Between the COVID-19 pandemic, CMMC compliance, and social unrest—not to mention the usual myriad of unique industry challenges—2020 has been an unprecedented, arduous year for the GovCon industry and beyond. With so much change and so many surprises, many contractors are left with their heads spinning, wondering where to turn.
One thing is clear during this tumultuous period: one of the best sources of advice for GovCons is each other. There’s great benefit in learning how other government contractors are confronting challenges and opportunities similar to yours.
Unanet and CohnReznick’s fourth annual GAUGE Report can provide this guidance. This report is a collection of survey results from over 1,450 contributors in the GovCon sphere and provides performance metrics and business practices that are shaping this current volatile government contracting landscape.
“The year 2020 continues to be a season of reckoning,” the report authors observe, “as government contractors are either reaping the rewards of having laid a sound business and technology foundation, or paying the price of playing catch-up.”
Technology is the theme of this year’s GAUGE and the report explores how GovCon leaders need to leverage technology to best position their companies not only during this season of remote work but for the next five years.
Some major takeaways from the report include:
- Optimism impacted: Prior to the pandemic in early March, 84% of survey respondents reported that they were either very or cautiously optimistic about their business outlook. Near the end of March, the percentage of respondents reporting this optimism dropped to 68%.
- Project and resource success: 59% of respondents reported that 76%-100% of their projects are on or under budget, and 55% of respondents rated their resource management at a high level of maturity, an improvement over previous years.
- Slowly adapting new technology: 53% of surveyed contractors use a project-based ERP system, while 18% use an entry-level system and 29% rely on other generic ERP tools. With the focus on technology in this year’s report, it is clear that GovCons’ success going forward depends on them “empowering teams to be productive in any setting and adapting quickly to new ways of operating” through the use of technology.
You can get your own copy of the GAUGE Report here and begin leveraging crucial industry information and best practices. We’re excited to hear how the report helps your organization establish and refine company goals in 2020 and beyond.