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. To achieve this, you have to evaluate the 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 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.
The monitoring results can be used for policy development, determining the value-for-money as well as drawing conclusions in respect to the total compliance of principles of public procurement as well as the fulfillment of predefined targets and objectives. 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 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.