Award

ITT for a Finance System for the Royal Academy of Music

LONDON UNIVERSITIES PURCHASING CONSORTIUM

This public procurement record has 1 release in its history.

Award

11 Aug 2023 at 09:36

Award Notice
Summary of the contracting process

The London Universities Purchasing Consortium has awarded a contract for a Finance System to Embridge Consulting (UK) Ltd. The tender, titled "ITT for a Finance System for the Royal Academy of Music," aimed to procure a financial systems software package to meet the financial management and reporting needs of the Academy. The tender's value is GBP 423,000, with a contract period starting on September 1, 2023, and ending on April 1, 2028. The procurement method used was a selective procedure, with a tender period closing on April 6, 2023.

This contract presents opportunities for businesses, particularly those providing financial systems software solutions or consultancy services. With a focus on financial management, grant and contract management, procurement, asset management, and compliance, businesses with expertise in these areas would be well-suited to compete. As the successful supplier is expected to have a 10-year contract, this opportunity offers stability and a long-term partnership for businesses in the financial technology sector.

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Notice Information

Notice Title

ITT for a Finance System for the Royal Academy of Music

Notice Description

The Academy requires a finance system to manage which needs to meet a range of requirements to support the financial management and reporting needs of the Academy. Some high level requirements for a finance system at Academy include: * Financial management: The system should provide tools for managing the Academy's financial resources, including budgeting, accounts payable and receivable, general ledger, and financial reporting. * Integration with other systems: The finance system should integrate with other systems used by the Academy, such as I-Trent payroll and HR system, and Quercus student record systems, to ensure data consistency and reduce data entry. * Grant and contract management: The system should provide tools for managing grants and contracts, including tracking expenses and revenue, invoicing, and compliance reporting. * Procurement management: The system should support procurement processes, including purchasing, vendor management, and contract management. * Asset management: The system should allow the Academy to track and manage its physical assets, including equipment, vehicles, and buildings. * Compliance: The system should support compliance with financial regulations and standards, such as GAAP (Generally Accepted Accounting Principles) and FASB (Financial Accounting Standards Board) guidelines. * Reporting and analysis: The system should provide reporting and analysis capabilities to support decision-making and strategic planning. This includes dashboards, ad-hoc reporting, and data visualisation. * Security and access control: The system should provide robust security and access controls to protect financial data and ensure appropriate access to information by authorised personnel. * Scalability: The system should be scalable to accommodate the financial needs of a growing Academy, including expansion into new programs, research, and other initiatives The successful supplier is expected to be awarded a contract for 10 years.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-b0f742f5-fa14-4a5f-b949-d06a6bf4c773
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/e3b58ee6-1ed7-4e2f-912b-61d6eec5738b
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Goods
Procurement Method
Selective
Procurement Method Details
Restricted procedure
Tender Suitability
SME
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

48 - Software package and information systems

CPV Codes

48442000 - Financial systems software package

48812000 - Financial information systems

Notice Value(s)

Tender Value
£423,000 £100K-£500K
Lots Value
Not specified
Awards Value
£236,508 £100K-£500K
Contracts Value
Not specified

Notice Dates

Publication Date
11 Aug 20232 years ago
Submission Deadline
6 Apr 2023Expired
Future Notice Date
Not specified
Award Date
10 Aug 20232 years ago
Contract Period
31 Aug 2023 - 1 Aug 2028 4-5 years
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
LONDON UNIVERSITIES PURCHASING CONSORTIUM
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LONDON
Postcode
NW1 5HT
Post Town
North West London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
Not specified
Local Authority
Westminster
Electoral Ward
Regent's Park
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

EMBRIDGE CONSULTING (UK

Further Information

Notice URLs

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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