A prerequisite for good decision making is access to timely, reliable and accurate data, including financial data. But such financial information is the exception rather than the rule for many governments around the world, according to a Deloitte study.
The report, Mastering Finance in Government found:
69% of the public officials surveyed cited a lack of up-to-date information as either a moderate or significant barrier to improving the organization’s performance.
63% of respondents said program managers do not understand the total cost of their services.
More than half of those surveyed said their organizations do not thoroughly understand the relationship between the investments they make in programs and the outcomes those programs produce.
Only 27% of respondents described their organization’s risk management capabilities as being beyond a basic level.
The study examined 200 government departments from 28 countries.
Source: Deloitte’s Mastering Finance in Government, www.deloitte.com.