The Next Generation of Federal Financial Management: Five Innovations Shaping the Future
The future is looking bright. There are many innovations to look forward to for the future. Most federal departments are complex and require measures in place to ensure that they are an efficient steward of financial resources, provide accurate data and great customer service. That is why Fiscal Service developed the Financial Management Vision. It helps guide us into the future and provides accountability. To learn more about the FM Vision, visit https://fmvision.fiscal.treasury.gov/.
Today’s advanced technologies are making finance a strategic partner. Artificial Intelligence empowers employee productivity and a modernized user experience allows efficient execution of business operations at the desktop or on mobile devices. Modernizing financial management is about employing machine learning and robotic process automation to free finance staff from repetitive tasks. It’s about increasing the impact of each taxpayer dollar in accomplishing agency missions and ensuring transparent and accountable government programs.
Some of the programs for innovation are:
- Robotic Process Automation,
- Data Analytics,
- Distributed Ledger Technology,
- Common Authentication, and
- Common processes and standards
Why do we need Robotics Process Automation? Workload is up and staff are cut back. This solution makes processes 30% easier to automate allowing more time for employees to focus on high value tasks while increasing the accuracy rate.
What does Data analytics do for us? It solves the issues with improper payments from fraud by identifying the causes and providing eligibility screening and pattern identification. This provides more accurate reporting.
What is Distributed Ledger Technology? It a new technology that improves reconciliation to a central ledger and provides real-time seamless peer-to-peer transfers with greater accuracy.
What is CAIA or the Common Approach to Identity Assurance? It is more than some letters. It addresses inconsistent customer experiences on multiple authentication systems and flips that into a better customer experience with a shared use system.
The Financial Standards Committee (FMSC) keeps all our innovations working at top speed by getting rid of inefficiencies and duplication and laying the groundwork for economies of scale and uniform standards throughout the government. The future looks bright.
To learn more about these initiatives, go to the Financial Innovation and Transformation page at: https://www.fiscal.treasury.gov/fit/. To see the latest presentation from Government Executive, visit https://www.govexec.com/feature/next-gen-federal-financial-management/
Last modified 12/18/18