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Supply chain resiliency, evolving expectations and even global economic uncertainty can present government administrators with complex financial and operational challenges. Government finance teams that fail to proactively respond to these challenges may limit their agencies’ ability to meet the needs of individuals and businesses.
As technology and socioeconomic conditions change how citizens interact with local, state and federal agencies, government finance teams are being tasked with providing greater strategic value.
We have identified three key priorities to help you address today’s challenges and provide constituents with enhanced long-term value.
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1. Use data to promote simplicity and efficiency
In conjunction with digital transformation initiatives, there is a shift toward viewing data as an asset that can improve the delivery of services to constituents and should influence overall decision-making.
- Make citizen interactions simpler, more transparent and less redundant
- Promote financial operational efficiency through data analytics and automation
- Increase visibility and connectivity across teams and agencies
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2. Digitize to improve speed and control
Considering the upside digital innovation can bring to payment and treasury processes, finance teams should remain actively involved in the acceleration of digital initiatives:
- Find opportunities for public/private partnership or information exchanges
- Combine face-to-face and digital public services
- Identify processes for greater operational efficiency
- Seamlessly integrate payment acceptance with user experiences
- Strengthen payment integrity and controls
- Optimize the use of emerging technology, such as blockchain and machine learning
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3. Optimize and de-risk supply chains
With the continued disruption on global supply chains resulting from the 2020 pandemic, government agencies must rebuild and diversify supplier relationships to strengthen disaster recovery and critical national infrastructure.
- Review and adjust your overall supply chain strategy
- Digitize your supply chain reduce paper and promote agility
- Monitor supplier resiliency and prioritization plans
- Leverage commercial practices such dynamic discounting
61% of U.S. officials believe their digital transformation efforts have been accelerated.1
Let’s work together
J.P. Morgan provides government and other public sector agencies with insights, expertise and solutions that promote speed, security and efficiency. Our digital treasury and payments solutions are designed to perform at scale and help you adapt to change with unprecedented agility.
To learn more about our public sector capabilities, please contact your J.P. Morgan representative.
References
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of J.P. Morgan, its affiliates, or its employees. The information set forth herein has been obtained or derived from sources believed to be reliable. Neither the author nor J.P. Morgan makes any representations or warranties as to the information’s accuracy or completeness. The information contained herein has been provided solely for informational purposes and does not constitute an offer, solicitation, advice or recommendation, to make any investment decisions or purchase any financial instruments, and may not be construed as such.
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