Organizations that have established strong contracting frameworks see this aspect of the business as a core competency. When the contracting process is well planned, it has the ability to bring savings and other operational efficiencies to the business, all of which serve to provide a competitive advantage to the business. A respected and accomplished executive in business procurement and contracting, Susan M. Taylor can attest to the advantages of having an established procurement/contracting process.
The process begins where the business acknowledges that it has needs that are best met by external parties. At this point, the business has to determine the what, how, and when of procurement. After these questions have been answered, the business can move towards preparing the documents required to support the process. At this point, the business has to identify the most appropriate procurement method, develop a solicitation document, and come up with a suitable contract.
With the required documents ready, the procuring personnel will go on to solicit interest parties to present their bids and proposals. The most suitable bids are chosen depending on how they meet the solicitation criteria, after which successful parties are invited to negotiate with the business. The purpose of a consultation is to ensure both parties reach a satisfactory understanding.
Once the parties put pen to paper, it falls on the business to closely monitor the performance of its contractors and ensure that they meet the set standards. Continuous evaluation helps to identify any loopholes or challenges that require remedying.
Susan M. Taylor has worked in procurement for nearly three decades. She’s written numerous articles on the subject that were published in Business Horizons magazine and in the Army Acquisition Logistics and Technology magazine.
The process begins where the business acknowledges that it has needs that are best met by external parties. At this point, the business has to determine the what, how, and when of procurement. After these questions have been answered, the business can move towards preparing the documents required to support the process. At this point, the business has to identify the most appropriate procurement method, develop a solicitation document, and come up with a suitable contract.
With the required documents ready, the procuring personnel will go on to solicit interest parties to present their bids and proposals. The most suitable bids are chosen depending on how they meet the solicitation criteria, after which successful parties are invited to negotiate with the business. The purpose of a consultation is to ensure both parties reach a satisfactory understanding.
Once the parties put pen to paper, it falls on the business to closely monitor the performance of its contractors and ensure that they meet the set standards. Continuous evaluation helps to identify any loopholes or challenges that require remedying.
Susan M. Taylor has worked in procurement for nearly three decades. She’s written numerous articles on the subject that were published in Business Horizons magazine and in the Army Acquisition Logistics and Technology magazine.