For anyone tasked with procurement in a company, the responsibility of choosing the best procurement method and finding the right supplier is crucial. The stakes are high, especially considering that the average public sector procurement cycle typically costs businesses around £45.2k in time and effort. In the procurement process, where time, resources, and accuracy are paramount, the need for a strategic procurement method becomes more crucial than ever. This allows for budgets to be optimised, and the sourcing of suppliers is best suited to delivering the required goods and services.

Below, we explore the downfalls of traditional procurement methods and how C2 can help to simplify and accelerate your procurement journey with its solution. 

The Traditional Procurement Conundrum

Traditional procurement processes are often riddled with complexities, lengthy paperwork, and a stream of questions that may lack the depth needed for a thorough assessment. The inclusion of large infosec question sections within Request for Proposals (RFPs) or tender processes, while essential, can become a checkbox exercise, lacking true support for clear decision-making.

C2’s Evidence-Based Assessment

As part of our solutions, we have an evidence-based approach to procurement assessments. This means helping businesses to move away from the conventional method of relying solely on answers to questions and instead incorporating a standard subset of questions and evidence. 

Think of buying a car: a test drive might reveal issues, but a mechanic’s inspection goes deeper. Similarly, hiring involves vetting through a questionnaire, but a DBS check adds a more thorough layer of scrutiny. In this analogy, the mechanic corresponds to the vetting process, and the DBS check amplifies the scrutiny for a comprehensive understanding.

This not only modernises the evaluation process but also ensures a more precise and thorough examination of potential suppliers. By embracing this evidence-based assessment, businesses can effectively navigate challenges including finding reliable suppliers, cost management, regulatory compliance and make informed decisions, elevating their overall procurement strategy.

Shortening RFP/Tender Paperwork

One of the significant advantages of integrating C2 into the procurement process is the potential to significantly shorten the RFP and tender paperwork. The evidence-based assessment provided by C2 replaces bulky documentation, saving valuable time and resources. This efficiency not only accelerates the procurement cycle but also allows businesses to focus on what matters most – making informed decisions.

Expert Assurance in Risk Identification

In addition to enhancing efficiency, C2 brings an extra layer of expert assurance to the procurement process. Our team of cybersecurity experts not only evaluates risks but also offers a heightened level of assurance backed by experts in the field. This scrutiny becomes more vital as cyber incidents in the supply chain are on the rise. A notable third-party supplier attack that gained a lot of attention was the MOVEit vulnerability, resulting in a significant chain of record-breaking breaches. This incident reportedly incurred a cost of over $9.9 billion for businesses, impacting more than 1,000 businesses and over 60 million individuals.

Unveiling Hidden Risks in the Supply Chain

Traditional procurement processes often fall short when it comes to probing into the layers of suppliers within the supplier itself. It’s important that all potential risks are uncovered to avoid falling victim when a breach happens. Our solution offers a comprehensive examination of the supply chain, ensuring businesses are fully informed about the web of connections that may impact their operations all in one place and empowering organisations with the knowledge and tools they need to navigate the ever-evolving landscape of risk management. 

Cost-Efficiency in Public Sector Procurement

Businesses involved in public sector procurement face significant financial implications which can impact the overall financial health of the business. 

The financial implications may arise from various factors, including:

• The intricate regulatory landscape
• Stringent compliance requirements
• Competitive nature of securing public contracts

Successfully navigating these complexities is crucial for businesses to not only secure public sector opportunities but also to manage costs effectively, ensuring a sustainable and profitable operation within the framework of public sector procurement. C2 not only ensures a more accurate assessment of risk but also acts as a cost-saving measure. As businesses navigate public sector procurement cycles, our solution helps to safeguard against unnecessary expenses and potential risks.

By replacing traditional methods with evidence-based assessments, businesses can make more informed decisions, shorten procurement cycles, and ensure a higher level of confidence in vendor selection. Speak with our team today to find out how we can help streamline your procurement process and stay ahead in the dynamic landscape of modern commerce. 

About C2

C2 is a UK risk management scaleup on a mission to help businesses survive and thrive in the digital economy. C2 helps organisations manage security and compliance in a way that’s unique to their business and that does more than simply ticking off digital checkboxes. C2’s industry-leading platform supports the public and private sectors in managing their threat landscape and improving vendor controls, project, privacy, and ESG risks.