Data Analytics & Finance Transformation 1 Accountant-Generals - - PowerPoint PPT Presentation

Data Analytics & Finance Transformation

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Accountant-General’s Department (AGD) & Finance Analytics

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Analytics naturally complements Finance

9% 18% 0% 15% 5% 5% 23% 4% 20% CEO CFO COO CIO CMO Other C-suite executive Business unit or division head Chief analytics officer or equivalent No single executive

Who oversees the analytics initiatives?

Source : The Analytics Advantage, Deloitte Touche Tohmatsu Limited

Finance has traditionally been data-driven Analytics gives finance greater opportunity to influence business

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AGD & Data Analytics

AGD aims to provide a WOG platform for finance analytics

Finance Knowledge Data Science Data Coding Skills Systems

• Public sector finance is our core competence
• Through our systems, we have financial data
• But we are not naturally data scientists nor IT

programmers

• Collaboration with partners
• Training
• Hiring

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User Interface

AGD & Data Analytics

Fi@Gov launched in April 2016; presently 150 active users within Ministries

AGD systems Other MOF family systems Data Warehouse

Other data?

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AGD & Data Analytics

Analytics facilitates Finance Transformation

• Examples

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What is Finance Transformation?

Quite simply, Finance Transformation is …

Improving Finance

Drive efficiency Enhance effectiveness Provide insights into business

Can analytics help with this? Exactly how?

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Drive efficiency

Benchmarking on relevant metrics

Benchmarking of Key Performance Indicators

Consolidated Ministry financial data allows for WOG benchmarking across performance measures Scope to expand this value proposition:

• Horizontally : Expand scope to include Statutory Boards
• Vertically : Add more relevant finance KPIs

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Drive efficiency

Late Payments Dashboard to drive prompt payments

Dashboard launched in June 2017 to help Finance manage its payments

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Drive efficiency

Late Payments Dashboard to drive prompt payments

Big-picture analysis – detail drilling right down to individual officers

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Monitoring of Budget and Expenditure Analysis of Cost Drivers Monitoring of Multi-Year Development Project Spending

Enhance effectiveness

Facilitate budget management

Enhance effectiveness

Foster governance – Network analytics to detect conflict of interest Conflict of Interest

Gov Coy Per

• wner

Coy Per

Greylist Exceptions

Gov Coy Coy Per

Finnet is a collaboration between GovTech and AGD

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Provide insights into business

WOG IT expenditure analysis

Who are the key IT vendors? How many and which agencies deal with these key vendors? Linking GL info with payment/vendor info yields further insights

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Provide insights into business

WOG IT expenditure analysis

Who are spending

• n similar things?

Potential to integrate systems

• r get bulk

discounts? Another view – by projects

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The future

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• Systematic tracking of agencies’ major assets
• Horizon for asset replacement
• Supports budgeting and cash flow planning

Manpower Expenditure Dashboard

• Integration of PaC@Gov payroll data into Fi@Gov
• Deep Dive into EOM / Payroll Analytics
• Forecasting of Manpower Expenditure

Automated, real-time, risk-based audit workflow

#1 Identify Risk Area #2 Select Audit Theme #3 Flag out Exceptions

PAYMENT ANOMALY DETECTION MAJOR ASSET REGISTER EOM DASHBOARD

We have only just started

More to learn; more to try; more collaboration needed

Descriptive Analytics Diagnostic Analytics Predictive analytics Prescriptive analytics

We have only just started

Statutory Boards on AGD systems [WIP] Statutory Boards on ACE [in discussion] Other Statutory Boards ? Ministries & Organs-of-State Scope to expand Fi@Gov’s usership beyond Govt to Statutory Boards Broader scope of data accentuates benefits of analytics to finance transformation

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