September 10, 2020 Update
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.
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.