Business Intelligence Tools: The FedCircle®
The FedCircle®, a term coined by Fedmine CEO Ashok Mehan, represents three distinct US federal market sectors: industry, government, and entities that support both industry and government. Over $2 trillion is spent annually on contracts, loans, and grants with over 1 million active contractors and grantees.
Businesses working to earn these federal dollars and the agencies who contract with them need every advantage on their side to make this possible and painless.
All entities doing business within the FedCircle® use information collected from the same data sets. Each one of these entities needs complete, accurate information on how and where federal agencies spend money. The federal government needs to track and report on spending, while industry needs to know how and when the opportunities they’re looking for become available.
All organizations need access to timely insights into daily federal spending, regardless of where they fall within the FedCircle®..
Federal agencies spend most of their money carrying out missions doing business with industry. Federal expenditures on contracts to prime awardees are reported into the Federal Procurement Data System (FPDS-NG) for all transactions valued over the micro-purchase threshold of $3,000, while financial assistance dollars in the form of grants and loans reside on USASpending.gov and archives.gov from formerly managed by the Census Bureau in FAADS (Federal Assistance Award Data System). Purchases over $3,500 but under $150,000 are set-aside contracts reserved exclusively for small business.
The Government Data Needs of The FedCircle®
It’s important to understand each originating system responsible for each data point in the lifecycle in order to track the multiple points that make up the federal spending lifecycle. Gathering accurate information individually and quickly from all sources is neither practical nor profitable for anyone to undertake. It poses a burden well beyond the reach of ordinary citizens.
The government has worked hard to provide the transparency the public needs, but it has struggled to create a solution that can satisfy the majority of the public. While the government is good at producing data, it is not adept at developing, building, and maintaining enterprise class business applications. To be able to address the myriad of needs of the general public, the government can only provide the minimum acceptable levels of information required by law, which are simply inadequate for the public. A path to a better solution lies in the hands of the industry, but the government still remains responsible for this inherently non-governmental task. It has launched several portals offering procurement information over the last 10 years, but it is an uphill battle at best. However, there is a very good reason behind why that is the case.
How Fedmine Bridges The Gap
Deep knowledge and understanding of your industry is foundational to becoming an expert in any field. We have to keep learning, innovating, and disseminating our solutions to our clients. To succeed, we must promote a culture that encourages a continuous R&D process.
There are several components of R&D in our business, but they all converge into two distinct focus areas. One area relates to the information that is served to federal government contractors from our database and the other is for information served to federal agencies. Interestingly enough, the government data for both comes from the same source.
We learned that aligning performance measures to organizational goals increases the usability of information. If they take action using our data consistently, we know the areas we need to continue learning.
But before we can do that, a range of specializations in the way information is collected, processed, and logically framed around an organized taxonomy is required. The foundation for any good support system is to help organizations improve performance on a consistent basis. There are technical factors that need to be researched solely for the processes that will produce the desired end result for clients.
For example, the following items are required to be implemented, maintained, and continually enhanced:
- The ability to deploy suitable back-end processes to aggregate data from disparate sources
- A deep understanding of deploying enterprise class technical architectures capable of managing and updating vast amounts of data that is native to the federal domain
- Experience in utilizing automation techniques that expedite searches to produce instant analytics for decision making.
- Knowledge of specific federal domain information delivery methods via SaaS
- Experience to do this sustainably and in meaningful ways
Today, Fedmine simplifies big data related to federal spending in real-time. The Fedmine online database and application that powers the front-end are key components of the integrated subscription service we sell.
With 15 years of experience, we can confidently say you can slice and dice the data in our system better, faster, and way more affordably than you could with our competitors.
In fact, we’ve always done it like this, but we had to prove ourselves first. Fedmine delivers a uniquely crafted business intelligence tool optimized to facilitate rapid decision-making in support of business development in the federal sector. All users of our system, from all 3 sectors of the FedCircle®, find it intuitive and easy to use.
Interested in learning more? Contact us today to receive a brief demo of all that Fedmine can offer, along with free reports specific to your business for you to see exactly the kind of data could be finding from day one.
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