Taking care of the significant share that is represented by the public contracts in the state's GDP, regular monitoring of public procurement is essential. This reason alone gives a sound reason why it is important to monitor the performance of public procurement systems. To grasp the whole idea of public procurement monitoring, one has to involve strict observation of the public procurement system, ensure that the observation is done coherently to assess how these systems work and advance over time and check if the targets set by the policymakers have been realized.
The concept of monitoring of public procurement essentially means all methods that are used to detect as well as remedy infringements of public procurement regulations such as auditing, checking of compliance and inspections as well. 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 results arrived at after effective and thorough public procurement monitoring using BidsConstruction can be used to determine the value-for-money, developing procurement policies and coming up with conclusions in regard to the total adherence of the public procurement principles and realization of the established objectives and targets. Besides, the public procurement monitoring results offer basis of preparation of regular budgets on a functioning public procurement system and also elaborates proposals and recommendations for any development of the procurement system in future. 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.
If this is professionally and effectively done, then effectiveness, integrity, and competitiveness in public contract bids will be realized. Still, efficiency in both sides of demand and supply will be enhanced. The SMEs will also have a facilitated access to the public procurement market. 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.
Finally, effective monitoring of public procurement sees to it that all contractual rules are observed, the set out objectives for procurements gives value-of-money, sees to it that both strengths and weaknesses of the procurement system are identified in time, offers a decent platform to compare and benchmark with other procurement bodies with the aim of coming up with a better system in future.
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