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If you’re a purchaser for a part sales company, airline, brokerage, or an MRO, you know that buying the right parts at the right price is a big deal. What often gets overlooked is keeping a record of all the quotes you receive from your vendors. It might seem like extra work, but it’s worth it. Here’s why:
With so many avenues to send RFQs and receive quotes through - ILS, PartsBase, Locatory, the145, etc. - and more popping up each day, it’s becoming increasingly difficult to see everything in one place. Having a record of past quotes makes it easier to compare prices and find the best deal. Whether you're managing an airline budget, purchasing for an MRO, or flipping parts as a broker, keeping an eye on historical pricing can help you save money and improve your margins.
Tracking quotes doesn’t just help with pricing - it also gives you a clear picture of which suppliers are reliable. If a vendor consistently delivers on time and keeps pricing fair, they’re worth sticking with. On the flip side, if a supplier frequently hikes up prices, causes delays, or doesn’t provide paperwork, you’ll know to look elsewhere. Tough to do when all your VQs live in an email inbox.
Speaking of paperwork - in industries like aviation, strict regulations from the FAA and EASA mean you need a clear record of your purchasing decisions and associated documents. Keeping detailed quotes helps ensure you’re following compliance guidelines and are always prepared for an audit, disputes, and internal reviews. Additionally, having to go back to email every time you need to pull a tag and trace for a quote is a serious pain.
By tracking vendor quotes over time, you can spot pricing trends and market fluctuations. If you notice certain parts are becoming more expensive, you can stock up before prices skyrocket. With the current amount of volatility in rotable pricing, having extra data to back your decision-making is always beneficial. Since pricing is changing every day, if you don’t have a pulse on the market, you risk leaving money on the table or pricing yourself out of a deal.
When you have a record of past quotes, you have leverage in negotiations. Whether you’re looking for bulk discounts or better terms, being able to say “I’ve seen better prices from your competitor,” and supplying them with the quote in question can give you the upper hand.
Have you ever had a supplier charge you more than they originally quoted? With a record of quotes, you can quickly clear up any disputes by referring to the agreed-upon pricing. This is especially crucial in aviation, where cost discrepancies can lead to serious financial and legal complications.
Keeping track of quotes allows you to build a diverse network of suppliers, giving you backup options in case of shortages or delays. This is crucial for airlines and MROs, where an unexpected delay can ground flights and cost hundreds of thousands of dollars. It’s all too often an issue when one of your preferred suppliers is out of stock on a unit. Where do you go from there? ILS, PartsBase or any of the other listing services. With companies updating inventory monthly or weekly, their listings may be out-of-date, leaving you sending dozens of RFQs for parts that don’t exist. An extensive network of reliable suppliers can negate this issue.
At the end of the day, recording vendor quotes isn’t just about staying organized—it’s about making smarter business decisions. Whether you’re working in airline procurement, MRO operations, part sales, or brokering, having a system in place for tracking vendor quotes gives you an edge. It keeps you competitive, saves you money, and ensures you’re always prepared for whatever the market throws your way.
