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

Abstract

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.