In the following podcast, Russell Ojers and Jackie Kosovich, members of SC&H Group’s Risk Management Services practice, provide insights from the Virginia Government Finance Officers’ Association (VGFOA) 2016 Spring Conference, including ways that agencies are reducing costs, optimizing efficiency, and enhancing taxpayer services.
If your agency is like most, chances are you face various financial and operational challenges. With stagnant or declining budgets, you must do more with less, lowering operating costs while maximizing productivity, aligning resources, and standardizing processes.
In today’s economic climate, how can this be accomplished?
This challenge was a driving theme of the VGFOA 2016 Spring Conference—a three-day gathering of nearly 400 industry, academic, and government finance experts—where sessions focused on how agencies are achieving their goals by improving business processes and internal audit capabilities.
For instance, some agencies are combining internal and external resources, such as HR, finance, and IT, to create shared service centers that reduce inefficiency, redundancy, and overhead. Similarly, some local utilities are combining infrastructures to create a regional water authority, allowing them to achieve similar efficiencies and service enhancements.
Meanwhile, some agencies are pinpointing areas of security vulnerability and modernizing IT models, thereby increasing security and efficiency. Also, they are shifting from on-site to cloud-based storage models and license-based to subscription-based software offerings, allowing them to reduce costs and maintain support.
Finally, some agencies are auditing their service and product vendor contracts to improve transparency, internal controls, and savings. For example, by auditing key construction projects, agencies are preventing cost overruns and ensuring that taxpayer money is responsibly used.
Ultimately, by working with specialized risk management, IT advisory, and contract compliance consultants to identify and implement the effective strategies, agencies are achieving their objectives while fostering considerable time and cost savings.
To discuss how SC&H’s Risk Management Services, IT Advisory Services, and Contract Compliance Services teams can help enhance your business performance and protect your bottom line, contact us here.