A dizzying array of challenges is confronting governments around the world about trust, technology, transport and much more.
Each requires policy makers to become increasingly innovative to fund their public services, with resources at a premium.
ACCA’s recent Innovation in Public Finance report highlighted examples of where innovation is taking place, and that of those already undertaking radical innovations in their organisations, collaboration was identified as an important factor.
From speaking to members and our partners working in the public sector in Wales, it’s clear that there are numerous examples of innovative work being carried out in the public sector, at a local and national level.
One example is the work of the NHS Wales Finance Academy, which has ‘innovation’ as one of its key work streams, and encourages this through a network of innovation champions, encourages staff at all levels of the NHS Wales finance function to contribute innovative ideas, and shares success stories across Welsh NHS organisations.
There are considerable opportunities for public sector organisations to learn from each other, thereby increasing the benefits from such innovation.
Many of the innovations are being driven by new technology, which is providing new solutions to old and new challenges.
At a national level, to encourage more social housing and more efficient use of public land, the Welsh Government recently established the new land division. It aims to promote joint working between public sector bodies to drive development of public land.
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The division will be responsible for a number of a number of government-owned sites, and aims to support delivery of more social housing.
Sustainability is proving to be the most pressing issue of our time.. Wales’ sustainable energy targets remain very much in sight, with the Well-Being of Future Generations Act and the work of the Future Generations Commissioner being credited for providing clarity of focus, driving change and innovation in delivery as well as holding public bodies to account.
The act and work of the commissioner are now held up as examples of innovative policy making being put into practice.
Its ambitious renewable usage target of 70% by 2030 was set, and with 48% of Wales’ energy consumption emanating from renewable power, it’s well on the road to being achieved. This bodes well, with Wales already regarded as a world leader in recycling.
Similarly, transport infrastructure requires an innovative approach. Last autumn proved particularly challenging for Welsh train travel, as Storm Callum contributed to mass cancellations – at one point a third of the newly-launched Transport for Wales’s (TfW) fleet of 127 trains were out of service.
TfW and Network Rail have insisted lessons have been learned, and that ‘record resources’ are being ploughed into ensuring smooth journeys run across Wales and the borders.
Ken Skates, Minister for Economy and Transport, reaffirmed in the Assembly the government’s commitment to invest in a modern and integrated public transport system, including the proposed North and South Wales metro systems.
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Ensuring a fully integrated transport system is a grand ambition, and will require innovative solutions to solve current and future challenges.
In months gone by, this column has highlighted the fundamental importance of integrated transport in Wales. There remains a pressing need to alleviate the pressure on our roads.
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This was backed up by calls from the Federation of Small Businesses, which revealed a majority of businesses in Wales have found they’re affected by failure to deliver infrastructure projects such as M4 Relief Road.
As the M4 relief road remains parked (quite literally for those who have to use it regularly), then infrastructure spending must mitigate the pressures it and other key roads face.
Innovation in public sector finance can ensure there is a sustainable future, through supporting projects to relieve pressure on the road system.
The Welsh Government has also been assessing how the picture looks in the digital sector, having commissioned a recently published review investigating how the rapid advances in digital innovation are likely to impact the economy and future of work in Wales.
ACCA contributed to the review, chaired by Professor Phil Brown, revealing that the next over the next decade, digital technologies will result in both job displacement and creation, and that action is required to ensure that Wales is not left behind by the fourth industrial revolution.
It goes on to reveal the significant impact technology will have on how we experience work. It is crucial to consider these issues for the future of work, delivery of digital skills to the current and future workforce, ensuring access to high speed broadband connections and where Welsh Government spending should be targeted – to ensure that Wales is equipped with the skills and infrastructure to allow it to compete in the rapidly-changing environment.
The Mid Wales Growth Deal heralds a positive step in the right direction on what is a long journey ahead. The recent announcement of a £55m investment from the 海角视频 Government to support growth and encourage private sector investment is likely to have an impact for both Powys and Ceredigion county councils, and businesses in the region.
The deal’s formation of an economic strategy group is hoping to play a vital role in advising, supporting and advocating to support the region’s ambitions.
The collaborative nature of this investment is welcome and represents a model of how Wales and Westminster need to work, to encourage economic development through private and public sector collaboration and innovation.
Last Friday, ACCA welcomed the next generation of finance professionals at our Celebrating Membership event held in Cardiff. Our professionals are ready to embrace the challenges of the finance function of tomorrow – we are proud that our qualification develops digital skills, partnership working across teams and organisations and strategic thinking, as well as the ‘traditional’ core accounting technical and ethical skills.
Innovation in the public sector, in the private sector, and partnership working across public and private sectors, will play a key part in delivering a strong and sustainable Welsh economy.
- Lloyd Powell is head of ACCA Cymru.