There is a good amount of functionality in the procurement and sourcing module in Dynamics AX. One areas that isn’t often used is the request for quote. Even if you don’t do formal quoting and keep all the information in AX and use the vendor portal collaboration piece it could be helpful when you are doing some basic shopping for a better deal on items. While you might do a lot of work outside the system you could at least create a basic RFQ for tracking and being able to compare the options.
Here is a quick overview of a basic RFQ process.
AX2012 R3 CU9