In the latest edition of the Social Value & Intangibles Review Nick Petford draws attention to issues concerning Brexit, e-procurement and the adoption of Blockchain technology as the platform for cryptocurrency in university procurement. The requirements to meet efficiency, quality, and social value challenges and to secure environmental and economic benefit are however generic across the vast Public Procurement landscape. But, whilst skilled professional sourcing and procurement practitioners are in high demand, a skills gap has led to a largely process driven and risk averse culture where the procurement teams are often seen as simply a compliance function or barrier to innovation, and outcomes are marked by an unnecessary transfer of commercial risk to suppliers.
Contract price erosion, higher levels of risk transfer and increased levels of bureaucracy when tendering for contracts has made the public sector a less attractive place to do business, particularly for SME’s. This trend needs to be reversed if citizens are to continue receiving high quality public services and a more diverse mix of providers are to deliver innovative public sector goods, works, and services. Meeting the need of this skills gap will involve moving the next generation of procurement professionals into proactive functions in the supply market: positions where strategic sourcing will see an enhanced importance in the development and mapping of money flows in the supply chains. It is here that Blockchain technology, supporting cryptocurrency transactions, may promise a revolutionary shift to build value, including social value, and leverage capability.
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Thanks for this latest review newsletter. house of hazards will bring up Brexit issues for all to see.
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This blog provides valuable insights into the intersection of blockchain development (https://www.kirhyip.com/), cryptocurrencies, and supply chain management in the public sector. It explores the potential of these innovations to revolutionize sourcing and procurement processes, ensuring greater transparency and efficiency. The author’s expertise shines through their comprehensive analysis, making this a must-read for anyone interested in the future of public sector financial flows. Well done!
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