Considering the share that is taken by the public contracts in the state’s GDP, it is important to have a regular monitoring of public procurement. With this in mind, it is essential to evaluate and monitor the overall performance of the 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 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.
The results arrived at after effective and thorough public procurement monitoring 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. For the government to come up with informed decisions about further development of the public procurement system, it has to monitor the system on regular basis.
Upon ensuring that all of these is adhered to, then, integrity, competitiveness and transparency in the public procurements will be achieved. There will be also increased efficiency in public procurement on both sides of demand and supply. On top of this, the medium and small-sized enterprises will also have a great 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.
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.