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March 28, 2023 | Bonfire Interactive
Mitigating risk is one of the most important responsibilities an organization’s finance leader has. So why do so few pay close attention to procurement, an area bristling with risk? Can they trust that others in their organizations are looking after those risks, or is this a potentially dangerous blind spot for them?
In this blog post, we’ll take a look at the risks inherent in public sector procurement and why finance leaders should care. Finally, we’ll show that it isn’t all doom and gloom by outlining some steps public sector finance leaders can take to assess and improve their agencies’ procurement risk profiles.
The risks inherent in public sector procurement are wide-ranging. Here’s what it looks like when they’re not well-managed.
While the list of procurement risks can be daunting, there are software solutions available to manage them.
Procurement software offers a range of benefits, including streamlined procurement requests, vendor qualification, and minimized corruption in the evaluation process. It can also speed up approvals, reduce bottlenecks, and maintain reliable records to avoid regulatory and PR risks.
Moreover, procurement software can encourage cooperation with the procurement department, institutionalize critical knowledge, and ensure poor vendor performance isn’t overlooked. By using benchmarks and community data, the most capable software solutions can identify and solve common procurement problems.
It’s important to note that not every agency needs cutting-edge functionality in every area, and the most expensive solution is not necessarily the best. The key is to find software that addresses your agency’s specific needs. The best way to know what your needs are is usually through an internal risk assessment that compares the current state to the desired state and identifies the gaps between them.
Public sector procurement simply has too many moving parts for people to keep track of and manage without some help from technology, which is why procurement software is an essential tool for public sector agencies. By identifying and investing in software that meets your agency’s specific needs, you can achieve significant improvements in your procurement processes while reducing risk at the same time.
Bonfire Interactive
Bonfire helps public procurement teams reach better sourcing outcomes through an experience that’s blazingly fast, powered by peer insights, and so easy to use—vendors love it just as much as buyers do.
Bonfire tip:
Bonfire eProcurement experts can help you assess and address the risks in your procurement processes.