Government contracting is a highly lucrative way of growing a business as the U.S government spends around $500 billion annually on federal and state contracts. However, this is only possible when you’re one step ahead of industry competitors.
Here’s what we think the future of the U.S government contracting process will look like:
- Data-driven decisions – We expect contractors will utilize more data-driven and predictive analytic tools. AI tools could automatically rank contractors based on their CPARs and focus on pricing, delivery time, past projects, etc.
- Cloud-based software – We anticipate an increased usage of cloud-based software and integrations to help government agencies plan, collaborate, and monitor applicants with ease.
- Live reports for compliance – Reporting to government agencies will increasingly shift to real-time metrics. It’ll help streamline operations and minimize the risks of hiring a contractor that doesn’t follow the appropriate rules.
- Technology at a state and local government level – We also expect new technology rollouts at the state and local government (SLED) levels when reviewing and finding potential contractors—for instance, pre-existing data silos, AI-based matching algorithms, etc.
Without question, capture management strategies for contracting will be different in the future.
Like most areas of our economy and society, it’ll become more technology-focused. Heading in this direction will help government officials select potential contractors with ease and will help contractors coordinate their resources – saving time and money.