Analysis of innovative approaches to technology-enabled public finance management

Krasnozhon and Yatsun

Health Leadership and Quality of Life, 2024, vol. 3, .412

Abstract: The purpose of the article to analyze the role of technological innovations in improving public financial management, identify barriers to their implementation and offer recommendations for the formation of an effective organizational and legal framework. The author identifies various types of innovations and explains their importance in ensuring the efficiency of public funds management. However, the author pays the main attention to technological innovations. Thus, electronic public procurement platforms, big data analytics, artificial intelligence and robotic process automation were highlighted. The article demonstrates their impact on the transparency, efficiency and accountability of the use of public resources. In addition, the article analyzes specific examples of countries that are already applying relevant innovations and qualitative statistical indicators of their importance for the budget sector. By analyzing successful foreign cases, the most effective models of integrating innovations into public institutions were identified. The author's approach in this paper involves not only describing and analyzing individual successful cases, but also identifying organizational and legal barriers. Author also finds specific ways to overcome negative elements. The proposed recommendations include a roadmap, staff training and regulatory framework improvement. Taking into account the specifics of legislative systems and the capabilities of the national economy, they can be adapted to different countries and regions. In conclusion, the article substantiates that the systematic implementation of innovative technologies can not only increase the efficiency of budget processes and reduce corruption risks, but also contribute to the formation of a new management culture focused on transparency and effectiveness.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:dbk:health:v:3:y:2024:i::p:.412:id:.412

DOI: 10.56294/hl2024412

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