The Central Procurement Office (CPO) was created in 2015 with a mandate is to identify areas of government with savings potential and to pursue cost saving opportunities where appropriate..
Following extensive research and an in-depth spend analysis covering all of core government, the Director of CPO recommended the use of electronic reverse auctions (eRAs) as a key methodology to achieve strategic cost-savings.
A pilot project was set up in 2016 and reverse auctions have been run in the following areas:
Total savings to date: approx. $4,000,000 KYD
The Cayman Islands Government and its consultant successfully implemented a 2-step procurement process utilizing reverse auction.