In terms of financial management modernization, the new name of the game is shared services.
The Office of Management and Budget made that clear last month when it issued a new policy mandating agencies use a federal shared-services provider when they update their financial systems.
As agencies update their financial systems, too often they build costly agency-specific systems from the ground up.
Federal shared-services providers on the other hand, such as the Interior Business Center, attempt to leverage economies of scale and efficiencies both within the Interior Department and for outside agency customers.
"Federal agencies are coming to us because they need to save money," said Joseph Ward, director of the IBC, during an interview on In Depth with Francis Rose, as part of Federal News Radio's special report Rise of the Money People. "They're also coming to us because they see the value in taking those services to a shared services provider."
Ward said this allows agencies to focus more on their core missions.
-Sean McCalley, FederalNewsRadio.com
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