Why Should Data Collection and Analysis be Important for Your Office?

One of the key evolving trends for government is the use of data to help plan for the future, and procurement is a team who can benefit greatly from collecting and analyzing data. Here are some simple questions – can you answer them for your procurement office?

• How many Bids / RFP’s are produced and processed annually?
• What is average response rate of your bids?
• How many available vendors did you have on Jan. 1st? How many available vendors a year later on Dec. 30th?
• How many Vendor meetings? Pre-bid meetings?
• Who’s planning on attending a Pre-bid meeting?
• What is an item costing?
• Are our estimates accurate?
• Are we meeting Small Business / Local Business goals?
• How many bids are posted per department?

Collecting the data is a big responsibility, but even more importantly, how do you use this collected data? How would these numbers be helpful? Read more for 5 key reasons on how eProcurement might be helpful.