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Financial Budgeting & Planning Solution Pilot

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. 

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.

 

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.