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Why CFOs are in the people business too
Federal CFO Insights
Federal agencies are faced with multiple challenges in meeting mission priorities under increasing fiscal pressure. Increased scrutiny on workforce funding and difficult trade-off decisions are creating the need for better visibility into workforce costs and mission impact. CFOs should move beyond allocating dollars primarily based on qualitative or subjective inputs and focus on developing a direct data-driven linkage with mission requirements and outcomes in order to make tough workforce budget decisions.
Advanced analytics capabilities
Advanced analytics capabilities have helped many CFOs understand that making data-driven funding decisions is a crucial part of meeting financial performance goals. Providing complete, reliable, consistent, and timely financial information involves the integration of budget and workforce data tied to the mission. Integrating these datasets can be challenging due to dependencies on data quality and architecture of finance and HR systems. However, with workforce funding as a target of cost savings initiatives, it’s important for CFOs to better understand the connections between workforce funding and tangible mission outcomes.
Establishing the analytics capabilities to support data-driven decision-making should:
- Determine the strategic questions to understand data needs and uses
- Identify data that will support answering the strategic questions
- Make connections that link workforce data to the mission
- Visualize date to surface insights from complex datasets
- Establish accountability for authoritative and accurate workforce requirements information
CFOs should move beyond allocating dollars primarily based on qualitative or subjective inputs and focus on developing a direct data-driven linkage with mission requirements and outcomes in order to make tough workforce budget decisions.