971480Reportable Social Value Smart Procurment PlatformClosedSmall Business Research InitiativeInnovate UKThe Key objective of Phase 1 of this project is to develop, test and prepare to commercialise a 'Reportable Social Value (RSV) Smart Procurement Platform', for the incorporation of social value into procurement decisions. The procurement system, will form part of a wider Smart City Platform known as WASP (Workflow Analysis Social Procurement) and offers a transparent and cost-effective alternative to current methods of procurement. There are currently no procurement systems that can incorporate social value frameworks and perform as a centralised 'one-stop' platform. Development of a cost-effective system for social value incorporation is unique and essential to enable full transparency, fairness and efficiency in public and private sector procurement. There is scope for this platform to be utilised locally, nationally and internationally following the feasibility of the proposed concept. In Phase 1, we intend to confirm the feasibility of the system to accurately report social value using real data. This will complement the business plan in place, covering all aspects of the commercial opportunity, pricing, market size, competition and route to market. The results of the feasibility study will give confidence that an application for Phase 2 can be made to build a more robust demonstrator, changing the way procurement is valued, to deliver a rapid, cost effective infrastructure solution for informing procurement decisions. The delivery of Phase 1 will also provide a collaborative framework across 15 Local Authorities who have agreed to work with the company on its structure. Ultimately, this procurement system will allow digital enhancement of all procurement systems by utilising smart use of data, a key pillar in the 4th Industrial Revolution (Industry 4.0), placing a value on the procurement process and verifying the efficiency.