Since the beginning of the pandemic, there have been many changes to how we work. Things that were once learned, discussed or decided verbally and informally in an office setting just aren’t possible – which has forced companies to examine their formal processes to make sure that small changes don’t add up to large issues.
It is necessary to see the company from a “Big Picture Perspective” to know that the most important aspects are being prioritized.
For some organizations, this is impossible. Their software isn’t capturing data at the levels required to allow decent analytics or gathering data in real-time.
Many think that a jump to more formal GovCon accounting software is unaffordable. While it’s true that it’s an investment – it is inevitable if there is going to be growth. Without it, there may not be future growth.
Seeing the Big Picture is critical for making informed decisions and gaining tighter control of the business – but how can government contractors gain this visibility and insight? It starts with the company data being healthy, detailed and accurate. From there, it’s implementing robust analytics.
Today, many government contractors lack the information to know exactly where they stand, and what to do to improve. From more precise time and expense tracking to more thorough forecasting, strong analytics capabilities can provide the opportunity to examine, improve and change, key factors in a time when competition is fierce and operational efficiencies are a worry for executives in our industry.
In fact, the 2021 Gauge Report asked government contractors what keeps them awake at night, and the top three answers were: Increasing Competition, Retention/Recruiting and Operational Efficiency.
We believe all three are improved by analytics – even retention. For example, if you don’t know that employee A is working 75 hours a week and employee B is working 25, you may not know that you likely have two unhappy people … one is exhausted and the other is bored.
If you want to know exactly where you are, what you can do to improve and compete, be agile, and be able to make the necessary adjustments, you need mature financial software with robust analytics and forecasting capabilities.
It is vital to see the Big Picture and invest in systems needed for continued growth.
WJ Technologies is a leading provider of accounting software and services for Government Contractors. We tailor our services to meet your company’s needs offering accounting systems consulting, software evaluation and decision support, accounting services, staff augmentation, training, and government contracting services. Contact us to learn more about how we can help you!
