Finance Strategic Transformation simplifies financial operations for key stakeholders. The project evaluates and streamlines processes while implementing new technology and improving service across Grounds.
Outcomes
- Reduce administrative burden for faculty and staff
- Enhance compliance to regulations and policies
- Strengthen risk-based internal controls
- Allow the University to become better stewards of financial resources
Timeline & Deliverables
Phase II Readiness (Summer-Winter 2019)
- Reporting Strategy, including a survey of key shadow systems
- Foundation Data Model Blueprint (Chart of Accounts)
- HCM Remediation Assessment
- Workday Straw Model Discovery on Signature Processes
- Grants Management
- Miscellaneous Accounts Receivable (Internal Service Providers)
- Gifts and Endowments
- Oracle Labor Distribution Process
During Readiness, we'll be mobilizing resources and continuing periodic meetings of the Steering Committee and Advisory Group, as well as scheduling interviews, workshops, and other activities to gather the necessary input for various work streams.
Phase I Planning & Assessment (Summer/Fall 2018)
- Current State Review - An assessment of current financial management services, processes, and practices to identify the core business requirements and evaluate what works well and what needs improvement
- Future State Design - A business model that includes improved processes and service delivery and leverages capabilities of a modern cloud-based financial system
- Functionality Gap Analysis - An assessment of the technology solution's ability to meet requirements while providing recommendations for mitigating identified gaps
- Comprehensive Business Care - An assessment of benefits, total cost of ownership, and return on investment that incorporates process improvements and time savings to outline the measures of success
- Key Business Structures - A new chart of accounts, a reporting and analytics solution, and a risk-based, technology-enabled internal controls framework
- Implementation Roadmap - Functional and organizational phasing, timeline, milestones, and deliverables that facilitate user adoption and move toward the desired future state and Workday integration
The project will follow a comprehensive plan to engage community members, including individuals in the Health System and subject matter experts in data collection, analysis, and solutions development.
Project Leadership
Jennifer "J.J." Davis, executive vice president and chief operating officer, and Elizabeth "Liz" Magill, executive vice president and provost, serve as executive sponsors.
Melody Bianchetto, vice president for Finance, and Adam Daniel, senior associate dean for administration and planning for the College and Graduate School of Arts & Sciences, serve as the co-chairs.