According to a recent report from Deloitte and NASACT, state and local governments are finding new ways to utilize technology, particularly process automation and analytics, to enhance revenue collection, auditing, cash management, fund investment and claims management.
The most impacted was revenue collection, as analytics software can decrease fraudulent returns and tax evaders.
What the report didn’t note is that grants make up about a quarter of state and local government revenue generation, and that digital technology also presents opportunities to maximize drawdown (in addition to tax collection).
A StreamLink Software survey found that organizations lost 5% of awarded funds because they did not draw down in their allotted timeframe. That’s money that could have been used to fuel education, transportation, public service programs and other initiatives in your state or community, and it was likely allocated in your budget.
- Automate reminders. A built-in calendar and automated reminders make it so you never have to worry about missed deadlines.
- Centralize data. Store information for funds and activities, such as approved budgets, receipts and timesheets, in one place for easy reference and reporting.
- Track and monitor funds. Run regular reports on grant activities to better understand how money is being spent and allocated.
Effectively Utilize Technology
Looking to jumpstart a digital strategy? The Deloitte and NASACT report provided some helpful tips for your next technology implementation:
- Seek diversity in digital technologies. Agencies can use a variety of technologies that work together to help combat fraud and manage risk.
- Explore cognitive technologies. Cognitive technologies eliminate the need to manually enter data, allowing auditors to focus on strategic priorities.
- Start small. Although technology implementation can be beneficial, change does not happen over night. Roll out new technology slowly to familiarize your agency with new processes and automation.
Is your organization considering grant management software? Download our “Grant Management Software Readiness Checklist.”
How does your agency boost revenue collection? Share in the comments below.
Image Source: Tax Credits