Procurement and purchase order management are critical for any organization’s operations. However, these processes can become complex when business scales, expands its vendor base, or addresses diverse procurement needs.

 

In a complex procurement scenario, having solutions like LITS Request for Quotation Software is essential for smooth business operations.

What is LITS RFQ Management?

 

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

RFQ Management Dynamics 365 allows simplifies purchase requisition process within ERP. Using a structured form, users can provide detailed item descriptions, include department and budget information, and attach supporting documents for approval.

RFQ software simplifies procurement and purchase order management when integrated with your Business Central ERP system. Included with critical features for simplifying procurement, the software stands out from others in the market.

RFQ Management Dynamics 365

 

RFQ management in Dynamics 365 is the process of creating, sending, tracking, and evaluating Requests for Quotation within the Dynamics 365 Business Central platform. The software allows procurement teams to manage the RFQ process, from initiating a quotation request to comparing vendor responses and converting the selected quote into a purchase order.

The RFQ tool for Microsoft ERP helps with following steps:

• Creating RFQs by outlining requirements with detailed product or service descriptions, quantities, delivery terms, and deadlines
• Sending RFQs to a list of potential vendors
• Tracking which vendors have responded with pricing and terms
• Comparing vendor quotes based on price, quality, delivery time, payment terms, and other key criteria
• Selecting the best vendor that meets both commercial and technical requirements
• Generating a purchase order based on the selected vendor’s quote
• Routing the PO for approvals and issuing it to the vendor

 

LITS RFQ Management as Vendor Quote Comparison Tool

 LITS RFQ software enables you to manage vendor quotation process from within a centralized platform. It also simplifies the process of quote comparison and analysis. The software which is designed for Business Central seamlessly integrates with purchasing workflows.

Why accurate vendor quote comparison matters?

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. As vendor quote comparison tool., the software ensures that vendor comparison is not only accurate but also makes the entire procurement process simpler and more efficient.

Why Vendor Comparison Matters

Ensures Cost Efficiency

Accurate comparison helps you identify the most cost-effective pricing without compromising on quality or service. It ensures you are not overpaying.

Enables Data-Driven Decisions

When quotes are compared using consistent data, procurement teams can make informed decisions, which reduces the risk of choosing unsuitable vendors.

Reveals True Value

Some vendors may offer competitive pricing, but others may stand out in areas like faster delivery, better service levels, or flexible payment terms. Accurate comparison highlights these differences.

Reduces Errors

Manual or inconsistent comparisons can result in selecting the wrong vendor or overlooking critical factors. Accurate comparison helps prevent costly procurement mistakes.

Improves Vendor Relationships

By identifying reliable and high-performing vendors, you can build long-term relationships for future purchases while maintaining quality and trust.

LITS RFQ provides capabilities for managing quotation process from purchase request to vendor selection within a centralized platform. Here is why LITS RFQ is called quotation tracking software.

Tracks every stage of the quotation cycle

• Create and send RFQ’s to multiple vendors
• Track which vendors have responded

Centralized repository

All the vendor quotations are centrally stored.

• Retrieve historical quotes
• Compare current quotes with previous trends

Real-time updates

The software provides real-time status about:

• Which vendor quotations are open, pending, or closed
• Which vendors have submitted quotes

Quote comparison and evaluation

LITS RFQ helps organizations to:

• Compare quotes at the same time
• Score vendor quotes based on predefined criteria
• Automatically identify the most favorable quote

The RFQ tool for Microsoft ERP tracks and manages vendor quotations which enable organizations get full control over their procurement process with greater accuracy and transparency.

Key features that improve quote comparison accuracy

 

• Vendors can respond through a predefined format.
• The software displays multiple quotations next to each other on the same screen
• Assign scores to different evaluation criteria and let the system score each quote automatically

LITS RFQ Management optimizes procurement and purchase management within Business Central ERP.  

LITS SERVICES provides bespoke RFQ tool for Microsoft ERP with the detailed understanding of your business processes. To learn more about LITS RFQ Management and how it simplifies procurement within Business Central, contact us today.