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. 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. In case you dig deeper into this concept, you will realize that it is deeper than just coming up with ways of detecting and combating the public procurement infringements; though these two are critical, the concept also includes strict assessment of full legal compliance. In nutshell, monitoring of public procurement involves collection, analysis as well as data inseminations which include various public procurement aspects like openness, competitiveness, transparency, and efficiency.
At the end of the monitoring process, the results are instrumental in drawing conclusions in regard to the strict adherence of public procurement principles and effective determination for the value-for-money. 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. There will be also increased efficiency in public procurement on both sides of demand and supply. The SMEs will also have a facilitated access to the public procurement market. There will also be a big boost in the innovations in the public procurement sector, great facilitation and promotion of inter-administrative organizations in the public contracts sector and many business will also be attracted to the fair awarding of contracts in the public sector.
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.
Check out https://www.youtube.com/watch?v=2zHnu7XS8hg.