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Adaptive Planning: Workday's Budgeting Tool

About Adaptive Planning and FST

Finance Strategic Transformation is working to address a known pain point related to the planning and budgeting process. During Phase 1, Workday announced they had acquired Adaptive Insights as the solution for planning and budgeting.  You can always see more information on AI in CommunityHub.

We determined that a pilot of Workday’s Adaptive Planning solution with selected schools (the Curry School, Arts & Sciences, and Batten) would be beneficial for:

  • Addressing the challenges associated with the current state approach to budget development sooner rather than later
  • Evaluating the best path forward for an enterprise-level planning and budgeting solution
  • Gaining insights into how the current state Chart of Accounts impacts planning, budget development, and financial reporting at a school level in order to inform the redesign of our Chart of Accounts.

Our current budgeting challenges are likely familiar to you:

  • Excel-based, manual processes
  • Considerable time spent on data entry instead of analysis
  • Labor-intensive centralized processes
  • Lack of sufficient detail in system information

We hope to address those challenges with a solution that will:

  • Maintain the plan in an enterprise system (a single source of truth)
  • Create Real-time, consistent reporting
  • Provide version functionality that we can utilize to manage the process and lockdown plans, and also do mid-year projections
  • Allow users a view of both the plan and actuals at the same level of detail
  • Empower more users to be involved in the planning process.

June 10, 2021 Update

The Adaptive Team has been working hard to get ready this summer to build the third version of Adaptive Planning; this is the one that will integrate with Workday Financials when we go live next year.  The team has gathered 378 user stories from the UVA community to help them shape Adaptive to fit UVA’s needs.  You may be wondering what the difference is between the budget you’ll see in Workday vs. the budget you’d see in Adaptive Planning?   The difference is that Workday will have only the annual budget, while Adaptive will have multiple versions of the budget that you can compare/contrast.  Workday is where you’ll go for day to day operational activities, and will be the source for transactional details – while adaptive will be the source for past, current, and future budget data.  Read more on the blog. 

August 26, 2021 Update

Adaptive Planning

The Adaptive Planning Team is continuing to shape Adaptive, Workday’s planning and budgeting software, to be ready to integrate with Workday financials in July of 2022.  UVA has been using Adaptive since the summer the pandemic began, in order to take advantage of its enhanced planning functionality in that really unpredictable time.  Since then, users have been working with the Adaptive Team to make improvements to the software to make it more useful to UVA.  Read more on the blog.

April 29, 2021 Update

Adaptive Planning:   The Adaptive Team is still pushing toward the third Workday-integrated version of Adaptive Planning, the University’s new budget tool. The team is refining the current tenant of Adaptive Planning based on user stories they’ve gathered from schools and units across UVA.  If you’d like to see more about the work with Adaptive, and the budget process redesign, check out this update.

April 15, 2021 Update

The Adaptive Planning team continues to focus on the latest iteration of the Adaptive planning tenant, Adaptive 3.0.   This involves categorizing user stories so we can be sure that users have the functionality they need and want in July of 2022, straight out of the gate.

Check out this Adaptive Planning update.

March 25, 2021 Update

Adaptive Planning: The Adaptive team is continuing with its work on budget process redesign.  They’re working with a larger group across Grounds to dig more deeply into Adaptive functionality, identifying how the new chart of accounts will apply to future state business processes, thinking about UFM adjustments, and more. 

February 25, 2021 Update

Schools and Units are working with the Adaptive Planning team on FY22 Budget Development and to prepare for the "3.0" version of Adaptive Planning that will go live with Workday Financials in July of 2022. We’ll be doing more regular updates in the coming weeks on the work the group is doing.  Read more on the blog!

January 15, 2021 Update

The Adaptive team is currently working with stakeholders on a budget process redesign, pivoting from the 2.0 version of Adaptive Planning from last year to the 3.0 version that will integrate with Workday Financials and the new FDM.

Adaptive Planning offers us so much more than the shadow systems and excel spreadsheets we’ve become accustomed to for years.  As the team moves through the budget process redesign, they're focusing on replacing the outdated and inefficient processes with a more streamlined process that focuses on customer service and support of our end users’ needs.  

September 24, 2020 Update

The team is hard at work with budget colleagues in UVAFinance and across Grounds to start the FY22 budget process.  They’re using all the things they learned in the FY21 revised budget process to make this a good experience for all involved.  Read this update from Elissa Morton in CommunityHub.

September 10, 2020 Update

The Adaptive Team is prepping for the FY22 budget process and gathering stakeholder feedback from the FY21R process. 

August 27, 2020 Update

The Adaptive Budget team is helping units finalize the FY2021 revised budget submissions, continuing development work in preparation for the FY 2022 budget development process, planning for long-term deployment, and collaborating on remediation with Workday and the FDM.

August 13, 2020 Update

Schools and units used Adaptive Planning to submit recast FY21 budgets, and the project team is gathering feedback now that will help make the FY22 budgeting process go as smoothly as possible. 

July 23, 2020 Update

As of July 20, all schools and units at UVA have submitted two scenarios of budget revisions with updated centrally provided assumptions for FY21 in Workday Adaptive Planning. Budgets are currently being prepared for EVP and executive review, and schools and units may be asked for revisions ahead of the August 10 deadline for submission of materials to the BOV. On September 11, the BOV will receive UVA's post-COVID revised budget.

This process has featured a lot of learning while doing, with support provided throughout the budget revision process from the Adaptive Insights team, FST training team, Provost Office, and the OFP&A team. As schools and units learned to use planning input sheets and reports, they grew their understanding of Adaptive functionalities and were enabled to plan and understand their budgets in greater detail.

This hands-on learning experience with the FY21 revised budget provides a great foundation for the FY22 Budget Development. The team looks forward to continuing to work with everyone this fall.

Visit the Adaptive Resource page on the FST website.

June 10, 2020 Update

In their message of June 8, JJ Davis and Liz Magill endorsed the rollout of Adaptive Insights.  As they mentioned, the pandemic has shown us why UVA needs a modern budgeting solution that allows us better insights and more flexibility.   In practical terms, that means doing our FY 21 budget revision in Adaptive Insights.  Having your FY21 original budget in Adaptive Insights with added detail before we receive our new direction will be a benefit to you and your team as you make necessary edits and adjustments to the FY21 revised budget.  See the AI resource page for more information.

February 2020 Update

Budgeting & Planning Lead Elissa Morton and her team have assessed the readiness of other potential areas at UVA to implement the pilot, and our governance groups are reviewing that summary and making some decisions on the expansion of the pilot.

About Adaptive Insights and FST

Finance Strategic Transformation is working to address a known pain point related to the planning and budgeting process. During Phase 1, Workday announced they had acquired Adaptive Insights as the solution for planning and budgeting.  You can always see more information on AI in CommunityHub.

We determined that a pilot of Workday’s Adaptive Insights solution with selected schools (the Curry School, Arts & Sciences, and Batten) would be beneficial for:

  • Addressing the challenges associated with the current state approach to budget development sooner rather than later
  • Evaluating the best path forward for an enterprise-level planning and budgeting solution
  • Gaining insights into how the current state Chart of Accounts impacts planning, budget development, and financial reporting at a school level in order to inform the redesign of our Chart of Accounts.

Our current budgeting challenges are likely familiar to you:

  • Excel-based, manual processes
  • Considerable time spent on data entry instead of analysis
  • Labor-intensive centralized processes
  • Lack of sufficient detail in system information

We hope to address those challenges with a solution that will:

  • Maintain the plan in an enterprise system (a single source of truth)
  • Create Real-time, consistent reporting
  • Provide version functionality that we can utilize to manage the process and lockdown plans, and also do mid-year projections
  • Allow users a view of both the plan and actuals at the same level of detail
  • Empower more users to be involved in the planning process.