Building a digital finance function to power government in North America

Building a digital finance function to powergovernment in North America.Building a digital finance functiontopowergovernment in North America. “The need to improve decision-making by enabling securetimely access to reliabledata is the biggest driver oftechnology modernizationwithin organizations.”The need to improve decision-making by enabling securetimely access to reliabledata is the biggest driver oftechnology modernizationwithin organizations. A perfect storm for finance transformation ingoverment organizations across North America.Aperfect stormforfinancetransformationingoverment organizations across North America. Finance and IT leaders at national and local governmentorganizations within North America face challenges rangingfrom budget uncertainty to recruitment and retention.A digital finance transformation will help them tackle thesechallenges going forward, but currently they struggle withinefficient, expensive manual processes, as well as disparate,incompatible technology systems across departments. Thismakes it challenging to track grants and federal assistance,and manage large infrastructure projects.Finance and IT leaders at national and local governmentorganizations within North America face challenges rangingfrom budget uncertainty to recruitment and retention.A digital finance transformation will help them tackle theseinefficient, expensive manual processes, as well as disparate,incompatible technology systems across departments. Thismakes it challenging to track grants and federal assistance,and manage large infrastructure projects. Barbara LarsonCFO, WorkdayBarbara LarsonCFO,Workday These organizations woud benefit from investing in innovative technologiesthat can help them make smarter decisions based on accurate, real-timefinancial, people and operational data. And IT and finance leaders should worktogether to improve visibility and secure agility. Butour latest global surveyofthese leaders suggests that government organizations face three challengesin their efforts at finance transformation:These organizations woud benefit from investing in innovative technologiesthat can help them make smarter decisions based on accurate, real-timefinancial, people and operational data, And IT and finance leaders should woriin their efforts at finance transformation: 1.The lack of alignment between finance and IT2.Skills shortages, including a lack of financial literacy in IT3.Insufficient amounts of actionable data1. The lack of alignment between finance and IT2.Skills shortages, including a lack of financial literacy in IT3. Insufficient amounts of actionable data What does digital finance look like for government organizationsin North America?Whatdoesdigitalfinancelook likeforgovernmentorganizationsin North America? Digital finance transformation is a top priority for government organizations, prompting these IT andfinance leaders to make it their goals to:Digital finance transformation is a top priority for government organizations, prompting these IT andfinance leaders to make it their goals to: Drive more insight from data.Drive more insight from data Invest in talent.Imvest in talent. Improve alignment betweenfinance and IT.Improvealignmentbetweenfinance and IT. The focus must be on improvingfinance and IT literacy, gettingmore usable data to drive insightfuldecision-making, and removingreliance on IT for reporting. Manyorganizations are now collectingmore data, including non-financialinformation such as environmental,social, and governance (ESG) andoperational data, but the sectoris more reliant than most on ITteams for access to this data,which hampers usability.The focus must be on improvingfinance and IT literacy. gettingmore usable data to drive insightfuldecision-making, and removingreliance on IT for reporting. Manyorganizations are now collectingmore data, including non-financialinformation such as environmenta.,social, and governance (ESG) andoperational data, but the sectoris more reliant than most on ITteams for access to this data,which hampers usability. Government organizationsrecognize that unless they addresstheir skills gaps in areas such asdata and analytics, they will struggleto get valuable insights. Theirinadequate systems compoundthe problem.Government organizationsrecognize that unless they addresstheir skills gaps in areas such asdata and analytics, they will struggleto get valuable insights. Theirinadequate systems compoundthe problem. In North America, 9 out of 10government organizations have adigital transformation strategy inplace or in development. ImprovingCIO-CFO collaboration—andaligning their teams—will be criticalto the success of these strategies.Government organizations are alsomore likely than any other industrysurveyed to say that one of the mostvaluable skillsets in supporting theirdigital finance transformation isinterpersonal skills.In North America, 9 out of 10government organizations have adigital transformation strategy inplace or in dev