Transparency and Engagement Matter in an £11bn Marketplace

The Procurement Act 2023, which came into force earlier this year, represents one of the most significant shifts in public procurement for many years. After lengthy debate and several delays, the legislation went live in February and has already begun to influence how buyers and suppliers interact.

The most noticeable difference is transparency. Suppliers now have far greater visibility of upcoming opportunities, not just at the point of contract notice and award, but throughout the commercial lifecycle. Pipeline notices, for example, give advance sight of procurements expected in the coming 12 to 18 months. This helps businesses prepare, plan their resources, and decide where best to focus their efforts.

Equally important is the renewed emphasis on preliminary market engagement. That has long been seen as good practice, but the Act formalises it, encouraging buyers to open conversations with the market and allowing suppliers to put forward solutions earlier in the process. This is particularly valuable for smaller firms, many of which bring innovative approaches to the challenges facing public services. By lowering the barriers to engagement, the new framework helps create the conditions for those ideas to be heard.

Prompt payment is another area where progress is being made. Cash flow remains a critical issue for micro and small businesses, especially where they are working through larger prime contractors. It is not acceptable for those suppliers to wait months for payment once the lead contractor has already been paid. The measures in the Act are intended to make supply chains healthier and more diverse, ensuring that money flows in a way that sustains smaller players as well as large organisations.

Of course, legislation alone cannot transform procurement. Culture, behaviour and the willingness to collaborate are equally important. In that sense, the Procurement Act should be seen as a platform for change rather than an end in itself. It creates opportunities, but it is up to both buyers and suppliers to take them.

This is why gatherings of the procurement community matter. On 4 November, Procurex Wales will take place in Cardiff, providing a focal point for these conversations. The event brings together buyers, suppliers and other stakeholders to share insights, showcase innovation, and consider what the Act means in practice.

The programme is designed around key themes that reflect the issues facing procurement in Wales and beyond. Innovation and technology, sustainability and social value, collaboration and partnering, and contract and risk management are all central to the agenda. The conference will also examine broader influences, such as the global political environment and the growing role of artificial intelligence. AI is still in the early stages of its impact on procurement, but it is already clear that it will raise both opportunities and challenges.

Public procurement in Wales is worth around £11 billion annually. With that level of spend, the way contracts are designed, awarded and managed has a significant effect on businesses of all sizes and on the wider economy. By improving transparency, encouraging engagement and focusing on outcomes, the new procurement regime offers the chance to deliver better value across the board.

Events such as Procurex Wales provide the space to test ideas, to hear from others’ experiences, and to make connections that might not otherwise happen. For buyers, it is a chance to explore what suppliers can offer and how they can deliver on policy objectives. For suppliers, it is an opportunity to understand buyer priorities and learn how best to position themselves in a changing market.

As we move further into the first year of the Act, these conversations will be vital. Procurement is not just about processes and compliance; it is about how public money is used to support communities, drive innovation and sustain local economies. With the right approach, Wales is well placed to make the most of the opportunities ahead.

Grahame talks about this and more in the Government & Not for Profit podcast. Listen here.

Procurex Wales will be held on November 4 2025 at the Utilita Arena, Cardiff. For more details and to register visit: https://procurexwales.co.uk/