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Financial System Replacement Project Fall 2009 1.

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Presentation on theme: "Financial System Replacement Project Fall 2009 1."— Presentation transcript:

1 Financial System Replacement Project Fall 2009 1

2 Topics Financial system replacement overview Project background Project phases Next steps Topics 2

3 Financial System Replacement Overview 3

4 Financial Systems Replacement Project A major effort to replace UW core financial systems Now in the Needs Assessment phase Targets three financial systems: Financial System Replacement Project FAS BGTPAS 4

5 When our financial systems were implemented in 1974: Pocket calculators appeared Offices began using a primitive word processor resembling a typewriter UW Research volume was $69M Financial System Replacement Project 5 A lot has changed… but not our core systems.

6 How Does the UW Compare? Among the UWs peer group, only one has financial systems older than the UWs – Michigan State University. … And MSU is in process of replacing their financial system. Financial System Replacement Project 6

7 UW Financial Systems: Current State Cant support new business models and priorities: –President Emmerts 2 Years; 2 Decades Initiative –Activity Based Budgeting (ABB) –Self-sustaining business units Inefficiencies negatively impact staff productivity Manual workarounds create additional work Hundreds of redundant shadow systems Financial System Replacement Project 7

8 Future Financial System Vision Modern, flexible, effective core financial system Flexible chart of accounts Effective financial and management reports No manual workarounds; streamlined business processes Timely, consolidated, accurate information Integrated system supports management and reporting Current/future business needs met; limited system customization Financial System Replacement Project 8

9 Looking to the Future Status quo is not acceptable Replacing our core systems is critical to the UWs future We are moving forward! Financial System Replacement Project 9

10 Project Background 10

11 UW Strategic Roadmap UW Strategic Roadmap (2008) –Comprehensive strategic plan for future of UW information and administrative systems –Involved 170 key stakeholders across UW Recommendations--Five key initiatives including: –Replace our financial systems –Redesign business processes Outcome: –Financial Replacement Project Project Background 11

12 Project Scope Fixed Assets Purchasing/Receiving Accounts Payable Travel/Expense Reporting Vendor Management Cost Accounting Service/Recharge Centers General Ledger Grants Management Project Accounting Capital Projects Budgeting Budget Activity Reconciliation Accounts Receivable Debt/ILP Endowment Mgmt. Bank Reconciliation 12

13 Project Principles Transform how we do business Changes of this magnitude take time Start preparing for change now Select vendor package/open source–dont build Minimize customization to reduce risk/cost User involvement critical during every phase No system will meet 100% of our needs 13 Project Approach

14 A New Approach Past efforts focused on incremental enhancements Long-term solution is radical: replace our core systems Scope and scale are larger and more complex than anything UW has undertaken in this area Financial System Replacement Project 14

15 Setting the Stage for Success Highest level of institutional support Executive sponsors: –Phyllis Wise, Provost –VElla Warren, Executive Vice President, Finance & Facilities Funding the new approach: –First project phases have been funded –Executive Sponsors actively working on funding for new system Financial System Replacement Project 15

16 Project Organization Structure User Work Groups Financial Core Team Project Steering Committee Technical Advisory Group Project Sponsors: Ann Anderson Sara Gomez Gary Quarfoth Executive Sponsors: VElla Warren Phyllis Wise Accounting Advisory Team FSNA Project Team 16 Broad Community Involvement

17 Project Phases: The Road Ahead 17

18 System Replacement Life Cycle Project Life Cycle 18 Phase 1 Needs Assessment Phase 2 Alternatives Analysis Phase 3 Implementation Planning Phase 4 Design & Development Phase 5 Final Preparation Phase 6 Post Implementation Support Communication Business Process Redesign & Change Management 2008-2009 Go-Live 20XX Funded Funding Strategy Discussions Underway Major Investment Funded 20102011 – 201?

19 Phase 1: Needs Assessment Goal: Define what UW needs in a new financial system Interviews: Over 100 users explore issues; document existing business processes Focus Groups: 26 focus groups help determine whats needed in a new chart of accounts Retreats: 225 users help define requirements for each functional area Financial System Replacement Project Phase 1 Needs Assessment Phase 2 Alternatives Analysis Phase 3 Implementation Planning Phase 4 Design & Development Phase 5 Final Preparation Phase 6 Post Implementation Support 19

20 Phase 1: Needs Assessment… Activities taking place now: Gathering high-level requirements to select system –All financial system users invited to provide input –Input collected via Web survey Financial System Replacement Project Phase 1 Needs Assessment Phase 2 Alternatives Analysis Phase 3 Implementation Planning Phase 4 Design & Development Phase 5 Final Preparation Phase 6 Post Implementation Support 20

21 Phase 2 – Alternatives Analysis Goal: Evaluate alternative systems against our needs; identify best fit for UW Use feedback collected via the survey to: –Identify priorities for new system –Evaluate options for new system Talk with peer institutions that have implemented new financial systems Recommend system solution for the UW Financial System Replacement Project Phase 1 Needs Assessment Phase 2 Alternatives Analysis Phase 3 Implementation Planning Phase 4 Design & Development Phase 5 Final Preparation Phase 6 Post Implementation Support 21

22 Phase 3 and Beyond System replacement Approach will be influenced by the system selected Activities will include: –Gap analysis –System pilots –Business process redesign –Testing –Training Financial System Replacement Project Phase 1 Needs Assessment Phase 2 Alternatives Analysis Phase 3 Implementation Planning Phase 4 Design & Development Phase 5 Final Preparation Phase 6 Post Implementation Support 22

23 Next Steps Provide your input via Web- based survey by December 4 Attend a survey information session to learn more Check out the FSNA site for updates: http://www.washington.edu/provost/oim/SPP/FSNA/ Check out the FSNA site for updates: http://www.washington.edu/provost/oim/SPP/FSNA/

24 Questions? Financial System Replacement Project 24


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