Best Value Procurement, also known as BV Procurement or BVP, is a procurement system which values other factors rather than price. Typically, BVP values the quality of the goods/services offered and the expertise of the vendor (supplier).
BV Procurement often involves the assessment of how cost-effective a project will turn out to be. By weighing up the value of a supplier’s offerings in terms of quality and expertise, you help avoid the risk of a low-reward outcome. If only price is considered, then you may get a good value-for-money service, but the product/service may be of low quality or provide little benefit to the local community (if you are considering the social value of a product/service). Therefore, in the long-term, a product/service may not be a good value for money after all.
Many buyers also consider:
Note: BVP practices are similar to the Most Economically Advantageous Tender (MEAT) principle, which also considers factors such as quality, social value, sustainability, and innovation.
Typically, there are four phases to the BVP process:
With Procure Consult, we offer support with tender management and ad-hoc procurement consultancy. Our expert team will manage the end-to-end procurement process or offer assistance at any stage, as and when required.
With Procure Health Check, we’ll conduct a full review of the strategic and operational procurement processes within your organisation. We’ll identify the areas that need improvement and help you drive greater value from the procurement process.
The purpose of Procure Analyse is to conduct a high-level analysis of your spending activity. We’ll help you understand your current purchasing behaviour and highlight areas that can deliver greater value. Procure Analyse is also offered as part of Procure Health Check or as a standalone service.
With Procure Outsourcing, we deliver a range of procurement solutions on an outsourced basis, completely bespoke to you. This can range from delivering multiple tender projects as a package to delivering the full procurement function of your organisation.
Are you trying to find a supplier for your project? Post your tendering opportunity onto any of our 11 sector-specific portals for FREE with Procure Post!
Housed by our sister company, Hudson Discover, our portals host thousands of tendering opportunities for organisations of all sizes. For an additional cost, we’ll even help you identify your requirements and find the most suitable suppliers for your business.
Top 10 Tips to Improve Your Supply Chain Management Improving your supply chain management is…Read More