article thumbnail

Procurement Planning: Steps for Issuing a Solicitation

The Procurement School

A lack of clarity will be reflected in the quality of the solicitation document, the evaluation criteria and the bid submissions. Market Analysis The level of market analysis is dependent on the outcome of the requirements gathering. A more formal method is to issue a Request for Information (RFI).

article thumbnail

Blockchain Technology and AI in Public Procurement

The Procurement ClassRoom

It can analyze procurement data to identify patterns and anomalies, helping detect corrupt practices and automate tasks such as market analysis, supplier selection, and bid evaluation. AI’s Role in Public Procurement AI enhances procurement by improving decision-making and streamlining processes.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Master Your Business Classification with the Ultimate Guide to NAICS Code

Select GCR

business data, which holds great significance for policy development and economic analysis. NAICS are structured hierarchically from broad sectors to specific industries and are pivotal for business identification, market analysis, and compliance with regulations and tax requirements. How can NAICS codes help my business?

article thumbnail

Free vs. Paid Tender Portals: Which is Right for Your Business?

Tracker Intelligence

The contracting authority plays a crucial role in public sector tendering processes by setting contract thresholds and criteria for bid evaluations. When evaluating tender search tools, these hidden costs need to be taken into account. Limitations and Hidden Costs of Free Platforms In fact, free sites can be rather time consuming.

Tender 52
article thumbnail

Understanding North American Industry Classification System Codes

Select GCR

The process of assigning NAICS codes involves an evaluation of a company’s principal business activities. This evaluation is typically conducted by examining the products or services offered by the business and identifying the primary revenue-generating activities. Census Bureau website or the NAICS Association website.

article thumbnail

What is Strategic Sourcing and Why is it Important?

Oxford College of Procurement and Supply

The process of strategic sourcing requires continuous market analysis, goal recognition and an ongoing re-evaluation of sourcing activities. Having a strategic sourcing strategy allows companies to formalise the way they gather information. This allows them to source the best value that aligns with their long-term goals.

article thumbnail

A Comprehensive Introduction to the Government’s SBIR & STTR Program

Govshop

Once submitted, the proposal undergoes a rigorous evaluation process, including technical and commercial feasibility assessments by expert reviewers and program managers. The evaluation criteria typically consider the project’s scientific merit, commercial potential, and alignment with the agency’s research goals.