Accounting for big dollars has Treasury embracing AI and machine learning

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The green-eyeshade public servants at the Treasury Department have dealt with large amounts of money for decades. But as the size of their mission has grown exponentially over the years, the never-ending repetitive tasks they tackle have increasingly relied on artificial intelligence and machine learning.

The folks at the Bureau of the Fiscal Service are well aware of how technology leads to faster and more accurate results.

“The Bureau of the Fiscal Service, I would say, is really kind of the operational arm of accounting in the federal government,” said Adam Goldberg, the Treasury Department’s Acting Assistant Commissioner of Financial Innovation and Transformation at the Bureau of Fiscal Service, on Federal Monthly Insights – Repurposing Manpower Through Automation.

The Bureau issues checks to people and businesses, as well as collects funds for federal agencies.

“We finance the government through our auctions and retail security program,” said Goldberg. “And we issue things like the government wide financial statements. They are very practical and pragmatic things to let the government operate on a daily basis.”

Goldberg sees the Bureau generate large volumes of things, which would only be possible through automation.

“Everything today is digital, so all of our capabilities need to align with that,” said Goldberg on Federal Drive with Tom Temin.

As the Bureau constantly strives for ways to be more efficient for taxpayers, that efficiency is made possible with AI, machine learning, and robotic process automation.

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