliers can respond through the email notifications they receive or by accessing the customer portal. The portal maintains a record of which vendors received the RFQ.

Collecting Vendor Responses

Supplier responses are captured in a centralized location and then compared to choose the right one.

Comparing Quotes Efficiently

The vendor comparison tool evaluates quotes by comparing product prices, delivery times, and terms side by side. It then highlights the most affordable and suitable options. Users can also filter quotes based on specific criteria to facilitate quicker and more informed decision-making.

Selecting the Supplier

 After evaluation, the team can finalize the supplier and issue the purchase order to the selected vendor. The Dynamics 365 procurement app is then updated with the details of the chosen vendor.

Maintaining Audit and Records

LITS RFQ maintains a detailed record of purchase requests, RFQs sent, responses received, and final selections. It also supports procurement analysis for generating insights and make more informed purchase decisions.

The simplified way of creating and submitting purchase requests makes the LITS RFQ tool an ideal fit for businesses using the Business Central ERP. Its features improve the quotation management process which results in significant time and effort savings for users.

Here are the important benefits

• Easily combines with Business Central for centralized procurement and purchase management.
• Gives full control over procurement.
• Improves visibility into the spend pipeline for better financial planning.
• Reduces fraud and misconduct through quote comparisons before purchase orders are issued.
• Supports improved budget planning and financial forecasting.

When you decide to improve the procurement process within Business Central environment, implement the LITS Request for Quotation software. It makes quotation management simpler and helps you choose the one that best aligns with your business needs.

Connect with LITS SERVICES for successful implementation of LITS RFQ portal for Microsoft ERP. Their experts can assist with customization if needed and ensure smooth integration with your Business Central ERP system.