The Future of Federal Financial Management fmvision.fiscal.treasury.gov 1
“The American citizen expects that: 1. the government is an efficient steward of its financial resources; 2. the financial information provided by the government is accurate; 3. their financial interactions with the government are modern, seamless and secure.” 2
Engaging the Federal Financial Management Community The Destination Leadership How We’ll Get There 3
A New Role for Agency CFOs From Financial Transaction Processing CFO Survey: Current Responsibilities 87% Financial Reporting 82% Financial Accounting Operations 75% Financial Systems 75% Budget Formulation 74% Budget Execution SOURCE: “Annual CFO Survey: Navigating Disruption,” Association of Government Accountants, January 2018. To Strategic Partner CFO Refocus Thought leadership Data analytics Performance monitoring and management 4 4
Toward Data-Driven Decision Making CFOs are harnessing program and cost data to support agencies in achieving their missions. Strategic 5 Planning & Mission Support 4 Communicating Data Results 3 Management Financial & 2 & Analytics Regulatory Core Budget & 1 Controls Accounting Operations A Focus on Data Levels of a 21st Century Federal Finance Organization—Maturity Model 5
Value Proposition: The Why To improve services, allow CFO strategic focus, and reduce the estimated $11 billion annual expense of government financial management operations. Improved Financial Cost Savings CFO Strategic Focus Services By eliminating redundant and outdated solutions in favor of a By centralizing financial By focusing on standardized, more limited number of management functions, government-wide solutions, it is solutions that work agencies can better focus on possible to provide better government-wide, agency the strategic matters, especially outcomes compared to costs can be dramatically relating to their core missions. narrowly-tailored, one-off lowered. solutions. 6
Translating the Vision into Action Cost Savings Standardize > Consolidate > Automate Improved Service Agency Focus FOCUS ON FOUR KEY PROCESSES Optimize Federal Disbursing Transform Federal Collections Strengthen Financial Reporting Expand Services Available to Agencies 7
Details of Treasury Initiatives 8
Details of Treasury Initiatives 9
Details of Treasury Initiatives 10
P R E S I D E N T ’ S MANAGEMENT A G E N D A • Leveraging Data as a Strategic Asset • Improving the Customer Experience with Federal Services • Sharing Quality Services • Shifting from Low-Value to High-Value work • Getting Payments Right 11
Innovation Approach Deploy Incubate Identify How can this How can this technology What emerging innovation be address an FM need? technology can improve deployed cross- How can we improve and Federal financial government? strengthen this concept? management? How? 12
Innovation Approach OPPORTUNITY LEGEND Increase productivity Reduce waste Online FM Improve effectiveness Academy Common authentication HIGH Economies of scale process U.S. Finance Robotic process Eliminate low-value Corps automation FEASIBILITY reports SaaS Budget Tool MEDIUM Management data Next Gen analytics alignment Re-imagine Shared Services Single gov’t financial statement Natural language generation LOW Distributed ledger technology IMPACT Cost savings, efficiency savings, potential to advance outcomes $0-100M $100-200M $200M+ 13
Innovation Approach OPPORTUNITY LEGEND Increase productivity Reduce waste Improve effectiveness HIGH Common authentication Economies of scale process Robotic process Eliminate low-value automation FEASIBILITY reports MEDIUM Next Gen analytics LOW Distributed ledger technology IMPACT Cost savings, efficiency savings, potential to advance outcomes $0-100M $100-200M $200M+ 14
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