Ajman Department of Finance Unveils Cloud-Based Financial Planning System Using Oracle at GITEX Global 2024 to Drive Digital Transformation and Enhance Budget Management

Sunday, October 20, 2024

In a move that underlines Ajman’s commitment to leveraging cutting-edge technology for advancing government financial operations, the Department of Finance in Ajman, under the leadership of His Excellency Marwan Ahmed Al Ali, launched a cloud-based financial planning system using the Oracle platform at GITEX Global 2024. This initiative is a vital part of the department’s strategic drive to enable government agencies in Ajman to manage their budgets more efficiently and in line with global best practices, while also enhancing the emirate’s digital transformation journey.

The cloud version of the “Financial Planning System,” which operates on the Oracle Enterprise Performance Management (EPM) Cloud platform, was launched as part of Ajman’s showcase at GITEX Global 2024, a premier global event spotlighting digital innovation. This project is a significant step in achieving Ajman’s Vision 2030, an ambitious plan to transform the emirate into a smart city that improves the quality of life for its citizens and residents. The cloud system’s launch reflects the emirate’s goals of enhancing competitiveness, driving sustainable economic growth, and ensuring optimal financial resource utilization.

The Benefits of Cloud-Based Financial Planning

The new cloud-based system, as outlined by His Excellency Marwan Al Ali, will provide government entities in Ajman with an integrated suite of software tools designed to streamline financial planning, monitor government budgets, and improve decision-making processes. These tools will assist in tracking spending, analyzing performance, and making informed decisions based on real-time, comprehensive data. The system is particularly flexible, allowing for quick budget amendments in response to economic changes and varying needs of different government entities. This will ensure the optimal use of financial resources and support the path to sustainable economic development within Ajman.

During the launch, His Excellency Al Ali emphasized that the project is aligned with the Department’s broader strategic approach, which involves the adoption of the latest technological solutions to advance financial operations across the emirate. He noted that the cloud-based financial system is an essential component of the department’s efforts to improve forecasting, prepare for future economic scenarios, and ensure close collaboration between government agencies.

“As part of our strategy, we are keen on implementing innovative technological solutions to continuously develop financial operations and policies, aligning with global best practices,” said His Excellency Al Ali. “This project is a clear example of our commitment to enabling government agencies in Ajman to plan and manage their budgets more effectively, ensuring sustainable development and the happiness of our citizens.”

A System with Far-Reaching Impacts

Khalifa Al Alili, Director of the Government Budgets Department, also shed light on the various benefits the cloud-based financial planning system will bring to government agencies. He explained that the system links macro and micro-economic indicators to government spending and revenue forecasts, providing a more accurate and efficient method for financial planning.

The system comprises four main subsystems:

1. Planning System: This allows government agencies to prepare detailed financial plans and budgets.
2. Implementation System: Enables agencies to make amendments to their budgets throughout the fiscal year, responding to changing economic circumstances.
3. Initiative System: Supports the proposal of new projects and initiatives that align with the strategic direction of the emirate.
4. Brief System: Provides real-time business intelligence reports, offering government agencies deeper insights into their financial performance.

Al Alili added that the cloud-based system would improve the accuracy of budget planning, reduce financial risks, and enhance operational efficiency by saving time and effort. It will also enable better insights into financial data, allowing for faster, more informed decision-making. The system promotes collaboration across departments during the planning process and ensures all stakeholders are working towards the same strategic goals.

Supporting Ajman’s Vision 2030

The launch of the cloud-based financial planning system is an integral part of Ajman’s Vision 2030, which aims to transform the emirate into a smart, innovative, and sustainable city. This project supports the broader digital transformation strategy being implemented at the government level in Ajman, which focuses on using modern technology to improve government operations and enhance quality of life.

By incorporating the Oracle EPM Cloud platform, Ajman’s Department of Finance ensures that government financial planning is not only efficient but also flexible and adaptable to future changes. This system will ultimately help government agencies achieve better results while reducing costs and improving public services, contributing to the emirate’s sustainable economic development.

A New Era for Government Financial Planning

The launch of the cloud-based financial planning system is a testament to Ajman’s commitment to adopting modern technology and embracing digital transformation. By enhancing the financial work system and enabling government agencies to plan and manage their budgets more effectively, the Department of Finance is driving forward Ajman’s strategic goals of fostering competitiveness and creating a prosperous future for the emirate.

As part of GITEX Global 2024, this project has positioned Ajman as a leader in financial innovation, setting a strong example for other emirates and government entities across the region. By focusing on technology-driven solutions, Ajman continues to pave the way for a smarter, more efficient, and sustainable future.

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