Ep. 74 Digital Transformation of an enterprise financial system

Consider this:  a few years ago, a Navy officer would have a financial question about how a program was executed, and its t took 45 days to get an answer.  Certainly, a contrast for a Naval Aviator’s need for speed. 

Today, we interview two leaders in the Navy’s Financial Management Data and Digital Transformation program.  They provide insight on a wide range of topics with a focus on giving leaders near real-time information on key decisions.

One fascinating phrase that both use is the term, “decision advantage.”

From their perspective, the next major conflict will be going to be done within an information space.  Being able to make rapid decisions will be a key to winning.

It is kind of entertaining to consider the 45-figure mentioned about.

In 45 days, a company may have an update to a system.  In 45 days, the amount of information received by an agency could overwhelm expectations and cripple the decision-making matrix.

The complexity of the problem is hard to imagine. “Jay” Smith, Analytics as Service Portfolio Owner, Financial Management Data & Digital Transformation Program - Department of Navy states that the Navy is responsible for 20,000 organizations all over the world. Each one needs accurate and reliable information to make decisions effectively.

David Magjuka, Director of Digital and Data Transformation - Department of Navy, Financial Management System expands on the importance of financial information. He views it as the connective tissue across domains like the business side and the operational side.

There’s hope – they had success with small gradual steps.  Many times, they failed, but got up and tried again.  When this incremental improvement takes place over time, you can make a transition in a large financial organization.

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