Building a digital finance function to power government in North America

ReportBrief ReportBrief workday. CFOANDCIOINDICATORSTUDY CFOANDCIOINDICATORSTUDY BBuiuldinigladdiignitaglfinaancedfuingctiointtoapolwefrinancefunctiontopower ggovoernvmeentrinnNmortheAmneritca.inNorthAmerica. AApeprfeectrstofremfcorftinasncteotrarnmsformfaotiorninfinancetransformationingovermentorganizationsacrossNorthAmerica. 77 “ makingbyenablingsecure TThehneeedntoeimperodvedtecoisioinm-provedecision- timelyaccesstoreliable makingbyenablingsecure timelyaccesstoreliable dataisthebiggestdriverof dataisthebiggestdriverof technologymodernization govermentorganizationsacrossNorthAmerica.technologymodernization FinanceandITleadersatnationalandlocalgovernment withinorganizations.” FinanceandITleadersatnationalandlocalgovernment organizationswithinNorthAmericafacechallengesranging withinorganizations. BarbaraLarson frombudgetuncertaintytorecruitmentandretention. organizationswithinNorthAmericafacechallengesrangingBarbaraLarson Adigitalfinancetransformationwillhelpthemtacklethese frombudgetuncertaintytorecruitmentandretention. Adigitalfinancetransformationwillhelpthemtacklethese inefficient,expensivemanualprocesses,aswellasdisparate, challengesgoingforward,butcurrentlytheystrugglewith andmanagelargeinfrastructureprojects. incompatibletechnologysystemsacrossdepartments.This makesitchallengingtotrackgrantsandfederalassistance, inefficient,expensivemanualprocesses,aswellasdisparate,incompatibletechnologysystemsacrossdepartments.Thismakesitchallengingtotrackgrantsandfederalassistance, andmanagelargeinfrastructureprojects. Theseorganizationswoudbenefitfrominvestingininnovativetechnologies Theseorganizationswoudbenefitfrominvestingininnovativetechnologies thatcanhelpthemmakesmarterdecisionsbasedonaccurate,real-time financial,peopleandoperationaldata.AndITandfinanceleadersshouldwork thatcanhelpthemmakesmarterdecisionsbasedonaccurate,real-time financial,peopleandoperationaldata,AndITandfinanceleadersshouldwori togethertoimprovevisibilityandsecureagility.Butourlatestglobalsurveyoftheseleaderssuggeststhatgovernmentorganizationsfacethreechallenges intheireffortsatfinancetransformation: intheireffortsatfinancetransformation: 1.ThelackofalignmentbetweenfinanceandIT 1.ThelackofalignmentbetweenfinanceandIT 2. 2.Skillsshortages,includingalackoffinancialliteracyinIT Skillsshortages,includingalackoffinancialliteracyinIT 3.Insufficientamountsofactionabledata 3.Insufficientamountsofactionabledata CFO,Workday CFO,Workday WWhahtdoaestdigditaolfineanscedlooikglikietfoarglovfeirnnmaenntorcgaenizaltoionosklikeforgovernmentorganizations iinnNorNthAomerrictah? America? Digitalfinancetransformationisatoppriorityforgovernmentorganizations,promptingtheseITand Digitalfinancetransformationisatoppriorityforgovernmentorganizations,promptingtheseITand financeleaderstomakeittheirgoalsto: financeleaderstomakeittheirgoalsto: DDrivermivoreeinsimghtfroomrdeatainsightfromdata. Thefocusmustbeonimproving IImnvevstientaslentt.intalent. Governmentorganizations IImmpropveraoligvnmeentabeltiwgeennmentbetween financeandIT. financeandIT. ThefocusmustbeonimprovingGovernmentorganizations financeandITliteracy,getting recognizethatunlesstheyaddress InNorthAmerica,9outof10 financeandITliteracy.gettingrecognizethatunlesstheyaddressInNorthAmerica,9outof10 mmoreousraebleduatastoadbriveleinsigdhtfaultatodriveinsightful theirskillsgapsinareassuchas governmentorganizationshavea theirskillsgapsinareassuchasgovernmentorganizationshavea decision-making,andremoving dataandanalytics,theywillstruggle digitaltransformationstrategyin decision-making,andremovingdataandanalytics,theywillstruggledigitaltransformationstrategyin relianceonITforreporting.Many togetvaluableinsights.Their placeorindevelopment.Improving relianceonITforreporting.Manytogetvaluableinsights.Theirplaceorindevelopment.Improving organizationsarenowcollecting inadequatesystemscompound CIO-CFOcollaboration—and organizationsarenowcollectinginadequatesystemscompoundCIO-CFOcollaboration—and moredata,includingnon-financial theproblem. aligningtheirteams—willbecritical moredata,includingnon-financialtheproblem.aligningtheirteams—willbecritical informationsuchasenvironmental,tothesuccessofthesestrategies. informationsuchasenvironmenta.,tothesuccessofthesestrategies. social,andgovernance(ESG)andGovernmentorganizationsarealso social,andgovernance(ESG)andGovernmentorganizationsarealso oopeprateionraladattai,obuntthaeslecdtorata,butthesectoriissmomrereolianrtethanrmeolstioannITtthanmostonITtteeamasfomracscesfsototrhisadacta,cesstothisdata, whichhampersusability. mmoreolikreelythalnikaneyolthyertindhusatrynanyotherindustryssuruveryevdteosyayethdatonteoofthseamoystthatoneofthemost valuableskillsetsinsupportingtheir valuableskillsetsinsupportingtheir digitalfinancetransformationis interpersonalskills. whichhampersusability.digitalfinancetransformationis interpersonalskills. Amongrespondentswithingovernmentorganizations: GGoovervnmeerntnormganeizantiotnsoinrNgortahAnmeizricaasttriuoggnlesinsionmeaNreaosrthAmerica