8th annual industry analysis from
Unanet, CohnReznick helps companies harness AI, benchmark vs. their
peers, and maintain a competitive advantage
DULLES,
Va., July 25, 2024 /PRNewswire/ -- Unanet, the
leading provider of project-based enterprise resource planning
(ERP) and customer relationship management (CRM) software for the
government contracting (GovCon) industry, together
with CohnReznick LLP, have released the 8th annual
GAUGE Report, an essential strategic resource for GovCons. This
year's GAUGE Report, titled "Balancing Efficiencies &
Compliance with AI Insight" sheds light on a particularly
controversial but critical topic: how GovCons are leveraging AI to
drive better business outcomes.
The report includes an AI Maturity Model,
which GovCons can use to determine where their company stacks up in
AI usage.
Widely recognized as the most comprehensive survey of its kind,
the 2024 GAUGE Report gives GovCons competitive insights, best
practices, and benchmarking tools they can't get anywhere else.
Many of the top minds from GovCons of all sizes and revenue bands
informed the report's findings, providing GovCons with a vision of
what they're doing to succeed now and how they're leveraging modern
technologies to prepare for the future.
Focus on AI
One highlight is the report's AI Maturity
Model, a tool GovCons can use to determine where their company
stacks up in terms of AI implementation and usage. It also includes
a special section in which AI experts from the GovCon world
highlight opportunities, risks, and potentially high impact use
cases that companies should consider as they integrate AI into
their workflows and overall business strategy.
"This year's GAUGE findings are especially compelling for what
they reveal about GovCons' attitude toward, investment in, and use
of AI," said Unanet Vice President of Product Marketing
Kim Koster, who co-authored the
report along with CohnReznick Partner Christine Williamson. "Not
only does the report provide companies with insight about how and
where AI can positively impact their business, it also gives them a
proven roadmap for implementing and succeeding with AI. The message
is clear: GovCons can no longer ignore AI, because it promises to
enhance their planning, automate processes, and uncover important
insights that give them a competitive edge."
Key Takeaways
The 2024 GAUGE includes some striking
statistics on how GovCons are viewing AI, including:
- One-third of GovCons are currently using AI, applying it most
often in the business development and marketing areas.
- More than half of GovCons either currently use or plan to use
AI in these business areas in the next year. Finance and accounting
remain a no-AI zone for most companies.
- The most prolific users of AI tend to be companies with
revenues between $25 million and
$50 million.
Industry Challenges and Benchmarks
Beyond the findings
about AI, the 2024 GAUGE Report is full of valuable insights to
guide leaders through the remainder of 2024 and beyond:
- 71% of GovCons are optimistic about the current GovCon business
environment.
- 69% say they are having issues winning new contracts.
- 57% list finding new revenue resources among their top two most
significant financial challenges.
- 45% cite lack of business development resources as a
challenge.
- 74% rely on personal relationships as one of their top two
go-to sources of new opportunities.
This year's GAUGE Report zeroes in on the most critical trends,
issues, priorities and opportunities shaping the GovCon industry,
including artificial intelligence, compliance challenges, growth
strategies, and other industry drivers within the five focus areas
that give the report its name: Government contract compliance;
Accounting; Utilization; Growth; and Efficiencies.
Findings in the 2024 GAUGE Report are based on responses
gathered from February through April
2024 from GovCon professionals representing a broad range of
company sizes and revenue bands. Half of those respondents
identified themselves as C-level executives. To download a free
copy of the 2024 GAUGE Report, please visit
https://info.unanet.com/the-2024-gauge-report
About Unanet
Unanet is a leading provider of
project-based ERP and CRM solutions purpose-built for government
contractors, architecture, engineering, construction, and
professional services. More than 4,000 project-driven organizations
depend on Unanet to turn their information into actionable
insights, drive better decision-making, maintain regulatory
compliance, and accelerate business growth. All backed by a
people-centered team invested in the success of your projects,
people, and financials. For more information,
visit www.unanet.com.
About CohnReznick LLP
As a leading advisory,
assurance, and tax firm, CohnReznick helps forward-thinking
organizations achieve their vision by optimizing performance,
maximizing value, and managing risk. Clients benefit from the right
team with the right capabilities; proven processes customized to
their individual needs; and leaders with vital industry knowledge
and relationships. With offices nationwide, the firm serves
organizations around the world through its global subsidiaries and
membership in Nexia International. For more information,
visit www.cohnreznick.com.
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SOURCE Unanet