Technological Opportunities and Recommendations for Modernizing Integrated Financial Management Information Systems in Latin America and the Caribbean

Technological Opportunities and Recommendations for Modernizing Integrated Financial Management Information Systems in Latin America and the Caribbean

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Based on the analysis of some success factors of integrated financial management information systems (IFMIS) in Latin America and the Caribbean (LAC), this paper identifies the technological pillars of a modernization strategy for these systems as a platform for public expenditure management and makes recommendations. It also describes aspects of properly maintaining these systems, extending their life cycles, using international best practices on information technology management, focusing on system users, expanding the use of cloud-based data and services, sharing programming codes, exploring the use of new distributed ledger technologies, expanding horizons for electronic payments, and increasing the use of data analytics, among other emerging technologies.

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Bibliographic Details
Main Author: Inter-American Development Bank
Other Authors: Carlos Pimenta
Language:English
Published: Inter-American Development Bank
Subjects:Tecnología de la Información y la Comunicación, Computación en la Nube, Gasto Público, Transparencia Fiscal, Gestión Financiera, Gestión de las Finanzas Públicas, O30 - Innovation • Research and Development • Technological Change • Intellectual Property Rights: General, O33 - Technological Change: Choices and Consequences • Diffusion Processes, H60 - National Budget Deficit and Debt: General, H20 - Taxation Subsidies and Revenue: General, H50 - National Government Expenditures and Related Policies: General, H70 - State and Local Government • Intergovernmental Relations: General, H57 - Procurement,
Online Access:http://dx.doi.org/10.18235/0001522
https://publications.iadb.org/en/technological-opportunities-and-recommendations-modernizing-integrated-financial-management
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Summary:Based on the analysis of some success factors of integrated financial management information systems (IFMIS) in Latin America and the Caribbean (LAC), this paper identifies the technological pillars of a modernization strategy for these systems as a platform for public expenditure management and makes recommendations. It also describes aspects of properly maintaining these systems, extending their life cycles, using international best practices on information technology management, focusing on system users, expanding the use of cloud-based data and services, sharing programming codes, exploring the use of new distributed ledger technologies, expanding horizons for electronic payments, and increasing the use of data analytics, among other emerging technologies.

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