Outdated prices affect margins, negotiations and trust. Updating prices needs to be a visible routine, rather than an urgent correction after sending a quote.
Assign ownership and frequency
Decide who collects information, who checks it and when the library is reviewed. Record the date of every update.
Separate the source from its application
Keep the supplier's price and the value used in calculations identifiable. This makes differences easier to investigate and lets you correct only what changed.
Reassess open proposals
When a cost changes, review quotes that have not yet been approved and tell the team about the impact.
See how to organize systems and configurations.