While private sector companies invest billions to innovate and create commercial technologies that streamline and improve the procurement process, the federal government (especially) and local governments (to some degree) continue to lag way behind, choosing to build custom applications and spending hundreds of millions in the process.
Below are some quick highlights of how technology is helping reshape public procurement and government contracting:
These are just quick highlights. There’s a lot more happening in the procurement technology space and it is critical that the public sector make it a priority to explore and leverage commercial technologies to the maximum intent.
What does this mean for the public sector and public procurement in particular?
The pace of innovation in procurement technology is exciting. It is a shame that more of the public sector isn’t exploring the potential. Let’s make it a priority to do so going forward.
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