There are many different kinds of assessments that can be done in order to keep your procurement department in check. The reason for carrying out an assessment such as value for money is to basically understand if your processes both procurement and financial are really getting you the most out of the money that you are spending.
As organisations are looking to grow over time the importance of such an assessment is simply valuable.
This assessment enatils looking at a sample of contracts specifically the whole procurement process used in each of the more higher value contracts as well as the financial management of the same in terms of how fast you were able to process the payments vis a vis what was agreed upon in contractual terms. In short it helps you look at how efficient are your processes are being run or whether or not they are efficient in the first place.
Fruther, the assessment assists in showing the level to which you have been able to promote competition in your procurement.
It helps you to form a basis of improving the processes and procedures that you use, keeping in mind compliance with various legal frameworks in place. Such assessments can be done for public as well as private sector organisations.
So, let me know, are you getting your value for money with the current processes you have in place? What adjustments need to be made?