Disconnect between Supplier Quotes and Item Prices

I’m having trouble figuring out how to connect Supplier Quotations to Item Prices.

If I get back quotes from multiple suppliers, each with a bunch of items, how can I compare those prices on an item by item basis? Also, if I am creating a Purchase Order, how can I get the latest quoted price from a supplier for a given item, based on those supplier quotes?

The way I do it now is this:

  1. Receive all the Supplier Quotations
  2. Create a Price List for each supplier
  3. Create an Item Price for each Item in the Price list for each supplier
  4. Do a report for item prices with a specific item code

Obviously this takes lots of manual effort (I’m working on an app that does this for me automatically). Is there a better way to do this? Am I missing something?

This gets more complicated by the fact that I frequently get different quantities of an item quoted (which I use Pricing Rules for Suppliers to keep track of).

Thank you,