One guild I played with used a spreadsheet with set values on each item. They also included a weekly decay element to members’ DKP in an effort to promote actively buying upgrades as they drop as opposed to hoarding it all for months.
Edit - did a little more digging and the system I was thinking of is called EP/GP. Here’s an old thread going overs its pros & cons:
https://us.forums.blizzard.com/en/wow/t/best-loot-system-epgp/