Overview

Building a good budget forms an integral part of any organization's planning and operations. However, many organizations fail to make efficient use of the resources and knowledge they have at hand. Procurement is one such department that is deeply involved in spending but often not involved in the budgeting process. It can benefit both the planning and execution of an organization's budget and find optimal ways to carry out the organization's plans. Procurement can deliver in the most extreme circumstances with tight deadlines despite other perceptions. The 2012 London Olympic and Paralympic Games are widely considered as one of the most successful in history both on and off the track. Sporting world records fell by the wayside while stadiums were delivered on time and under budget, something thought of as near-impossible by the British public in the run-up to the Games. It was such a success that the framework of how it was put together is being used as a benchmark for future Olympics, including the next Games due to be held in the Brazilian city of Rio de Janeiro during the summer of 2016. Procurement was a key part of this success, from building the eye-catching Olympic Park and sports arenas to clothing the thousands of volunteers. But the organizing committee had to overcome a number of its hurdles to get there. While LOCOG's procurement was central to developing and implementing the contingency plan that saved the situation, it was also key to putting in place clauses within the contract that ensured the public, who were paying for the event, were not left out of pocket as a result of this failure of supply.

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