A Great Partnership Builds a Wealth of Knowledge in Federal Financial Management
In the professional world, there is no better approach to solving problems than the famous saying, "two heads are better than one". Collaboration is key to improving business outcomes, and that is only done through building great partnerships.
FIT understands that in today’s fast-paced environment, a “do-it-alone” method is not the best strategy for growth. During the Association of Government Accountants (AGA) National Leadership Training in February, FIT networked with various organizations by showing demos of the new TFX website, discussing the future of federal financial management through the 2019 Progress Statement, and building partnerships with like-minded organizations.
With nearly 40 exhibitors and over 1,000 attendees, by the end of the conference participants knew about FIT because the team was there to engage and join forces. FIT's Partnership Engagement Manager, Jesrael Lopez-Rosario adds that, "Harnessing the strengths of others from different corners of your networks is one of the most strategic ways to drive collaborative innovation that delivers on what our citizens need today and the future."
Although going to conferences is one great way to create partnerships, FIT also established the Financial Management Innovation Program to better promote collaboration and information sharing about modernization happening across the federal financial management community, Fiscal Service, and industry partners.
Depending on the type of organization (industry or government) will show which area is more suitable.
- For industries, FIT is seeking problem solvers who have innovative solutions that could improve federal financial management. FIT is seeking these conversations and is open on Fridays at the Bureau of the Fiscal Service to discuss.
- For agencies with innovative ideas for a small, federal financial management pilot or proof-of-concept project looking for more support, FIT is looking to partner with these organizations to improve the efficiency of federal financial management.
With the advancement of emerging technologies, we're starting to see digitization play a more important role in how we carry out our work. For example, FIT:
- is working with HUD to develop an enhanced Streamlined Risk Analysis,
- has partnered with the National Science Foundation (NSF) and the Fiscal Service's Payment Management division to carry out a proof of concept to acquire "hands-on" experience for how distributed ledger technology might improve processes that lead to a Federal payment, and
- is working with Department of Treasury on a proof of concept program for a blockchain-based letter of credit for federal grant recipients.
If you have the knowledge, this is not the time to hold back. As Jesrael notes, "Your ideas + collaboration = innovation. By partnering with FIT, together we can identify opportunities, launch projects, endorse initiatives, and communicate learning that will have a government-wide impact."
Sign-up with FIT to keep track of new innovative stories about federal agencies joining forces with technology which we report about in our blog series. Stay tuned!
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