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

Data Analytics & Finance Transformation 1

Accountant-General’s Department (AGD) & Finance Analytics 2

Analytics naturally complements Finance Who oversees the analytics initiatives? Finance has traditionally No single executive 20% been data-driven Chief analytics officer or equivalent 4% Business unit or division head 23% Analytics gives finance Other C-suite executive 5% greater opportunity to CMO 5% influence business CIO 15% COO 0% CFO 18% CEO 9% Source : The Analytics Advantage , Deloitte Touche Tohmatsu Limited 3

AGD & Data Analytics AGD aims to provide a WOG platform for finance analytics  Public sector finance is our core competence  Through our systems, we have financial data Finance Knowledge Coding  But we are not naturally data scientists nor IT Data Skills programmers  Collaboration with partners Data Science  Training  Hiring Systems 4

AGD & Data Analytics Fi@Gov launched in April 2016; presently 150 active users within Ministries Other Data Warehouse MOF family AGD systems systems Other data? User Interface 5

AGD & Data Analytics 6

Analytics facilitates Finance Transformation - Examples 7

What is Finance Transformation? Quite simply, Finance Transformation is … Improving Finance Can analytics help with this? Exactly how? Provide Drive Enhance insights into efficiency effectiveness business 8

Drive efficiency Benchmarking on relevant metrics 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 Benchmarking of Key Performance Indicators 9

Drive efficiency Late Payments Dashboard to drive prompt payments Dashboard launched in June 2017 to help Finance manage its payments 10

Drive efficiency Late Payments Dashboard to drive prompt payments Big-picture analysis – detail drilling right down to individual officers 11

Enhance effectiveness Facilitate budget management Monitoring of Budget and Expenditure Analysis of Cost Drivers 12 Monitoring of Multi-Year Development Project Spending

Enhance effectiveness Foster governance – Network analytics to detect conflict of interest Greylist Exceptions Conflict of Interest Gov Gov owner Coy Coy Per Per Per Coy Coy Finnet is a collaboration between GovTech and AGD 13

Provide insights into business WOG IT expenditure analysis Linking GL info with payment/vendor info yields further insights Who are the key IT vendors? How many and which agencies deal with these key vendors? 14

Provide insights into business WOG IT expenditure analysis Another view – by projects Who are spending on similar things? Potential to integrate systems or get bulk discounts? 15

The future 16

We have only just started More to learn; more to try; more collaboration needed EOM DASHBOARD Prescriptive analytics Manpower Expenditure Dashboard Predictive • Integration of PaC@Gov payroll data into Fi@Gov analytics Diagnostic • Deep Dive into EOM / Payroll Analytics Analytics Descriptive • Forecasting of Manpower Expenditure Analytics PAYMENT ANOMALY DETECTION MAJOR ASSET REGISTER Automated, real-time, risk-based audit workflow • Systematic tracking of agencies’ major assets • Horizon for asset replacement • Supports budgeting and cash flow planning #1 Identify Risk Area #2 Select Audit Theme #3 Flag out Exceptions 17

We have only just started Scope to expand Fi@Gov’s usership beyond Govt to Statutory Boards Broader scope of data accentuates benefits of analytics to finance transformation Other Statutory Boards ? Statutory Boards on ACE [in discussion] Statutory Boards on AGD systems [WIP] Ministries & Organs-of-State 18

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