Best Value
What is best value procurement? Best value procurement is a systematic approach to purchasing that focuses on achieving the best possible outcome for the buyer, in terms of both quality and cost.
When using a best value approach, buyers will firstly need to define their requirements, and then invite suppliers to submit proposals. Suppliers will be evaluated not just on their price, but also on factors such as their experience, past performance, and ability to meet the buyer’s requirements. This ensures that the buyer selects the supplier who can offer the best overall value, rather than just the cheapest option.
There are many benefits of using a best value approach to procurement. It allows buyers to focus on achieving their desired outcomes, rather than simply finding the lowest price. By considering multiple factors in the selection process, it also reduces the risk of picking a supplier who is unable to deliver on their promises. Ultimately, this can lead to better quality products or services, and greater satisfaction for both buyers and users.