According to the U.S. General Services Administration, Best-in-Class (BIC) means that something has been designated by the Office of Management and Budget (OMB) as a preferred governmentwide solution that:

Allows acquisition experts to take advantage of pre-vetted, governmentwide contract solutions;

Supports a governmentwide migration to solutions that are mature and market-proven;

Assists in the optimization of spend, within the governmentwide category management framework; and

Increases the transactional data available for agency level and governmentwide analysis of buying behavior.

First, we need to start with the Savings the Federal Government is accounting for using BIC Contracting Vehicles. The quarterly savings that accounted for $.8B in the first quarter of 2017, have now risen to $2.3B for the first quarter of 2020. These realized savings are a direct result of more and more purchases being made from BIC contracting vehicles. I expect BIC contracting growth to continue well into the future due to an increase in federal spending due to COVID-19, as well as a need for getting more value for dollars spent.

You can find this data at:  https://d2d.gsa.gov/report/public-category-management-dashboards-analytics  (note 2020 complete data was excluded as the data is currently incomplete).

Many of the GSA Managed and GSA Contracts are found on the list of BIC Contracts. The GSA Managed are listed in BOLD Typeset. See list below:
 

What makes a contract “Best in Class”?
To understand what makes a contract best in class, we must first look at how the federal government tiers contracts.
 

Rationale for “Best in Class” Migration
The federal government wants to migrate away from unmanaged single use contracts to managed government-wide contracts. The theory is, the more that can be brought under one roof, the better the oversight, FAR compliance, solution finding, and pricing will be.

BIC Advantage
Looking at the future, I advise everyone to work towards becoming a vendor on a “Best in Class” contracting vehicle for their industry. The most natural transition for doing this is to start by obtaining a GSA Schedule Contract and then leveraging that contracting vehicle to later obtain a position on a “Best in Class” contract.

If you are interested in getting on GSA Schedule, or would like assistance with maximizing your potential utilizing GSA Schedule, I always recommend contacting an industry expert such as Advance GSA. They can be reached at (303)810-4580 and do not charge for an initial consultation.