Published on: 14 October 2024
1. Transparency as a Key Requirement
Under the new Procurement Act, contracting authorities must treat suppliers equally and fairly, acting transparently throughout the procurement process. This includes providing detailed assessment summaries to both successful and unsuccessful bidders, explaining how bids were evaluated and offering insight into why a particular tender was chosen.
The TISCreport Transparency Report helps businesses meet these expectations by providing a comprehensive view of their non-financial performance. With detailed insights into a company's ESG practices, the Transparency Report ensures that businesses can demonstrate their commitment to transparency, which is crucial for success in public procurement under the new regime. By using TISCreport's data, you can showcase your alignment with these principles, increasing your chances of being viewed favourably by contracting authorities.
2. Supporting SMEs in Public Procurement
The Procurement Act explicitly addresses the barriers that small and medium-sized enterprises (SMEs) may face when participating in public tenders. Contracting authorities are required to consider whether these barriers can be reduced, although this obligation is not enforceable in civil proceedings.
The TISCreport Transparency Report supports SMEs by using open data to classify companies according to their size, ensuring that smaller businesses are clearly identified and not overlooked in the procurement process. This helps SMEs build credibility and trust with public authorities, who can see at a glance that the business falls under the SME category. By making this distinction clear, the report enables SMEs to compete on a level playing field, leveraging their transparency and ESG performance to stand out in a competitive market.
3. Meeting Sustainability and ESG Expectations
A key priority of the National Procurement Policy Statement and the Act is delivering value for money while maximising public benefit--this includes a strong focus on sustainability and ESG performance. Contracting authorities will increasingly assess tenders not only on cost but also on how they contribute to social value, ethical sourcing, and environmental responsibility.
The TISCreport Transparency Report provides the essential ESG data that businesses need to meet these sustainability expectations. By offering insights into environmental practices, social responsibility, and governance, the report enables businesses to showcase their commitment to sustainability. This is especially important as public authorities increasingly factor in ESG performance when evaluating tenders. Demonstrating strong performance in these areas can give your business a competitive edge in securing contracts.
4. Proactively Managing Supplier Performance and Compliance
The Procurement Act introduces requirements for contracting authorities to publish Key Performance Indicators (KPIs) and report on the performance of suppliers against these measures. Furthermore, authorities must provide ongoing transparency on contract variations and terminations, ensuring that public contracts are managed with integrity throughout their lifecycle.
The TISCreport Transparency Report helps businesses track and monitor their performance on key ESG metrics, allowing them to proactively manage compliance and improve transparency. By integrating this data into your procurement bids, you provide public authorities with verifiable evidence of your ability to meet contractual obligations, comply with ESG requirements, and deliver value over the life of the contract.
5. Enhancing Trust and Reducing Risk
The new Procurement Act introduces stricter requirements for transparency, making it more important than ever for businesses to build trust with public authorities. Contracting authorities are now required to provide transparency notices before awarding certain contracts directly, further emphasising the importance of open and honest business practices.
The TISCreport Transparency Report helps businesses establish trust by providing clear, reliable data on their ESG performance and transparency efforts. This positions your business as a responsible and trustworthy partner, reducing the likelihood of disputes or challenges and strengthening your reputation in the eyes of public authorities. In an environment where transparency is paramount, businesses that can demonstrate a commitment to ethical practices and ESG standards will be at a significant advantage.
Conclusion: Gaining a Competitive Edge with the TISCreport Transparency Report
As the UK Procurement Act 2023 reshapes public procurement, businesses must adapt to meet the new standards for transparency, sustainability, and compliance. The TISCreport Transparency Report is a powerful tool to help companies meet these requirements, offering detailed insights into ESG performance, supporting SME classification, and enhancing trust with public authorities.
For businesses seeking to secure public contracts, transparency reporting is not just a regulatory necessity--it is a strategic advantage. By leveraging the TISCreport Transparency Report, you can ensure compliance, demonstrate your commitment to sustainability, and strengthen your position in a competitive procurement landscape. As the Act comes into force, businesses that embrace transparency will be better positioned to thrive in the new era of public procurement.