The Department of the Navy has released a plan outlining its annual goals, key performance indicators and timelines to incrementally implement its Financial Management Strategy for fiscal year 2025.
In a LinkedIn post published Friday, the DON Financial Management and Comptroller said the FM Strategy FY 2025 Implementation Plan, also known as the iPlan, aligns with the Secretary of the Navy’s strategic guidance and the Department of Defense’s Financial Management Strategy.
Leveraging Data Analytics
One of the five strategic goals of DON’s FM Strategy is leveraging data analytics to improve the department’s financial operations.
This strategic goal has two objectives: instilling trust in FM data through governance and transparence standards and ensuring that analytics and metrics can rapidly evolve to meet the demands of changing operations.
To achieve the first objective, there are three FY 2025 goals, including expanding the use and accessibility of enterprise data, analytics and artificial intelligence and machine learning tools and developing a comprehensive FM data governance program. Delivering 15 or more financial management data and digital transformation customer training events and developing two AI and ML products are some of the KPIs for FY 2025.
Under this strategic goal, the department expects to facilitate real-time access to consolidated financial data to enable decision-making.
Other Strategic Goals of DON’s FM Strategy
The other four goals of the department’s FM Strategy are enhancing the highly skilled and engaged FM workforce to support its mission; standardizing business processes and strengthening internal controls to improve accountability; optimizing stewardship and trust in DON’s budget process; and consolidating the department’s financial systems and enhancing cybersecurity controls to improve data integrity.
