Transforming the public sector finance through data analytics

Transcription

1 Transforming the public sector finance through data analytics 1

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

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

4 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 But we are not naturally data scientists nor IT programmers Collaboration with partners Training Hiring Data Systems Data Science Coding Skills 4

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

6 AGD & Data Analytics 14/06/2017 New Dashboards Available for Late Payments and Rejected Invoices 6

7 Analytics facilitates Finance Transformation - Examples 7

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

9 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

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

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

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

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

14 Provide insights into business WOG IT expenditure analysis Historical expenditure trends What are we spending on? Who is spending how much? 14

15 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? 15

16 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? 16

17 Provide insights into business Platform for users to create own dashboards / reports Users know their own business best They can generate better insights if empowered to do so 17

18 The future 18

19 We have only just started More to learn; more to try; more collaboration needed Descriptive Analytics Diagnostic Analytics Predictive analytics Prescriptive analytics EOM DASHBOARD Manpower Expenditure Dashboard Integration of payroll data into Deep Dive into EOM / Payroll Analytics Forecasting of Manpower Expenditure PAYMENT ANOMALY DETECTION Automated, real-time, risk-based audit workflow #1 Identify Risk Area #2 Select Audit Theme #3 Flag out Exceptions MAJOR ASSET REGISTER Systematic tracking of agencies major assets Horizon for asset replacement Supports budgeting and cash flow planning 19

20 We have only just started Scope to expand 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 20

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