As we wrap up the first month of the new fiscal year, it’s a great time to reflect on the past twelve months of activity and delve into the narrative behind the data. Our office has achieved four consecutive years of growth in the value of the procurement and supply chain establishment activities we’ve facilitated. In Fiscal year 2023, we processed 7,000 purchase requests totalling just over $6 billion, representing a 300% increase from the $2 billion recorded in FY22. The Northern Territory Oil & Gas, Energy, and Defence sectors predominantly drive this significant growth in planned spend. At all times, ICN remains committed to maximising local business participation in this spending.
To support this growth, over the recent years, we’ve been hard at work developing a streamlined process and an innovative software application designed to proactively map and visualise the capabilities of businesses against the forecasted needs of upcoming sectors and projects. This software, fittingly named ICN Perspective, enables project owners and governments to comprehensively understand regionalised capacity before undertaking significant capital and operational expenditures. Thus allowing the optimising of contract structuring based on the available local supply chain.
In the past year, we have seen high demand for ICN Perspective, driven locally by the Northern Territory Government and at a national level by Federal Government Agencies and major projects. This development has been a significant achievement for ICN and local businesses registered on ICN Gateway, leveraging their capability data during the early planning phases of various projects and supply chain development initiatives. Of course, this also highlights the importance of maintaining an accurate ICN profile that reflects your current capabilities.
Lastly, I encourage all users, stakeholders, and readers of our content to participate in our bi-annual Supplier Survey, which will conclude on 18 August. Your valuable feedback will allow us to refine and enhance our services.
Acting Chief Executive Officer