At Bloom, we’re dedicated to empowering our public sector clients and supplier community, providing them with the support and knowledge they need to thrive. A key consideration for both is the Procurement Act, a landmark piece of legislation that will overhaul the entire procurement landscape.
The Act is as transformative as it is complex and, with the legislation due to come into effect in October 2024, there isn’t much time left to prepare. Whilst we face an imminent election, it's likely the Act will take effect regardless of the outcome. Understanding its impacts, both in the short and long-term, will be critical to the success of public sector organisations and businesses alike.
This is why we’re delighted to announce the release of our Procurement Act webinar – which is designed to accessibly highlight the key considerations for public sector organisations and businesses alike.
Through the webinar, we brought together a number of expert speakers to make sense of the Act – offering informative insights via an engaging format. These speakers included Sophie Moule, Bloom’s Marketing Director, Michael Murray, Commercial Director at NEPO, Janet Ellison-Jones, Category Manager at Cheshire East Council, and Daryl Blair, Head of Professional Services and Digital Services Category at the Cabinet Office.
Some of the key topics of discussion included how…
- Public sector organisations will, potentially, face new administrative tasks and upskilling requirements. They will now have to consider barriers to SMEs bidding for contracts.
- Larger contracting authorities will need to publish pipelines of their future procurement plans so that SMEs can form consortia and properly prepare for bids.
- They will also need to evaluate bids to identify the "Most Advantageous Tender" (MAT), expanding the definition of value for money to account for wider social, economic, and environmental benefits, typically referred to as ‘social value’.
- There are new legal requirements to publish transparency notices across contracts and buyers will need to abide by 30-day payment terms throughout supply chains.
- The new rules take tougher action on underperforming suppliers and introduce a new 8-year “open” framework.
Despite these considerations, the Procurement Act has been designed to fundamentally make it easier for businesses, especially Small and Medium Enterprises (SMEs), to work alongside the public sector. In addition to opening up opportunities for smaller businesses, and driving growth, the Act also has the potential to make it easier for the public sector to utilise SME and VCSE expertise via more competitive landscape; making it easier to procure the right suppliers in a way that delivers the most value for organisations and communities.
Whilst the Act may appear intimidating, then, it presents far-reaching opportunities for both the public and private sectors to create impactful, long-term relationships that deliver for society as a whole – which perfectly matches Bloom’s mission statement, enabling brilliant outcomes today, that build a better tomorrow.
You can also read more about the impacts of the Bill, and how Bloom can help you address its implications, here:
We’ll be producing new webinars on an ongoing basis, engaging with expert speakers on subjects that mean the most to our clients and supplier community. We hope you find them informative and welcome your feedback and suggestions for new topics.
