The short answer is ‘no’.
Transparent procurement makes business sense for all firms, irrespective of sector or size.
Generally there’s an increased awareness of transparency within the public sphere because public sector organisations are legally required to operate under EU Directives and national guidelines that require open, transparent and non-discriminatory procurement processes. And the stakes are high – contravention of the regulatory regime can result in costly legal proceedings and serious reputational damage.
Outside the public sector environment, procurement is at the discretion of the individual firm. Multinational corporations tend to have in place operating policies and procedures for their national subsidiaries to follow. Smaller firms often have less formalised and codified approaches to procurement. Depending on the sophistication of the firm and its internal operating systems, transparency may be integral to procurement or may not register at all.
Transparent procurement: read more
There are sound business reasons why public and private sector organisations alike should aim for transparent procurement. Read about its importance, how significant savings and strong corporate governance can be achieved, and the key role of e-procurement by downloading our white paper, ‘Transparent e-Sourcing: Making audits pleasantly predictable’.
