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Public sector maintaining best practice in finance data strategy
- Jul 2 2009, 12:08 PM
The public sector is leading the way in streamlining its finance data strategy to maintain best practice in monetary database management and data quality.
This is according to a recent study, which has found that the public sector has implemented efficiency drives and cost-cutting measures in greater numbers than corporations, reports publictechnology.net.
Currently, many companies manually work out their finances using a spreadsheet to enter cash, credit card and transaction data.
The laborious task, which requires exceptional eye for detail, could be automated to improve best practice.
Michael Coppack, Managing Director of Adra Match, which conducted the study, told the news provider: "No one would have bet on the public sector being so open to new technologies, never mind outpacing the finance and IT sectors.
"These results mean that a lot of education work is needed; however, our 95% client retention rate is proof that once the software is installed and the staff trained, companies really see the benefits of automated reconciliation."
Meanwhile, a survey by document imaging software supplier eCopy has found that the public sector must do more to move away from its dependency on paper documentation.
See how Experian QAS helps the Public Sector.
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