LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on key steps involved in the public procurement process.
Many times, public organizations provide the corporate sector with immense opportunities to compete for profitable work. They select potential vendors to procure goods and services at the best prices. The process involves Invitations for Bid, Request for Proposals, Requests for Qualifications, and Invitations to Negotiate. However, most companies find it difficult to understand the public procurement process and fail to compete for such projects.
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At SpendEdge, we understand the importance of the public procurement process. Therefore, we have highlighted the key steps involved in the public procurement process.
Steps Involved in the Public Procurement Process
Requirement identification
Identifying requirements is the basic step in the public procurement process. Organizations must have a clear scope of requirements and objectives for the procurement. They should possess accurate market insights to understand their capabilities and restraints while meeting government transparency requirements.
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Scope of the procurement
Before proceeding, organizations must identify the right products for organizations and determine their specifications. Many times, procuring goods and services are subject to coordinated procurement arrangements. Organizations need to estimate the value of procurement and comply with government rules.
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Determine the procurement method
Determining the procurement methods plays an important role in the public procurement process. Organizations need to decide whether they want open tenders or limited tenders. Open tenders are advertised on the official website whereas limited tenders are directly asked from or more suppliers.
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About SpendEdge:
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.
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