Award

Financial Planning, Forecasting and Budgeting Solution

FINANCIAL SERVICES COMPENSATION SCHEME

This public procurement record has 2 releases in its history.

Award

06 Apr 2023 at 09:05

Tender

09 Sep 2022 at 15:05

Summary of the contracting process

The Financial Services Compensation Scheme (FSCS) is procuring a Financial Planning, Forecasting and Budgeting solution. The procurement is for software packages and information systems under the goods category. This procurement process is in the active stage. The deadline for submissions is 28th October 2022. The contract was signed on 2nd April 2023, with Tagetik UK Limited being the selected supplier. The buying organisation is FSCS, located in London, United Kingdom.

This tender for a Financial Planning, Forecasting and Budgeting solution presents an opportunity for business growth to providers of software packages and information systems. Businesses specializing in financial planning solutions and budgeting tools would be well-suited to compete for this contract. The contract includes an initial amount of 1,150,000 GBP with potential renewal options. The solution must enable easy forecasting, budgeting, and reporting capabilities in a user-friendly manner, catering to various financial and non-financial aspects. With a wide range of functionality criteria to meet, businesses with expertise in quality service provision and competitive pricing could leverage this opportunity to support FSCS's financial management processes.

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Notice Title

Financial Planning, Forecasting and Budgeting Solution

Notice Description

FSCS has procured Financial Planning, Forecasting and Budgeting solution. The new solution would support the business to do the following: *Prepare regular forecasts and annual budgets of all cost and revenue accounts in a simple and easily updatable manner; *Prepare regular forecasts of non-financial information e.g. headcount and claims volumes; *Monitor actuals against budget and forecasts enabling management to easily identify, understand and report variances; *Allocation of costs (actuals and forecast) to several categories e.g. for activity-based costing analysis and to various funding categories for levy calculations; and *Report to senior management, Board and externally. This includes licences, implementation and annual support and maintenance

Lot Information

Lot 1

FSCS has procured Financial Planning, Forecasting and Budgeting solution. The new solution would support the business to do the following: *Prepare regular forecasts and annual budgets of all cost and revenue accounts in a simple and easily updatable manner; *Prepare regular forecasts of non-financial information e.g. headcount and claims volumes; *Monitor actuals against budget and forecasts enabling management to easily identify, understand and report variances; *Allocation of costs (actuals and forecast) to several categories e.g. for activity-based costing analysis and to various funding categories for levy calculations; and *Report to senior management, Board and externally. This includes licences, implementation and annual support and maintenance

Options: This includes the option to extend for a further period of 2 years and then subsequent two 12- month contract extensions.

Renewal: This includes the option to extend for a further period of 2 years and then subsequent two 12- month contract extensions.

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-036761
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/010082-2023
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Goods
Procurement Method
Open
Procurement Method Details
Open procedure
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

48 - Software package and information systems


CPV Codes

48000000 - Software package and information systems

Notice Value(s)

Tender Value
£1,150,000 £1M-£10M
Lots Value
£1,150,000 £1M-£10M
Awards Value
Not specified
Contracts Value
£1,224,880 £1M-£10M

Notice Dates

Publication Date
6 Apr 20232 years ago
Submission Deadline
28 Oct 2022Expired
Future Notice Date
Not specified
Award Date
1 Apr 20232 years ago
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Cancelled
Awards Status
Active
Contracts Status
Active

Contracting Authority (Buyer)

Main Buyer
FINANCIAL SERVICES COMPENSATION SCHEME
Contact Name
Not specified
Contact Email
procurement@fscs.org.uk
Contact Phone
+44 2073758194

Buyer Location

Locality
LONDON
Postcode
EC3A 7QU
Post Town
Central 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
City of London
Electoral Ward
Portsoken
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

TAGETIK

Open Contracting Data Standard (OCDS)

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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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