For the federal government, the ability to adapt quickly and continuously is crucial if agencies are to keep pace with rapid, systemic change. The effort to improve financial reporting is often hindered by legacy systems and outdated processes. For years, there has been a massive push to improve auditability, data standards and transactions. Technology advances, including embedded AI, can transform siloed data from buried treasure to shared wealth and improve mission outcomes.
As Gregory Little, Deputy Comptroller at DoD, explains in this webcast, it’s an exciting time for the Department of Defense (DoD) Financial Management community space. The Office of the Under Secretary of Defense “is transitioning from a score-keeper role to more strategic value-added business partner role. We call this vision the “CFO of the future”.
The CFO of the future is all about data driven decisions. But it’s not just about financial data. Finance needs to leverage all data in order to impact the mission: financial, operational, personnel and mission data. But how is finance using all the available data to increase evidence-based decision-making without spending all of their time and effort gathering, preparing and analyzing data? Gregory Little, Deputy Comptroller at DoD, and Tamara Greenspan, GM Federal applications at Oracle are discussing the priorities:
- Modernize legacy systems to improve effectiveness and efficiency
DoD is one of the earliest creators and investors in new technologies. Some of these systems are over fifty years old, with tons of additional systems added on and an array of customizations. More than 250 business systems are material just for the audit, part of the reporting and tied to financial statements. Doing things (like audit) at scale is challenging when you have a very fragmented foundation. So the goal is to modernize these old systems and move to integrated cloud native applications that are designed and built to work together, providing the finance team with improved transparency, enhanced collaboration and needed capabilities to link financial data with other lines of businesses. This helps finance improve effectiveness and efficiency, spend less time reconciling accounts and double-checking spreadsheets, better manage risk and planning, and afford more time for building operational resilience and adding strategic value to the enterprise.
- Connect finance, operations and HR to create a unified view of data
The finance, operations and personnel data that operational planners, warfighters and military decision-makers are using at the DoD is also the data that is being audited. Where is the personnel, what equipment is available, what supplies are available? By connecting finance, operational and HR processes with integrated cloud applications, the DoD can accelerate their digital transformation and create a human experience that gives their people the support and collaboration they need to putting the right data in the hands of the planners so that they can come up with the best course of action and improve operational outcomes.
- Use AI/ML to automate tasks
Automating tasks and standardizing processes is key in freeing up finance to focus on strategic activities. The DoD is using AI/ML and RPA in multiple ways including, budget formulation and execution, fraud identification and prevention, policy improvements and data quality improvement. As Tamara Greenspan mentions “Oracle is embedding AI/ML in our cloud applications to automate routine and repetitive tasks so that people can focus on more strategic tasks. For example, Oracle is working with the Department to help close the books faster: we are using AI/ML and RPA to help that process”.
Oracle applies data science and predictive analytics to automate data analysis and provide actionable insights. The value comes from acting on those insights. The combined power of Oracle’s integrated cloud applications, analytics, and AI can help you innovate, simplify, and adapt to change. When you bring these solutions together, timely data and predictive and prescriptive insights become available to everyone, better decisions get made faster, and agility becomes the norm in your operations. If we can help the Department of Defense, the organization with the largest operating budget in the world make this transition to modern cloud applications and leverage advance technologies, how can we help your journey?
Watch this webcast and learn what defense and federal agencies can do to accelerate their transformation.