Procurement Act: The countdown is on
The Procurement Act is coming into force on 24 February 2025. Organisations must be prepared and ready, otherwise they are at risk of reputational and financial damages. Our experience shows that training alone isn’t enough; people often forget and are resistant to change.
We want to help you embrace the upcoming changes, which include:
- Greater flexibility
- Increased transparency, efficiency and fairness
- Streamlined processes
- Improved value for money
How you should prepare:
- Stay informed - Attend webinars and workshops to understand the forthcoming changes.
- Conduct a GAP analysis - Identify areas where current practices do not align with new regulations.
- Update policies and procedures - Revise your policies and procedures based on the completed GAP analysis findings.
- Training and education - Provide comprehensive training for staff on the new regulations.
- Communication and engagement - Proactively engage with internal and external stakeholders to keep them informed of the changes.
The cost of not being prepared:
- Non-compliance penalties - Contract nullification, wasted time and resources;Legal challenges could also result in significant monetary penalties.
- Operational disruptions - Inadequate preparation can lead to disruptions in project timelines.
- Reputational damage - Non-compliance can harm reputation, credibility and marketplace confidence.
- Procurement inefficiencies - Non-compliance will lead to poor value for money and the risk of engaging unqualified suppliers.
Our offering:
We have established a Procurement Act Centre of Excellence, comprising of experts in the new regulations. We are already helping public sector clients, like you, to not only ensure compliance but also to take full advantage of the changes brought by the Act.
Procurement Act: Our experience
Our team of trained procurement experts have already delivered public webinars on the impact of the new Procurement Act and have more scheduled. We are actively supporting numerous clients to get ready for the new Procurement Act.
Here are some examples:
Network Rail
We supported Network Rail in ensuring compliance with the new Procurement Act by conducting a GAP analysis between their current and desired states. Following this, we transformed their processes, policies, toolkits, templates, and governance. Additionally, we helped to upskill their procurement teams.
Financial Conduct Authority (FCA)
We worked with the FCA to prepare for the new Procurement Act using the Transforming Public Procurement Readiness Dashboard. We supported the planning and updating of procurement templates, policies, and procedures. We also trained FCA’s staff.
NHS Trusts and Transport UK
We initiated a Procurement Act Readiness Assessment for four NHS Trusts, and we were engaged by Transport UK to update their procurement policy, processes, and procedures to ensure alignment with the Act.
Ensure your organisation is ready
Take advantage of this offer to ensure your organisation is fully prepared for the changes brought by the Procurement Act. Our experts are available to guide you every step of the way. Contact us for more details:
Further resources:
Procurement services & industry expertise
Our flexible solutions reflect the breadth and depth of our industry- & procurement expertise, from strategic advice to managed procurement services.
Procurement transformation services
Our procurement transformation programmes put you in the right position to reduce costs & improve the value you derive from suppliers.
Procurement delivery services
Our services include de-risked savings delivery, data analytics, contract & supplier relationship management, & resource augmentation.