8^th 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.

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.

View original content:https://www.prnewswire.com/news-releases/newly-released-gauge-report-arms-govcons-with-invaluable-market-intelligence-strategic-benchmarks-and-best-practices-for-ai-302206135.html

SOURCE Unanet