As spending becomes increasingly decentralized and employees are empowered to make more and more spending decisions on their own, the risk of fraud goes up in both public and private sector organizations. However, the stakes are even greater in the public sector. Since these organizations are funded by public/tax dollars, transparency and accountability are paramount. Public disclosures of fraud, waste, and abuse can have severe reputational and financial consequences for states, cities, and counties.
A recent Kelton Global study surveyed 162 financial decision makers working in state, city, and local government and found that despite their best efforts, government organizations are struggling to be compliant. Additionally, these organizations are tasked to minimize mistakes and fraud, which are in large part due to error-prone, disconnected systems, outdated technology, and manual processes. Many financial decision makers who have integrated fully automated solutions have shown that their organizations are more efficient in managing budgets, better at remaining compliant, and protecting themselves from errors.
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