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The treasury agency, which distributes and monitors public resources, needed to transform itself in order to take on new challenges and play a more strategic role as the country’s economy grew. The country was especially in need of strengthening its fiscal position, while at the same time facing increased complexity due to an evolving market environment and increasingly more demanding stakeholders.
To successfully navigate these changes, the treasury agency needed to strengthen its focus on key functions and on overseeing the management of public sector revenue, budget, investments, and government procurement. This required the treasury agency to establish a set of overarching fiscal management and discipline processes, and to optimize the organization to improve its effectiveness.
BCG was asked to advise and support the treasury agency’s transformation and drive change management efforts to ensure that the effort took hold throughout the organization—in the near term and long term.
The team began by streamlining and restructuring the organization to focus on its strategic and advisory role. This involved:
The changes created a more efficient organizational structure, but they also caused some upheaval for employees. To ensure that the new processes were accepted and embraced throughout the organization, a strong change management program was essential.
The change management program, developed by BCG, targeted long-lasting results by following four steps:
The transformation of the treasury agency has delivered successful results to date. From the efforts and teamwork with BCG, the treasury agency has realized the following benefits: