Benchmarking is simply looking at others performance, expenditures, policies, strategies, and comparing them to your government contracting organization. It is a great methodology to look internally and externally to see what others are doing to be successful. Internal benchmarking across divisions, departments, portfolios can be very helpful, but it is not as common practice as you might think. Unfortunately, many companies are still siloed with varying processes and procedure and disparate systems making the exchange of information difficult. External benchmarking can be very powerful and there is no prep or manipulation of the data internally ultimately saving money and time. Why is benchmarking externally so important?
- Gives a perspective of the overall industry
- Provides an understanding of what others are doing to be successful
- Produces ideas for improvement
- Makes you more competitive
- Helps you win more business and grow your organization
Sounds great but where does this type of information reside? In helping government contractors plan and strategize, CohnReznick and Unanet partnered to conduct a government contracting industry benchmarking survey. Known as the GAUGE Report, we gathered information from many types of contractors to help us define the current state of our government contracting industry, including issues important to them. The survey and related commentary covers five major categories and there are 4 categories of organization size:
The GAUGE is a tool for government contractors to compare themselves to others in their industry. The information on in the report is organized by company size, so it is easy for you to make a comparison to your direct competitors. The visuals in the report make it easy to understand and allow you to quickly see into your future.
Click here to read the full GAUGE Report.