Benefits of Monitoring Public Procurement
Monitoring of public procurement is paramount because public contracts represent a considerable share of the states GDP as well as the budget of the public expenditure. To achieve this, you have to evaluate the performance of the public procurement systems. The whole monitoring idea of public procurement involves very systematic observation of public procurement system, normally conducted in a very coherent way so as to assess how these systems work and develop over a period of time as well as to establish if the targeted state defined by the policymakers has been realized.
In other words, the monitoring has to use methods which can detect and come up with effective remedies of contraventions of public procurement regulations like checking of the compliance, auditing and inspections. At the end of this, you will fathom that it is even bigger than this, despite the fact that the said tools are important for realizing the set goals; note that the approach is not limited to the whole evaluation of the legal compliance. In brief, it can be said that effective monitoring of public procurement involves collection, analysis and dissemination of data which also has to do with important aspects like openness, transparency, competitiveness and effeiciency.
The monitoring results can be used for policy development, determining the value-for-money as well as drawing conclusions in respect to the total compliance of principles of public procurement as well as the fulfillment of predefined targets and objectives. It is also these results that give basis for the preparation of regular reports on a functional procurement system and gives a vivid elaborations of recommendations and proposals for the future advancement of the public procurement system. With above highlights, it is paramount for any state to make sure that it conducts regular monitoring of public procurement systems for it to come up with the best ways to advance the public procurement system.
As a result, there will be increased transparency, integrity, and competitiveness. Besides, both sides of the demand and supply will be greatly enhanced. The public procurement market will also expand because medium and small-sized enterprises will get a better access than before. Other benefits of good public procurement monitoring are; better innovations in the public procurement sector and many players such as inter-administrative co operations being drawn into the public procurement sector courtesy of effectiveness, fairness and openness in the public procurement market.
In nutshell, professional public procurement monitoring will greatly help in enforcing contractual obligations, making sure that the objective of the procurement give value for money, identifies both strengths and weaknesses in the entire procurement process, gives a perfect platform to compare and benchmarking with other contract authorities and contracts and finally, gives inputs for advancement to high levels.
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