The Biden-Harris Administration’s Latest Efforts to Boost Small Business Access to Federal Contracts
The Biden-Harris Administration has recently announced new actions to expand small business access to federal contracts, particularly for those owned by individuals from underrepresented communities. This blog post will discuss the first initiative mentioned in the provided context: leveraging data across agencies to get lower prices and better terms for goods and services.
The Biden-Harris Administration is taking steps to ensure that the federal government is getting the best terms and prices when purchasing goods and services. By leveraging data across agencies, the government aims to improve how federal agencies procure innovative technologies and make smart buying decisions. This initiative is part of the Better Contracting Initiative (BCI), a four-pronged strategy to improve federal contracting.
One of the key aspects of this initiative is the use of data to drive better contracting decisions. By analyzing data from various agencies, the government can identify areas where it can negotiate better terms and prices for goods and services. This data-driven approach can also help to identify opportunities for small businesses, particularly those owned by individuals from underrepresented communities.
The Biden-Harris Administration has set a goal to increase the percentage of federal contracts awarded to small disadvantaged businesses from 5% to 11%. This ambitious goal demonstrates the administration’s commitment to creating a more equitable economy and providing opportunities for small businesses to compete for federal contracts.
The Biden-Harris Administration’s efforts to leverage data across agencies to get lower prices and better terms for goods and services is a significant step towards creating a more equitable economy and providing opportunities for small businesses to compete for federal contracts. By using data to drive better contracting decisions, the government can ensure that it is getting the best value for its purchases while also supporting small businesses and promoting economic growth.
How does procurement business intelligence fit in?
Business intelligence is a vital tool for government contractors for several reasons.
- Firstly, it helps to analyze and manage large volumes of data, enabling contractors to make informed decisions and improve their overall performance.
- Secondly, it can help identify potential risks and opportunities, which can be crucial when working on government projects.
- Lastly, it allows for better collaboration and communication between different departments, ensuring that all parties are on the same page and working towards the same goals.
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