Financial System Modernization
Planning

Our financial system modernization philosophy doesn’t advocate for trends; it advocates for business needs.

 

Government managers depend on financial management systems to provide the information needed to make good management decisions. However, many current government financial management systems are not up to demands that have grown more complex since the systems were created.

Modernizing financial systems has grown increasingly complex (and more expensive) over time, and some government organizations have found that once deployed, the modern systems still do not always meet their business needs. New government scrutiny means that any plans for modernization have to satisfy not only the organization’s financial management needs but also a higher level of oversight that the plans have been constructed with an eye toward optimal efficiency.

A modern approach to modernization

LMI helps organizations develop plans that separate the “nice to haves” from the essential business needs. We analyze a client’s current system environment and help figure out the starting point by prioritizing improvements focused on the highest-risk gaps. Once an organization has a sound modernization strategy in place, we’re ready to work by its side, ensuring it has a rigorous management, roll-out, and training plan to move to completion quickly and successfully.

For example, we helped the Office of Personnel Management (OPM) choose the best-fit commercial off-the-shelf (COTS) solution based on its financial management requirements, allowing OPM to complete its implementation in just 13 months.

LMI’s financial system modernization planning capabilities include the following:

  • Developing road maps that prioritize improvements to eliminate or reduce the highest-risk gaps
  • Developing and assessing financial management technology and e-business strategic plans
  • Identifying and analyzing financial system requirements
  • Developing and documenting the financial management enterprise architecture
  • Conducting gap analyses between current environments and requirements
  • Assessing alternatives, including COTS systems and outsourcing or cross-servicing.

Acquisition & Financial Management Highlights

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