Spend Analytics | The Contracting Education Academy

Believe it or not, procurement fraud is the second largest economic crime in terms of losses, trailing only theft.

This statistic usually gets overlooked, but it’s one that has affected the federal government for decades. In fact, according to PricewaterhouseCoopers, procurement fraud impacts an astounding 29 percent of all organizations each year, ranging from Fortune 500 companies to small businesses to government agencies.

Procurement fraud occurs when a company offers goods or services but either fails to deliver, under delivers or rigs the process against the rules to gain an advantage over competitors. Some common forms of procurement fraud include bribery, bid-rigging, embezzlement and submission of false claims. This is especially concerning when you are talking about business to government procurement, considering that money comes straight from the taxpayer. Government needs to find better ways to protect itself from this type of fraud.

Keep reading this article at: http://www.federaltimes.com/articles/fighting-federal-procurement-fraud-commentary

The National Association of State Procurement Officials (NASPO) recently issued a statement on the “Top 10 Focus Areas for State Procurement,” which caused us to think about the unique set of challenges the public sector faces when it comes to procurement.

The public sector is under a constant mandate to reduce costs, optimize contracts, and spend intelligently and transparently. So technology solutions that enable best practices in spend management must deliver rapid time-to-value.

The public sector also faces the obstacles of dealing with multiple agencies, districts and departments, an abundance of data from multiple sources and the need to choose suppliers carefully. While these challenges are not necessarily unique to the public sector, the private sector doesn’t also have to maintain a high level of transparency and reporting on what is being spent across state and local governments.

The NASPO statement reinforces this idea of data transparency. In fact, NASPO named “Spend Analytics and Greater Procurement Oversight and Efficiency” as its second priority for state governments in 2015.

Keep reading this article at: http://publicspendforum.net/brush-up-on-your-spend-analytics/

Fighting federal procurement fraud — A commentary

Believe it or not, procurement fraud is the second largest economic crime in terms of losses, trailing only theft.

Why you need to brush up on your ‘spend analytics’

The National Association of State Procurement Officials (NASPO) recently issued a statement on the “Top 10 Focus Areas for State Procurement,” which caused us to think about the unique set of challenges the public sector faces when it comes to procurement.

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