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. To achieve this, you have to evaluate the 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 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 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. It is also these results that give basis for the preparation of regular reports on a functional procurement system and gives a vivid elaborations of recommendations and proposals for the future advancement of the public procurement system. 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.
Upon ensuring that all of these is adhered to, then, integrity, competitiveness and transparency in the public procurements will be achieved. Besides, both sides of the demand and supply will be greatly enhanced. The public procurement market will also expand because medium and small-sized enterprises will get a better access than before. 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.