Contract Management – News, Views, and Analysis
86% of Government Contractors will maintain or increase investements in infrastructure.
Washington Technology's Contractor Confidence Survey indicates:
- 78% expect revenue to stay the same or grow
- Almost 87% are satisfied with their job or love it...
Today Compusearch® announced the next focus of their ongoing Executive Panel Series on government contracting best practices: Responding to the Latest Trends in Federal Audits..
Executive Panel Series: Moving to the next generation of contracts management - vital insights from GovCon contracts leaders.
On March 15, 2016, contracts executives from leading GovCon firms around the DC Metro area convened to discuss and share ideas around best practices for their contracts organizations.
The esteemed panel included:
- Howard Byrd, Director of Federal Contracts at Deloitte,
- Kelly McClelland, Owner of KCM Business Consulting,
- John Roman, Vice President of Contracts at LMI, and
- Lori Schendel, Senior Director of Contracts at UIC Technical Services/Bowhead.
The panel and a collaborative audience discussed moving from the “Dark Ages” of contracts management processes and infrastructure to “The Next Generation.” The benefits seen by the organizations using advanced practices and systems include affordable, full compliance with FAR/DFARS, lower DSO levels because invoices are correct the first time, and more efficient and scalable Contracts organizations. Additionally, the migration enables Contracts Department leaders to focus less on administration and data calls – and more on being business advisors to key stakeholders in their organizations.
The next GovCon Executive Panel event is Responding to the Latest Trends in Federal Audits, to be held June 9, 2016. For more information, contact Amee Singh at firstname.lastname@example.org.
Putting in the right processes and resources can eliminate the vast majority of audit preparation expenses, increase productivity, and enhance communication across departments, as well as with the government.
A lack of functioning systems and processes, along with the sunk cost fallacy of having invested time and money in programs and tools that don’t work for the contracts team have created cultures of status quo acceptance. GovCon leaders have found structured processes and technology that can increase their levels of contracts lifecycle management maturity, helping save both time and money.
If you are a GovCon executive with contracts responsibility, join other industry thought leaders in an exclusive executive panel discussion to map the treasures and landmines faced on the path to contracts department maturity. They will explain the Contracts Organization Maturity Model, delineate the multiple advantages of instituting the right systems and processes, as well as outline steps to reach your goals, save money, reduce risk, and enhance your overall operations.
Contact Amee Singh at email@example.com to learn more.
The GovCon industry is serving a very cost-conscious customer. That’s caused contractors to minimize indirect costs to remain competitive. But leanly staffing the Contracts department creates compliance exposure, revenue write-downs, and enterprise risks. So most GovCon firms waver between losing business and a host of risks – that’s The Terrible Trade-off.
Please join us for this imperative 25-minute webinar on Thursday, June 28, 2016 at 1 PM: Escape GovCon’s Terrible Trade-Off. Don’t miss critical expert insights that can help you break free from the compliance worries and financial dilemmas that keep GovCon contracts, compliance, and finance professionals up at night.
Contracts professionals face demands that mere mortals could never hope to survive. As you kick off the New Year, here are some ways in which you can revitalize your approach and make the coming year not only easier but much less stressful:
1 – Put a plan in place. Having a process in place to address any and all potential issues can help you easily deflect those challenges when they arise. Make sure that you have identified the appropriate contacts for escalation and have a list of responsible parties for each area that touches the contracts realm.
2 – Leverage any little moment of downtime to load old data into online repositories. Paper is in the past, but when the auditors come a callin’, they want historical data…and they want it NOW.
3 – Collaborate with other departments. One of the biggest sources of errors is when systems don’t sync, and there are multiple data entry points. If you can integrate your existing systems, that would be ideal, but if not, at least make sure there is cross-departmental sharing of exact data that can be input the same way.
4 – Be prepared to support BD and your proposal team. Yes, your goal IS to create more work for yourself by winning more contracts! Make sure you have a central repository for all past performance data that is easily accessible and can be shared with your proposal teams on a moment’s notice.
5 – Watch as Roz tries to keep up with numerous demands for contract data and compliance information, doing a “data dive” while the executives wait for critical information…and then the Auditors come marching in… (Laughter is good for the soul!)
Indeed, leading government contractors have found that Compusearch’s SpectrumCLM® software enables them to escape The Terrible Trade-off by enabling both full compliance and low indirect rates.
As Mariah Knefely, Director Contracts, Risk & Business Management, Centerra Group explains, “The product is logical and addresses every contracting need. The ease of access to data coupled with the robust reporting tools has been a tremendous help for management reporting... The entire company has placed a unanimous vote of confidence in SpectrumCLM.”
“Program Managers and their Deputies, Configuration Managers, Data Managers, and PEO CIOs face a wide array of challenges as they strive to achieve their missions’ on-time and within budget. Compusearch delivers an integrated set of tools that make mission success possible. In a Six Sigma study conducted by Cargo Helicopters, Compusearch’s software reduced delays and improved processing time by over 80 percent.“
Click here for the full CIO Review article>