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Benefits of Monitoring Public Procurement

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. With this in mind, it is essential to evaluate and monitor the overall performance of the public procurement systems. To have an effective monitoring of the public procurement, there should be a very effective observation of the entire system of the public procurement where the observation should be done rationally so as to determine how the procurement system work and advance over time and also establish and realize targets set out by the policymakers.

The approach has to effectively use methods which can detect and give remedies to combat encroachments of public procurement rules such as auditing, checking of compliance 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. 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. It is out of this that the government has to ensure that there is regular and effective monitoring of public procurement systems on regular basis for it to come up with sound development approaches of public procurement systems.

As a result, there will be increased transparency, integrity, and competitiveness. There will be also increased efficiency in public procurement on both sides of demand and supply. The public procurement market will also expand because medium and small-sized enterprises will get a better access than before. Innovations in the public procurement sector will be boosted, many enterprises will also participate in the international public procurement market and inter-administrative cooperation in public contracts field will be facilitated and promoted.

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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