A new report launched today has found that half (50.7%) of public sector finance and spend management professionals are still carrying out manual budgeting processes. The alarming findings in the ‘Bridging the Digital Divide’ report carried out by UK based software and solutions provider Advanced, will be the subject of a live summit to explore some of the challenges faced by finance and procurement professionals working in local and central government organisations.
Powering the world of work in Government
Recognising that the sector faces an anticipated £3.2bn budget shortfall for local authorities in 2023 alongside rising energy prices and the soaring cost of doing business, the one-day summit will investigate the ways that digital transformation can help ensure continued delivery of key frontline services.
Free to public sector employees, the summit will consider the impact of the UK Government’s roadmap for digital and data, ‘Transforming for a Digital Future’, published in June 2022. Its’ stated aim is to accelerate digital transformation of public services and to enable better data-based decision making and accountability, improving quality, timeliness and accessibility of financial data and reporting across government.
A sector stuck in the past
The report also found that:
- More than one quarter (26%) of finance teams in the public sector are not using digital spend management solutions effectively, hindering their ability to deliver value for money to the taxpayer.
- Almost one third (32.3%) are still using manual processes for the often-complex activity of supplier management, limiting the power of their spending budgets.
- 47.7% are doing manual forecasting and 41.5% are still producing reports manually, taking up valuable time that could be spent on higher-value tasks.
- One third (32.3%) are not confident that their finance and spend data is up to date, demonstrating the need for Cloud-based solutions that provide access to accurate data in real time.
- 35.4% have trouble accessing data when they need it, putting up barriers to efficiency and productivity while also creating a frustrating working environment for professionals.
A day for insight and sharing experiences
The summit will look at ways to align finance and procurement strategies with organisational goals. Experts will give their views on how to foster innovation and collaboration, with key points of consideration and experience of lessons learnt when developing a cultural shift.
Chaired by journalist and former BBC presenter Denise Mahoney, the day will start with a panel of experts from CIPFA, National Audit Office, and SOCITM. In the afternoon there will be a number of roundtable sessions.
Mark Dewell, Senior Vice President, Education, Government & Social Housing at Advanced, “With falling real term budgets in the public sector, professionals working in finance and spend management are tasked with a seemingly impossible challenge - to provide more, with less. The government has recognised that adopting digital solutions can enable more efficiency, greater productivity, and allow finance and spend management professionals to be more involved in strategic decisions based on accurate data. Digital is the key to maintaining the delivery of key public services and our summit will help people understand how to do that within their own organisations.”
Powering the World of Work In Government will be on 29th November in the State Rooms & Rooftop Terrace at the 30 Euston Square, London, NW1 2FB and registration is open now, click here
