New Financial System Will Help Improve Transparency and Efficiency of Financial Transactions
The Financials Transformation project has reached another milestone and is ready to move into the test phase with Workday Financials – a cloud-based financial management solution. During this next phase, the program team will be able to thoroughly test how processes will work from beginning to end, based on Georgia Tech’s financial data needs and requirements. The test phase is the last phase in the project before deployment in Summer 2019.
“The Institute is transforming its financial systems to increase efficiencies and streamline financial processes across all units on campus,” said Jim Fortner, interim executive vice president for Administration and Finance. “The configured workflows and improved reporting capabilities will allow for checks and balances throughout a transaction’s lifecycle and will help align our administrative processes with Georgia Tech’s priorities.”
During this comprehensive testing phase, a variety of business transactions and integrations will be tested for functionality, compatibility, and reporting capabilities using the new cloud-based system. In parallel, user acceptance testing (UAT) will validate that integrations have been built to the business requirements while identifying underlying issues and/or required adjustments. UAT will also give Georgia Tech financial users the knowledge and experience needed to own and maintain each integration after the new system is live.
Of the many improvements the Financials Transformation project aims to provide, a critical component is enhanced transparency across all of Tech’s financial transactions. Once the new system is in place, campus financial users will be able to easily see workflows and determine where a task is within a process. Moving to a single platform and reducing systems will allow units to work more collaboratively and will improve transparency between decentralized and centralized units on campus. And since Workday is a cloud-based solution, Georgia Tech will always be on the latest version with access to new features.
Get Informed, Get Involved
To help ensure a two-way dialogue with the campus community, the Financials Transformation team is conducting a variety of information sessions to help build awareness and an understanding of the new system as well as to collect feedback and input from faculty, researchers, and staff.
In the past five months, the team has covered topics including the Financial Data Model (FDM), which is replacing the PeopleSoft Chart of Accounts, and expenses using Workday. More than 800 campus members attended these sessions. Recordings of these sessions are available on the Enterprise Transformation website.
The next series of info sessions begin in January and will cover grants management in Workday. These sessions are especially relevant for campus financial users who oversee, manage, and support grants and awards. Click here, to register for this event.
Community members are also encouraged to subscribe to The Workday Buzz, a bimonthly publication that provides an overview of the financial transformation progress and a digest of upcoming events. Complete the signup box at the bottom of the Transformation website homepage, or via this link.
Lastly, keep an eye out for communication from your unit’s change agent. There are more than 100 change agents representing more than 140 units on campus that can help answer questions about Workday and point you to helpful resources.
For more informaiton, visit transformation.gatech.edu.