After taking a few hours to thoroughly read BT’s extensive report, we've identified 5 vital take-aways:
- After assisting with hundreds of audits, investigations and legal disputes, BT noted that in almost all cases poor contract management (CM) was the root cause of the problems. Conversely, BT notes that “well-executed CM practices mitigate the risk of costly audits, investigations, and liability while boosting contractor’s bottom line.”
- There is a “clear disconnect between the importance assigned to contract management and the level of investment in the resources necessary to support it.” This observation resonates with our findings in The Contracts Crunch and Terrible Trade-off studies.
- “It’s time for companies to recognize that CM is a critical business function fundamental to the success of every federal contractor.”
- Over 43% of Federal contractors rely on Excel, Sharepoint, or Finance system bolt-ons (e.g., Deltek) for contract management. Systems that lack the data capture and sharing, version control, and workflow capabilities create compliance risks. They fail to provide scalable, efficient data capture, management, storage, and retrieval. “These are major concerns that should drive decision-making.”
- A decade ago, these forces led to the development of Spectrum, the only enterprise-grade CM system proven successful for Federal contractors. Spectrum streamlines workflow, ensures FAR/DFARS compliance, takes the pain out of audits and data calls, and provides sponsoring CFO’s with a great return on investment.
So what? How should this report change your day?
To take the next step toward seeing how leaders are using Spectrum to boost their Contracts departments’ success, watch the Spectrum recorded overview (which includes a demo and how to build support in your organization) or request a live demo.