THEORETICAL ASPECTS IN THE FORMATION OF
PEDAGOGICAL SCIENCES
International scientific-online conference
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IMPROVING STATE BUDGET TREASURY PERFORMANCE
THROUGH DIGITAL TECHNOLOGIES
Umirov Sherzod Baxriddinovich
Toshkent davlat Iqtisodiyot universiteti 2-bosqich talabasi
https://doi.org/10.5281/zenodo.15671372
Annotation:
The thesis is devoted to analyzing and determining the
essence of the development of the treasury system and the efficiency of using
budget funds through digital technologies, as well as evaluating efficiency.
Keywords:
digital technologies, audit, digital government procurement,
electronic platform, artificial intelligence.
Over the past few years, the level of digital development of society in
Uzbekistan has significantly increased, mainly due to the following factors: the
creation of a regulatory framework, the introduction of information technologies
into various sectors of the economy, as well as the formation of electronic
platforms that provide quick access to information resources.
With the gradual introduction of information technologies into budget
processes, active digitalization is also being carried out in treasury activities, as
this leads to increased economic efficiency. At the same time, the peculiarity of
the digitalization of the treasury system is that it represents not a separate
digital platform, but a whole system of various technologies. The most promising
areas include: robotization, the Internet, 3D printing, virtual reality, blockchain,
augmented reality, artificial intelligence and drones.
It is worth noting that, despite the many advantages, the widespread
introduction of information technologies into treasury activities also poses
certain risks: payment fraud, cyberattacks, data leakage, etc. These implemented
systems require reliable protection, therefore, the treasury should expand its
functions, strengthen protection, and maximize control over possible risks, that
is, work diligently to protect data.
The effectiveness of digitization of the treasury system:
reduction of payment execution times;
reduces labor costs for downloading and processing reports by
100%;
Reduces the labor costs of treasurers to coordinate received
payment registers by 80%;
further increases the effectiveness of budget control;
reduce labor costs by an overall 20% to control payments;
improves the quality of liquidity management;
THEORETICAL ASPECTS IN THE FORMATION OF
PEDAGOGICAL SCIENCES
International scientific-online conference
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increases the efficiency of payments.
With the increasing importance of treasury, a key trend in the overall
innovative development is its digitalization. The digitalization of treasury offers
various opportunities, but also creates new risks that need to be managed.
A new era of treasury automation
In the future, the Treasury will be self-governing: fully autonomous
processes will provide the opportunity to obtain the necessary indicators in real
time, combined with the use of systematic and non-system data. This
autonomous system uses a set of interacting coherent models to model the
behavior of budget recipients and process large amounts of data to assess risks.
Thus, the use of modern digital methods will reduce operational costs and
increase the efficiency of the sector.
The experience of digitization can be transferred to treasury automation:
the transformation is carried out in several stages, with new functions gradually
transferred to artificial intelligence management. This process can be described
using the developed elegant model of budget management automation (Figure
1), which considers the autonomous process as the highest level.
Naturally, the role of the treasurer will also change: constant human
involvement in the operational activities of the budget is no longer required.
Instead, employees will calibrate and test new models and methods, explaining
their results - artificial intelligence will work where humans cannot replace it,
simulations must be interpreted.
THEORETICAL ASPECTS IN THE FORMATION OF
PEDAGOGICAL SCIENCES
International scientific-online conference
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It is easy to imagine a wide range of applications of digital technologies in
treasury - from liquidity management or asset portfolio management and
optimization to ALM systems and decision making. Let's take a look at some of
them.
If the budget cannot accurately forecast cash inflows, it will require large
financial reserves, which will reduce efficiency. Therefore, an interesting use of
new technologies for the budget may be cash flow forecasting using artificial
intelligence. That is, processing large amounts of data about accounts, taxpayers,
the economy, etc., to predict the future financial activity of each entity.
Potential pitfalls of automation
With digitalization in the budget system, special attention should be paid to
the issue of security and data protection. At the initial stage of technology
implementation (both in the choice of methodology and in data collection), it is
necessary to pay attention to the use of only the data that is really necessary for
analysis. In many countries, supervisory authorities are actively addressing the
topic of cloud technologies. All of the factors listed above affect the potential
application of new technologies. However, where technology brings significant
benefits, ultimately increases efficiency or reduces risk, these obstacles are
worth overcoming.
Conclusion.
The Treasury is one of the driving forces in the country’s digital
transformation, thanks to its vast experience and technical capabilities. New
innovative digital methods provide new tools for the budget system. However,
the focus is not on the technology itself. Depending on the problem, you should
use the method that provides the best solution - this can be a new technology or
a traditional statistical method (or a combination of both). By adopting an agile
approach, the Treasury can prototype new models and learn new techniques.
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International scientific-online conference
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