For WizardKim-DPT2R

Week 2 Discussion Post Topic 2 Response :

Instructions:

Respond to the post below with any inputs or suggestions.

· All posts (both initial and responses) must be substantial (several paragraphs each) and each of your initial posts must be supported by 3 peer reviewed or authoritative sources, not including the textbook, cited properly in APA format. Responses should have proper support with at least 1 different source as applicable.  

First, the government looks at the people, communities, and society as entities they must serve. An example of this is the federal government. Governments reflect the individuals, organizations, and societal interests they were constituted to do. Far more than businesses and nonprofits, which have a narrower focus, these governments generate, collect and store data of an immense variety, including financial transactions, program results, demographics, beneficiary profiles, and service levels. The stored data of governments represent government activities.' contemporaneous documentation and a potential treasure trove of insight into government performance. The first thing, fundamental to all government financial managers' responsibilities, is to ensure that the government's funds are being spent appropriately and its assets safeguarded by establishing a capacity to perform transactions (Sims & Sossei, 2012).

           Next, acknowledging that the accounting profession can engage with Big data and analytics in many different ways. Using predictive models and other sources of information to improve budgeting and forecasting, using more sophisticated outlier and exception analysis to enhance internal control and risk management and improving audit activities' efficiency and quality through research of whole data sets (Pandula, 2016).

           Nevertheless, you have several federal entities that have included data analytics and enjoyed their benefits of combining their tools of analytics into their business practices. Likewise, some federal organizations are prepared to combine their abilities with other national groups (Fadairo, Maggio & Williams, 2015).

Finally, leadership must accept responsibility and obtain top management sponsorship. If there's a void, don't wait for others to step-up. Seek a clear mandate for what will quickly become transformative change. Place data analytics on the top leadership radar screen, so it's something they genuinely care about and strongly support. Understand the magnitude and nature of agency leadership information needs and available information to support those needs. Establish how the information will be used in decision making and asset safeguarding. Broadened data visibility helps connect the dots. Understand the full range of available advanced analytic capabilities. Don't just buy a tool and call it a day. Data analytics tools must be the best fit for your needs (Fitz, Hauer & Steinhoff, 2015).

Fadairo, S, Maggio, E & Williams, R (2015) Using data analytics for Oversight and Efficiency. The Journal of Government Financial Management. Vol 64, Iss 2 18-23

Fitz, D & Hauer, J & Steinhoff, J (2015) Calling all government financial managers to a more Analytic role as highly valued business advisors. The journal of government financial management. Vol 64, Iss 2  

Pandula, G (2016) Big Data: are accounting educators ready? Accounting and management information systems. Vol 15, Iss 3 588-604.

Sims, H & Sossei, S (2012) Federal government primed for data Analytics. Journal of Government Financial Management. Vol 61, Iss 3 34-37