It’s a well-known maxim that in times of uncertainty, it can be wise to invest.
In the context of procurement and the ongoing pandemic, there is a high likelihood of significant risk being introduced to your projects, leaving you under increased pressure to ensure the delivery of successful outcomes.
As the situation continues to evolve, organizations need to adapt quickly in order to stay up to date with the changing landscape and to be prepared for any unforeseen impact on their procurement projects.
Now, more than ever, is the time to invest in best practice procurement solutions to ensure that the projects being undertaken are planned and executed to assure success.
And there’s a lot at stake, according to recent research, public sector organizations could save $1.5 trillion globally if they adopted best practice procurement methods. Now is the time to minimise risk, achieve value for money and ensure you get things right first time.
Below we share 5 ways to make sure you’re fully prepared to overcome any challenges you’re facing now, as you invest in a robust procurement strategy.
- Develop an accurate understanding of your marketplace
Understanding what success looks like is very difficult without careful preparation and planning. With effective market engagement you can test your assumptions and technical requirements with service providers at the outset, to ensure your procurement objectives are achievable. AWARD’s Market Engagement functionality helps you develop an accurate understanding of your marketplace and make better decisions throughout your procurement.
- Understand how to achieve value for money
Delivering the best value for money from your upcoming procurement is crucial at any time but perhaps even more so now. Our AWARD® Real Value for Money (RVfM) solution has been specifically designed to help you define value for money and undertake sensitivity analysis. This pioneering methodology helps you avoid the common pitfalls that can impact the overall overcome so you can deliver the best value for money solution possible.
- Protect your project from risks
In times of uncertainty you need to have the confidence that your decision-making process can be defended if necessary, and that your chosen solution aligns to the requirements of your stakeholders. Establishing robust and meaningful weights across your project’s criteria set gives you the confidence that your decision-making process won’t be exposed to any unnecessary risks. Our workshops and facilitation techniques include testing and sensitivity analysis of weights, helping you achieve the best value for money outcome.
- Make informed supplier selection decisions
When making the critical decision of selecting a supplier, you need to have the latest methods, tools and techniques at hand and ensure you follow a robust and transparent process. Ensuring you share sufficient information with bidders and maintain an accurate real-time audit trail can protect you against long delays and costly legal challenges. Our AWARD® Evaluation solution not only ensures a defensible, effective evaluation, but also helps you deliver efficient bidder debriefs and a full audit trail of decisions made.
- Seek expert advice and best practice procurement solutions
The procurement marketplace is evolving at a rapid pace, and with it, so is technology and best practice. It’s never been more important to stay up to date with new developments such as the requirement to deliver community benefit (social value) or to understand the latest value for money techniques. How can you be fully prepared for what lies ahead and be sure you have the right strategy in place for your procurement? Our expert consultants provide best practice support for every stage of the procurement process, including the very latest thought-leadership and workshop facilitation to complex tender evaluation design and delivery.
With an in-depth understanding of the market and the support you need to make important decisions, you’ll be in the best position to analyze what can be gained by investing now and what you could lose if you don’t. It’s well understood that it can be difficult to commit capital during uncertain times, but ensuring you have best practice procurement solutions in place will help you deliver successful outcomes and maximise your return on investment.
I’ll leave you with some words from my colleague, Drew Schlosser on the need to work smarter in light of the COVID-19 Pandemic: