Monitoring of public procurement is paramount because public contracts represent a considerable share of the states GDP as well as the budget of the public expenditure. This reason alone gives a sound reason why it is important to monitor the performance of public procurement systems. To have an effective monitoring of the public procurement, there should be a very effective observation of the entire system of the public procurement where the observation should be done rationally so as to determine how the procurement system work and advance over time and also establish and realize targets set out by the policymakers.
The approach has to effectively use methods which can detect and give remedies to combat encroachments of public procurement rules such as auditing, checking of compliance and inspections. At the end of this, you will fathom that it is even bigger than this, despite the fact that the said tools are important for realizing the set goals; note that the approach is not limited to the whole evaluation of the legal compliance. In brief, it can be said that effective monitoring of public procurement involves collection, analysis and dissemination of data which also has to do with important aspects like openness, transparency, competitiveness and effeiciency.
The results arrived at after effective and thorough public procurement monitoring can be used to determine the value-for-money, developing procurement policies and coming up with conclusions in regard to the total adherence of the public procurement principles and realization of the established objectives and targets. It is also these results that give basis for the preparation of regular reports on a functional procurement system and gives a vivid elaborations of recommendations and proposals for the future advancement of the public procurement system. With above highlights, it is paramount for any state to make sure that it conducts regular monitoring of public procurement systems for it to come up with the best ways to advance the public procurement system.
Upon ensuring that all of these is adhered to, then, integrity, competitiveness and transparency in the public procurements will be achieved. Besides, both sides of the demand and supply will be greatly enhanced. The SMEs will also have a facilitated access to the public procurement market. There will also be a big boost in the innovations in the public procurement sector, great facilitation and promotion of inter-administrative organizations in the public contracts sector and many business will also be attracted to the fair awarding of contracts in the public sector.
Conclusively, it can be said that effective monitoring of public procurement will see to it that contractual obligations are adhered to, the set procurement objective give value for money, both strengths and weaknesses of the system are realized early enough and most importantly and effective platform for comparing and benchmarking with other contract bodies is established as this is what gives a chance to improve the entire procurement system further.