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Enterprise Financial System Project Overview & Update Council of Research Associate Deans March 22, 2007 www.finsys.umn.edu.

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Presentation on theme: "Enterprise Financial System Project Overview & Update Council of Research Associate Deans March 22, 2007 www.finsys.umn.edu."— Presentation transcript:

1 Enterprise Financial System Project Overview & Update Council of Research Associate Deans March 22, 2007 www.finsys.umn.edu

2 2 Project Guiding Principles Need for a New System Project Status & Timeline EFS & Transforming the U Organizational Design and Clustered Functions Next Steps Agenda

3 3 EFS Project Guiding Principles Utilize University staff on project teams Use consultants judiciously and only for needed PeopleSoft expertise Minimize modifications to streamline implementation and reduce long-term maintenance costs (“vanilla”) Change a policy and procedure before modifying the system Include input from University financial user community

4 4 The Need for a New System CUFS no longer supported by vendor Current system puts U of M at risk Supplemental systems have created redundancies in information and processes EFS is 5 th (and final) Enterprise System; connects with HRMS and student systems

5 5 Status of Project “Analyze” phase completed fall 2006 Answers the question “What functionality is needed to meet the University’s needs?” Determines project scope Added grants functionality to scope Functional design phase will be completed March 31, 2007 Answers question “How will functionality be delivered to users?” Technical design & build begins April, completed end of September 2007

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7 7 EFS & Transforming the U EFS is connected through Administrative Task Force’s recommendations and strategies Transformation strategies adopted: Standardization of business processes Risk-based approach to financial controls Single enterprise strategies - elimination of redundancies “Shared services” organization model

8 8 Transforming the U Integrated Services Framework +Unit Focus +Effective +Responsive +Single Enterprise +Efficient +Common Support Accountable to both local & centralized units: Nimble Good Value Best Practices Transparency Potential for: -Redundancy -Excess Cost -Lack of Desirable Standardization Potential for: -Unresponsiveness -Less Accountability -Less Flexibility Decentralized (“Atomized”) CentralizedIntegrated Services Continuum Distributed Collegiate/Shared Services “Cluster Model” Centralized

9 9 EFS Organizational Design Principles Balance efficiency, service delivery, risk, and accountability Promote consistency of processes and procedures Increase data integrity Create “critical mass” of staff resources: Specialized skills & expertise available to all departments/units Consistent coverage during leaves and absences Support higher level of data analysis and financial reporting

10 10 Clustering of Selected Financial Functions Accounts receivable bill entry Purchasing “exception” activities Payment voucher entry Accounting journal entry Budget entry & approval Position management (HRMS) Data analysis & reporting

11 11 EFS Integrated Services Framework Accountable to both local & centralized units: A/R Bill Entry Purchasing Exceptions Payment Voucher Entry Accounting Journal Entry Budget Entry / Approval Position Management Data Analysis/Reporting -Maintain Customer Relationships -Initiate Purchases -Travel & Expenses -Asset & Line Item Budgeting -Proposal Prep (EGMS) -AR Service Center -Purchasing Services -Disbursement Services -Accounting Services -SPA (Sponsored Projects Administration) -SFR (Sponsored Financial Reporting) DecentralizedCentralizedIntegrated Services Continuum Departments College/Administrative Unit “Cluster Model” Central Business Units

12 12 Next Steps Complete functional design phase Begin technical design and build phases Continue organizational design and change management activities Meet with deans, chancellors, vice presidents Assist colleges, coordinate campuses and support units with organizational design strategies Develop workforce planning and change management strategies Planning for testing and data conversion


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