Procurement is a critical business function that demands careful consideration. Beyond just buying things, it is a strategic process that significantly impacts a company’s bottom line.
Because effective procurement is so vital for cost savings and supply chain resiliency, it ensures that organizations obtain the right products, in the right quantity, and at the right time. For Microsoft Business Central users, an effective approach to gain transparency in procurement can be achieved through LITS Request for Quotation Software.
It makes procurement easier through automated workflows and centralized vendor communication. As a dedicated Dynamics 365 procurement app, it simplifies the purchasing lifecycle specifically for Business Central ERP users.
This platform lets procurement teams create and send purchase requests with details to multiple vendors, track all responses in a single easy to use interface, and reduce manual data entry.
What is LITS RFQ tool for Microsoft ERP?
LITS Request for Quotation software simplify the procurement process within the Microsoft Business Central environment. The solution improves the standard procurement flow from purchase quote to purchase order to final purchase.
This Dynamics 365 procurement app provides a structured form in which users can provide detailed item descriptions, include department and budget information, and attach supporting documents for approval when requesting to buy items.
The RFQ tool for Microsoft ERP easily handles the purchase request processes when combined with Business Central. Included with improved features, the software stands out from others in the market.
LITS RFQ Software as Vendor Quote Comparison Tool
This RFQ tool for Microsoft ERP is referred to as a vendor quote comparison tool is that it lets procurement teams compare quotes from different vendors from a centralized platform. It evaluates various factors to help you decide which vendor to purchase from. Accurate vendor comparison is achieved by considering 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 ensures 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 let users send formal purchase requests for goods and quotes to multiple vendors with full details, allowing them to choose the most suitable vendor based on the quote pricing and responses. 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 ensures that RFQ management in Dynamics 365 is more transparent, helping organizations maintain better vendor relationships and ensure full compliance.
How LITS RFQ tool for Microsoft ERP brings transparency to procurement?
The LITS Request for Quotation software standardizes the purchase quote – purchase order – purchase invoice process. Users can submit requests for items to be purchased through a structured form where complete details can be encompassed. Here is how this Dynamics 365 procurement app helps you gain transparency into procurement:
Creating and Submitting Purchase Requests
Users submit purchase requests within D365 using the LITS RFQ tool. Each request contains detailed item specifications along with any necessary product documentation. These requests go through automated approval workflows before being dispatched to vendors.
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. This combined view let procurement teams to evaluate all quotes side-by-side to make sure the reliable choice is made.
Comparing Quotes Efficiently
As a vendor quote comparison tool, the RFQ tool evaluates quotes by comparing product prices, delivery times, and terms side-by-side. Users can also filter quotes based on specific criteria to facilitate quicker and more informed decision-making. This helps them choose a reliable vendor every time.
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
The app 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 procurement easier for your business, providing greater transparency and full control over every transaction.
How do you benefit by using LITS Request for Quotation?
- Integrates with Business Central
- Vendor quotes, item details, and approval histories are stored in a centralized place
- The RFQ tool converts the winning quote into a purchase order within Business Central
- Organizations can use the low-cost Business Central Team Member license
- Provides complete visibility into current and future expenses for better financial planning
- Quote comparison lets you reduce fraud and misconduct before purchase orders are issued
To gain comprehensive visibility into the procurement process within your Business Central environment, you can implement LITS Request for Quotation software with the expert support of LITS SERVICES, the developer of the platform. They provide specialized consultation to implement the solution that best aligns with your unique business needs.
Connect with LITS SERVICES for a successful implementation of this RFQ tool for Microsoft ERP. Their experts can assist with customization if needed and ensure a smooth, seamless integration with your Business Central ERP system.
