Periodically undertaking competitive procurements is a Government Finance Officers Association (GFOA) best practice. It helps ensure an agency is knowledgeable about products and services that address its needs, and which may increase efficiencies, and advises which companies offer such services. Additionally, it helps ensure that an agency obtains needed services at a competitive cost, promoting fairness in the market. Providers are more likely to participate in a fair process, and citizens and interested parties appreciate an agency’s fiduciary oversight of their monies.
In creating request for proposals (RFPs), public agencies benefit from a wide availability of tools and resources that guide the formal process. These can include GFOA RFP templates and best practices, online community forums or information sharing sites, their colleagues’ existing RFPs and checklists, among other tools.
Below are some practical tips to help you focus your searches on your needs and to encourage a broader response with more meaningful proposals.
Although the process can seem like a large undertaking, these ideas will ensure your agency is receiving the best tools and the most technologically relevant services at the best price.
For more information, or to see what our Wintrust Government Funds team can do for your institution, visit wintrust.com/govfunds.
Wintrust Financial Corporation published this content on 15 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2021 08:09:03 UTC.