What are the current trends shaping the GovCon Industry?
Last year’s Deltek Clarity Government Contracting Industry Study told a story of continued growth and optimism in the Government Contracting market.
This year’s report largely reaffirms that sentiment, with organizations of all sizes seeing growth in 2018 and expecting continued growth, revenue, and increased competition to continue for at least another year.
Deltek has been able to identify the most important trends, challenges, and benchmarks in the government contracting sector. The trends and data points in this year’s survey are designed to provide actionable insights into the sector as a whole while also capturing forecasts into the following year.
Let’s take a moment to highlight the key insights of the 2019 Deltek Clarity report:
- Project Risk and Management
- Overall project health is up for all businesses. Forecast accuracy within project timing and project budgets are particular areas of focus. The best way to put these capabilities in your team’s hands: Kinetek4Cast.
- The amount of time businesses are spending on audits is decreasing, but government contractors are still challenged by the costs associated with audits. The best solution is to find a partner who can help you best manage your contracts, remain compliant, and make audits a breeze.
- Contract Management
- Tracking and entering contract information continues to be a key challenge for businesses. While spreadsheets may still be an active part of your business efforts – you can’t rely on them exclusively. IBM Cognos Planning Express lets you keep the interface you know and love, but mitigates the risk of errors and dramatically reduces the time it takes to get the job done.
- Human Capital Management
- Employers are opting to retain employees with superior engagement, continuous performance management, and higher training speeds. A human capital management solution is the best way for companies to identify top performers within the organization.
- Manufacturers are really challenged by quality control and cost accounting and plan to use software to integrate manufacturing operations with other business functions to head off these challenges with reliable financial information and system controlled processes. We have the most experience solving and integrating manufacturing solutions for Government Contractors. Contact us to learn how we can help unburden your manufacturing challenges.
The 10th Annual Deltek Clarity Government Contracting Industry Study continues to not only focus on current insights but to expand our understanding of long-term trends.
This year’s long-term trends include:
- Growth and competition are on the rise for most businesses, regardless of size
- Diversification and pursuing new customers are contributing to increasingly successful strategies
- Attracting and retaining talent is a major success factor and remains a high priority of top performing businesses
- IT departments are prioritizing security, compliance, and cloud applications for the second year in a row
- The cost of compliance and audits are on the rise
- Sequestration and continued government shutdowns could be looming in the near future
Download the full report below to learn about the most recent Business Development, Project and Risk Management, Finance, Compliance, Contract Management, Procurement, Human Capital Management, Information Technology, and Manufacturing trends shaping Government Contracting.