Spotlight on the Finance Workstream
Finance was the first university operation, otherwise known as “workstream,” identified within the Enterprise Project’s scope, stemming from Ohio State’s initial decision to replace its aging financial management system.
The Financials Project, now encompassed within the Enterprise Project, began in 2016 when the university carefully reviewed potential systems before selecting Workday as the university’s new cloud-based financial management system.
The Enterprise Project is a business process transformation and system implementation that will leverage Workday and other enterprise technologies to enable Ohio State’s mission and strategic plan. The finance workstream strives to improve financial data and reporting through streamlined and consistent processes. Doing so will maximize efficiencies, reduce administrative burdens and enhance decision making.
All financial processes will be designed to fully leverage Workday and other enterprise technologies. University leaders also identified three functions to go through business process transformation workshops for a more comprehensive evaluation:
- Budget, planning and forecasting
- Comprehensive capital investments
- Accounts receivable
A set of guiding principles (created by finance leaders and staff) shape the university’s efforts to envision, build and implement the future state of financial management. To reduce administrative burdens, the finance workstream will design for efficiency in order to simplify complex business processes.
Finance professionals across the university can expect enhanced auditing and reporting capabilities that provide a complete picture of the business and reinforce one source of truth. These improvements should increase productivity, allowing core users to focus on strategy and decision making.
We will empower employees to utilize resources effectively. As leaders in operational excellence, Ohio State will aim to foster accountability in understanding and utilizing these resources.
“This is not simply about choosing a new technology solution,” said Geoff Chatas, CFO and senior vice president for Business and Finance. “We are putting more business insights in the hands of our analysts and leaders so that we can be more agile in how we use financial data to inform decisions.”
Through more efficient processes and modern systems, finance professionals will be better equipped to ensure affordability and value are at the forefront of customer service and satisfaction.
Learn more about the finance workstream:
- Scope (https://enterprise-project.osu.edu/scope/financial-management)
- Guiding principles (https://osu.box.com/s/6l6nsb2prhwtzboypkdfsfs9y6f45mfl)
- Foundation Data Model and finance worktags (https://enterprise-project.osu.edu/fdm/finance-worktags)
- Information for financial professionals (https://enterprise-project.osu.edu/finance)