Doug Hadden, FreeBalance Executive Vice President, recently hosted a presentation and workshop on Digital Transformation in Public Finance at the International Consortium on Governmental Financial Management (ICGFM) conference (September 21, 2023). Doug's presentation, and supporting materials, are available below.
Public Financial Management
From the FreeBalance Blog
The fields of public finance and government technology change rapidly, and it is both difficult and important for public finance professionals to stay up to date. We have created a series of summary documents to help. Written by FreeBalance executives and senior subject matter experts, these short briefs address public finance and technology subjects. Important subjects are summarized for government ministers and senior public servants.
Government Resource Planning (GRP)
There are significant differences between commercial-off-the-shelf Enterprise Resource Planning (ERP) tools and Government Resource Planning (GRP) products.
GRP Cloud Portability
Governments use cloud computing methods to improve reliability, elasticity, maintainability, performance, and cybersecurity of enterprise-class software applications.
GRP Digital Core for Transformation
Governments leverage digital GovTech (government technology) such as Financial Management Information Systems (FMIS) to operate and automate Public Financial Management (PFM).
GRP Digital Transformation and Big Data Science
Governments and finance ministries can build Big Data solutions to support evidence-based decision-making.
GRP Digital Transformation and Cloud Computing
Numerous cloud computing deployment modalities are used in government including: private cloud, community cloud, sovereign cloud, and public cloud.
GRP Digital Transformation and Legacy Systems
Governments leverage digital GovTech (government technology) such as Financial Management Information Systems (FMIS) to operate and automate Public Financial Management (PFM).
GRP Digital Transformation and Low Code/No Code
Low Code/No Code (LCNC) has reached mainstream Information and Communication Technology (ICT) adoption to enable Enterprise Software (EnSw) adaptation by “business users” to support modernization and digitization.
Public Financial Management Governance Valuation
Governments can leverage country-specific information beyond the standard international public finance assessments to boost reform efforts.
Sustainability Services
Sustainability in government resource planning should include financial sustainability (affordability), reform sustainability (modernization), and human capital sustainability (capacity).
GRP for Accountability
Accountability and fiscal transparency, with audit and legislative oversight, are
hallmarks of government effectiveness.
PFM Digital Transformation and Service Delivery
Governments can digitally transform PFM and positively impact service delivery.
GRP Digital Transformation
Government implementations of Financial Management Information Systems (FMIS) and financial subsystems covering assets, custom, debt, human resources, procurement, and tax.
GRP Digital Transformation Vendor Assistance
Many governments seek to use Financial Management Information Systems (FMIS) and other “Systems of Record” to support.
GRP Interoperability
Government implementations of Financial Management Information Systems (FMIS) and financial subsystems covering assets, custom, debt, human resources, procurement, and tax.
PFM and Artificial Intelligence
Artificial Intelligence (AI) adoption has accelerated with the availability of more effective trained Large Language Models (LLM), like ChatGPT.
PFM and Blockchain
Blockchain and blockchain-like distributed ledger technologies provides significant public sector promise to improve compliance, enhance controls, enable transparency, and increase trust in government.
PFM Digital Transformation Journey
Governments leverage digital GovTech (government technology) such as Financial Management Information Systems (FMIS) to operate and automate Public Financial Management (PFM).
PFM Digital Transformation and Finance Ministry Modernization
The promise of government digital transformation includes the extension of FMIS with additional GovTech to improve PFM outcomes.
GRP Automation
Governments leverage the configuration capabilities of the FreeBalance Accountability
Suite to improve automation, and FreeBalance advisory and sustainable services for
organizational change management.
PFM Reform: A Country-Centric Approach
PFM reform plans can be better aligned with country and government contexts for more effective prioritization and impact.
GRP Controls
Governments can leverage flexible budget and commitment controls and ensure compliance without a significant
burden on staff.
GRP for Open Government
Governments can leverage FMIS environments to automate the production of open
government fiscal data.
PFM Digital Transformation Value-for-Money (V4M) Outcomes
Government digital technology acquisitions accelerated during the pandemic to improve citizen service delivery and social support.
The FreeBalance Academy
Transforming public finance and leveraging digital technology to improve efficiency and effectiveness is a complex topic. With much at stake in transformation projects, it’s important for public officials to have a robust foundation of skills and knowledge.
This course is designed to help government professionals understand the implications of digital transformation on government operations, particularly in the area of public finance management. It is the perfect preparation for embarking on any complex transformation program.
Established in 1978, the International Consortium on Governmental Financial Management (ICGFM) is a non-profit organization comprised of government entities, university departments, private firms and professional associations dedicated to improving financial management around the world. Through advocacy, education, and awareness, ICGFM promotes best practices in public financial management globally.
Visit the ICGFM website
