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When we think about Finance Strategic Transformation (FST), it can be easy to focus solely on the implementation of Workday. To be successful, this transformation has to be about people and our processes. Technology is simply a tool help us achieve our goals, and it isn’t our only one.
UVAFinance’s Continuous Improvement Committee (CIC) seeks ways to transform what we do or how we do it to be sure we are as efficient and effective as possible. UVAFinance is no stranger to continuous improvement; several departmental and cross-functional projects have been featured here in the blog.
Here are just a few examples of the sort of process improvements that can become part of a transformation:
- Payroll, labor distribution, and other key cutoff dates added to the Finance Reporting & Operations (FR&O) Calendar, resulting in a consolidated view of important timelines to make planning easier.
- Remote deposit use expanded for checks and cash deposits eliminated in areas such as Student Financial Services (SFS), making the processes more efficient and safer.
- DocuSign (software that enables electronic signing and processing of documents) implemented in several finance areas, improving efficiency, security, and sustainability (reducing paper use).
- Small dollar purchase limit increased to $100K, enabling faster purchase order approval.
Ongoing improvement efforts will continue throughout FST and beyond. Watch the blog for “Continuous Improvement Bright Spot” posts or click on the “Continuous Improvement” label to find out more.
Have a continual improvement to share? We'd love to feature it! Email bv8h@virginia.edu
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