Government
The more information we collect and share, the smarter we become. The same applies to today’s smart technology. How will technology continue to evolve government accounting systems in the next 20 years?
Attendees of the Association of Government Accountants (AGA) Federal Financial Systems Summit (FSS) conference on January 9, 2014, discussed the future of government financial accounting systems and the evolving role of finance.
In the session titled “Futurist Visioning for Financial Management and Systems: Where will we be in 20 Years?,” Whitney Vickrey, Chief Service Officer at GCE, Jonathan Peck, President of the Institute for Alternative Futures, and Carlos Passi, Assistant
Manage Change and Form a Vision
Upheavals in the global economy, cultural changes, and innovation in technology are not new and they will not stop happening. You need to manage change, harness its power, and use it to help you form a vision based on trends and what you see happening around you.
Strategy is then built off of this vision and implemented by leaders who can leverage the power of social networks to gain fast adoption of change and can turn vision into action.
Develop a Strategic Vision for Financial Management and Systems
What does vision and strategy mean for financial leaders? When developing a strategic vision for the future, CFOs should first analyze historical trends and data then use predictive analytics to combine data projections with alternative forecasts to help predict possible outcomes.
It is imperative that the finance department forms a strong vision and strategy to:
- Drive enterprise agility and be ready to adapt to change
- Help the business make better decisions by anticipating the future
- Lead business innovation through performance management
In the Federal government,
Finance leaders need to prepare their teams and organizations for the future. Leaders need to not only understand the power of new technology, but also be willing to use it. Financial systems will utilize networks in order to connect disparate data and process transactions without human intervention, requiring financial professionals to be more predictors of the future and drivers of change.
No longer will accounting be focused on generating the historical picture, machines will do that for us. Any system that is rule-based will be handled by smart machines. Accounting and finance will be forced to adapt into being predictive and outcome driven.