About Finance Transformation
The work we do in Finance may seem behind the scenes, but UVAFinance is an engine that drives the University in its teaching, research and healthcare missions.
Our vision is to be the valued and trusted financial partner the University community turns to first. To do that, our mission specifies providing financial expertise, information, solutions and insight to our internal and external stakeholders, enabling them to be their best. It is difficult to deliver on that aspiration when there are inefficient processes slowing us down and absorbing our time and brainpower.
Currently, UVAFinance and finance professionals across Grounds run up against some significant challenges in the course of their daily work:
- Being viewed by those we serve as a gatekeeper instead of partners
- Inconsistently applied or unclear policies and procedures
- Outdated chart of accounts
- Systems that don’t support modern financial management, long term financial planning, or the University’s incentive-based financial model
- Shadow systems and workarounds within University divisions
The aim of Finance Strategic Transformation is to better serve our stakeholders by making it easier for them to do Finance.
The primary focus of the Finance Strategic Transformation is to evaluate and improve processes, implement new technology, and improve service delivery to Grounds.
- We will communicate frequently, clearly, and directly.
- We will involve and support our stakeholders.
- We will maintain strong governance.
- We will challenge the status quo.
- We will implement standard functionality and business practices.
- We will apply enterprise thinking, assessing the needs of the entire University.
- We will minimize the need of historical data conversion.
- Current State Review – a holistic and thoughtful assessment of the current state financial management services, processes, and practices to evaluate what works well, what needs improvement, and what the core business requirements are.
- Future State Design – a future 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 of the clinical enterprise and recommendations for mitigating identified gaps.
- Comprehensive Business Case – an assessment of benefits, total cost of ownership, and return on investment that incorporates process improvements as well as harvestable and nonharvestable time savings. The business case will outline how we measure success.
- Financial Community Engagement Plan – outlines roles and responsibilities of project stakeholders while effectively engaging with the UVA community, including the health system, and subject matter experts in data collection, analysis, and development of solutions.
- Key Business Structures – A new chart of accounts/financial data model; A reporting and analytics solution; A risk-based, technology-enabled internal controls framework.
- Change Management Strategy – a comprehensive plan to engage the user community, build trust, establish continuous feedback loops, train staff, assess readiness, and achieve stakeholder confidence through effective communication of project decisions and activities.
- Implementation Roadmap – functional and organizational phasing, timeline, milestones and deliverables, that facilitates user adoption and moves collaboratively & iteratively toward the desired future state and tightly integrates the finance technology solution with Workday HCM.