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It’s no secret that many government agencies have been slow to modernize their financial operations. In our experience working with agencies at all levels, local, state, and federal, it’s not uncommon to find in use decades-old financial systems, laborious manual processes, and improvised customizations to keep everything functional.

“If it ain’t broke, don’t fix it,� may work for a while, but over time these aging systems can result in costly inefficiencies, lack of transparency, and increased vulnerability to fraud and other threats.

Finance transformation is designed to address these issues, modernizing both technologies and practices to enable organizations to operate with increased speed, agility, and insight. It can also increase the value finance brings to an organization, elevating it from a discipline-specific expertise to a key component of the agency’s strategic leadership and decision-making.

There are many reasons why such a project may be delayed or slow to get off the ground within an agency, but we would argue that there are more compelling reasons for why finance transformation is more urgent than ever.

This article discusses five key reasons that government organizations should accelerate their finance transformation efforts now.