Next Generation Financial System
Investment ID: 012-000000091
Overview
Program Title
Next Generation Financial System
Agency
Description
This investment is comprised of the activities required to support the migration to a new financial management solution provider in coordination with Treasury and OMB.
Type of Program
Non-major IT Investments
Multi-Agency Category
Financial Management
Investment Detail
A standard Shared Services platform via the Financial Management Quality Service Management Office (FM QSMO) will reduce financial systems life cycle cost by allowing DOL to share the cost of future financial systems IT expenditures for meeting government wide requirements, allow DOL to avoid duplication of cost for maintaining systems, and enable DOL stakeholders to take advantage of innovations achieved by Commercial Service Providers (CSP).
In addition to cost avoidance, DOL's objectives for modernization of NCFMS to a standard CSP solution are to: provide an integrated core financial management system for users that meets DOL-specific requirements and guidance set forth by OMB and Treasury, continue to achieve OCFO goals, increase customer satisfaction scores, user productivity and automate routine activities and processes where possible. Additional objectives include reduce operations and maintenance costs by reducing software customization, leveraging economies of scale achieved through shared services and established federal/industry standards & processes available through the FM and other QSMO offerings.
In addition to cost avoidance, DOL's objectives for modernization of NCFMS to a standard CSP solution are to: provide an integrated core financial management system for users that meets DOL-specific requirements and guidance set forth by OMB and Treasury, continue to achieve OCFO goals, increase customer satisfaction scores, user productivity and automate routine activities and processes where possible. Additional objectives include reduce operations and maintenance costs by reducing software customization, leveraging economies of scale achieved through shared services and established federal/industry standards & processes available through the FM and other QSMO offerings.