How government contractors can reduce risk and increase profits by managing contracts at the enterprise level. Explore current challenges facing the industry today.
Government Contractors are tasked with properly managing multiple opportunities through pursuit, award, and delivery to meet compliance requirements. However, many organizations struggle to achieve visibility and insight into the performance of their contracts, increasing risks that can affect many areas of their business.
Risk comes in many forms, with varying degrees of complexity and probability. As a government contractor, you may be dealing with multiple types of risk including financial risk, supply chain risk, cybersecurity risk, and more. But one thing is for certain. When you are doing business with the federal, state, or local government you must comply with certain regulations—or face the risk of non-compliance.
Being able to manage risk more effectively requires that you elevate your game from managing your contracts at the transaction level to managing at the enterprise level. Data plays an important role in this process. When you use modern IT tools that enable you to use data from your contracting systems more effectively, you gain visibility and insight to help drive results at the enterprise level. You are able to visualize patterns in the data to identify hidden risks and uncover areas to focus on reducing risk exposure. Enterprise-level reporting, included in these systems, can help you present the information to leadership in an objective way so that they can make informed decisions.
Emerging technologies like Machine Learning, Artificial Intelligence, and Robotic Process Automation are growing in popularity and changing the landscape of what we can do with data. The automation, tracking, and intelligence they provide help to simplify and streamline many processes, including contract management and administration.
If you are interested in learning more about managing contract risk at the enterprise level watch this short on-demand webinar interview, “Managing Contract Risk Across an Enterprise World”. TechnoMile’s Chief Operating Officer (COO) Mick Fox interviews Retired Federal Procurement, Government Contracts expert, and current Section 809 Panel Commissioner Darryl Scott. Their conversation explores some of the deeper questions around the current challenges facing the contracts industry today, like contract risk, and explains how some of these challenges can be solved. Darryl also provides his thoughts on the generational shift in the workforce, new expectations of the millennial workforce, and the role modern technology plays in talent retention.