What you need to know
The U.S. government in fiscal 2018 spent over $7 trillion. On average, anywhere from 30 to 40 percent of this money goes toward purchasing something -- from office supplies and laptops to construction and maintenance services -- all in the name of providing the best public services to citizens.
According to a Governing Institute survey, only 35 percent of entity respondents said they have up-to-date spending information and market metrics in their databases even though nearly two-thirds cited such areas as critical to success.
There is a tremendous opportunity for improved spend management, more efficient processes and overall better visibility into supplier relationships in order to maximize return on every taxpayer dollar. Recent trends provide a great opportunity to enhance this process and the articles points out 5 reasons to why this can potentially be achieved:
1. Procurement has gotten a lot smarter
2. Focus has shifted to the customer
3. Quality and performance have been on the forefront
4. Data is a proven tool
5. Digital talent requirements are understood
Value to the UAE government
The recent partnership between UAE and Saudi include creating a cryptocurrency to facilitate cross-border payments and a fast-track system to enable an easier flow of goods.
Greater economic ties between the UAE and Saudi Arabia will create more cross-border business opportunities for startups and small to medium-sized enterprises (SMEs) and reduce running costs for companies operating in both countries.
With the two GCC states creating a platform that enables UAE and Saudi SMEs to bid for government procurement contracts, it will be vital to consider the most efficient process to enhance this partnership. If both governments take the 5 reasons mentioned in the article into consideration, the system could potentially enjoy a smooth and fruitful balance that can fuel both economies.
Read more: https://gcn.com/articles/2019/02/22/modernizing-procurement.aspx