NEUBRAINER, the official blog of Neubrain

Infographic: Key Steps to Transform Public Sector Budget

Posted by Neubrain Communications

As technologies advance, the global marketplace changes, and the economy ebbs and flows, it is apparent that traditional budgeting practices are becoming a relic of the past. With the right strategies and technologies in place, public sector organizations can develop a more strategic budget process...

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  • LINK BUDGETS TO RESULTS

Implement performance-based budgeting that tracks performance measures and allocates resources based on how effectively a program or service achieves the goals and objectives that are of greatest value to the stakeholders.

ESTABLISH FUNDING Prioritization FRAMEWORK

Establish a collaborative, evidence-based framework that ranks programs or services according to how well they perform and align with the priorities, then allocate funding in accordance with the ranking. 

UPDATE BUDGETS AND PROJECTIONS REGULARLY

As opportunities and risk emerge, they paralyzed decision making. To be successful, budgets and projections should be updated as frequently as needed to reflect economic, organizational, and other variables.

  • IMPROVE PROCESS EFFICIENCY AND ACCURACY
  • Automate manual processes to reduce inefficiencies, streamline financial models with the right data, at the right level of detail, and with accurate assumptions and drivers to reduce errors.
SUPERCHARGE IT WITH ANALYTICS
  • Business analytics software can help organizations achieve tighter costs control and internal compliance, and improve efficiency and decision-making. They can improve accuracy of analysis up to 90% and can reduce cycle times by as much as 75%. 

  • Neubrain spends time identifying your specific budget process problems and best practices, pre-configuring software applications, so that not only they fit your needs, but they are fast to implement and easy to use.
  • Strategic Budgeting Approach
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Topics: best practices, Business Analytics, Government Budgeting, Public Sector Budgeting, budgeting software

    

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