How to Quickly and Easily Compare Quotations.
The modern business culture believes in quick and decisive business play. The traditional methods are therefore replaced by new technologies and ideas. The main motive of this business culture is to speed up the business systems so that there are quick and easy business tradings.
Many companies works on JIT and focus on lean manufacturing. Because they want to reduce the lead time, the procurement needs to be fast and steady. Flooding time on just receiving and comparing quotations is not a great practise. It need to be quick and accurate.
Speeding up the business operations and switching it into an automated process is the new trend.
Comparing business quotations is one of the parts of this. In this article, we’ll feature how to compare quotations quickly and easily.
Before calling for Quotations, ensuring few things are significant:
- Requirements are pre-defined
- Channel of receiving quotations are stated
- Time period is specified
- Authorised team is formed to make decisions.
1) Identify the Relevant Vendors/Supplier.
The key work in this campaign is to find and identify the relevant suppliers or vendors.
- Call for quotations.
- Filter the relevant information required.
- Make the list of suppliers who matched your pre-defined criteria.
- Deploy a software like TranZact which will do the above work for you.
As comparing irrelevant suppliers’ quotations are of no use, so it becomes vital to search the appropriate suppliers.
2) Request for a Quick Quote.
- Once the eligible suppliers are filtered, document of request for quote should be send.
- Automating this procedure can speed up the process of final procurement.
- No need to advertise requirements and draft solicitation document.
- Probability of receiving the responses increases through RFQ.
- TranZact ERP can request a quotation from the supplier and get it quickly in an ERP network place where all the suppliers and purchasers are present in the same network.
3) Standardize the Quotation’s Format.
Once the quote is delivered, standardizing the format of quotations becomes a new priority.
How TranZact helps?
- Incorporate all your standard requirements.
- Highlight the important elements of the quotation and shadow the unrequired information.
- Prepare the supplier list from whom quotations are received.
- Aids standardisation and Comparison.
3) Compare Quotations.
Comparing quotation is a process to identify the best option for you, which option delivers you the utmost value in terms of cost reduction, better quality, delivery time, nearest location and provide additional benefits than the other.
An ERP compares the quotations in easy and efficiently without any human interception and it provides a birds-eye view to the comparison of quotations. The decision will taken with an unbiased view. This helps to select the quotation effortlessly.
4) Finalize the Best Quotation.
The ultimate operation in the mission is finalizing the best ideal quotation. After detecting the absolute requirements and meeting the needs of our favorable conditions, the ideal quotation is finalized. An ERP helps to select the best quotation by sub-lining our requirements and unlisting the best ideal quotation for our operation.
TranZact is an apt ERP software which have a cloud-based network, where all suppliers and purchaser are connected and their business operations work efficiently without any interference of any timebound and difficulties.