A joint report by CIMA and CIPFA (the Chartered Institute of Public Finance and Accountancy) looks at how finance supports and enables local government transformation. Transformation – How Finance Teams are Driving Local Government Innovation is the final part of a series of reports exploring four research themes of transformation, technology, transparency and talent.
This report highlights case studies of transformation initiatives from around the world, identifying common barriers and the critical success factors which must be addressed.
The impact of simultaneous technological, organisational and funding changes within the public sector brings new challenges for the finance function. The need to focus beyond scorekeeping requires a more commercial edge. Finance professionals in local government are increasingly using their knowledge and skills to analyse data and forecast trends, to carry out detailed investment appraisals which balance risk and return, to set up new trading companies and to build relationships with external partners.
Finance professionals in local government organisations are embracing a new, more strategic role - but employers face competition for talent.
Transformation requires skills in three key areas, which align well with the CGMA Competency Framework:
- technical and professional skills (i.e. finance, procurement, tax, governance)
- strategic skills, including commercial awareness
- soft or smart skills, including communication and behavioural skills.
Download the report and learn how you can influence and make transformational changes in your organisation.