Finance Transformation Updates

Want to listen to this update instead of reading it?  Tune into today's WFST Radio Broadcast!

View the Project Timeline

As you know,  we’re going live in July of 2022, and that the project team has been working to recast the project timeline so that our stakeholders know what to expect at each stage of the newly-extended project timeline. We have a simple version of this timeline available on the FST website for your viewing pleasure.

The timeline illustrates each basic stage of the project from right now, in the architect phase, through configure and prototype later this fall, and the testing and validation of the system that occurs throughout 2021 and early 2022, until Workday Financials goes live in July of 2022, after which we enter into a period of support and stabilization.

System Remediation

System remediation refers to all the ways we’ll need to adjust the current systems that work with Oracle so that they will work with Workday Financials. Stakeholders may remember a survey last fall that asked for their help identifying these finance systems. You can see the responses we collected in the online community.

The FST team will identify system change impacts resulting from the implementation of Workday Financials, and will then help system owners make the necessary changes to their systems. We’re putting together a Community of Practice for System Remediation using the contacts supplied as a part of that survey.  

FDM Moving Forward 

After over 100 hours invested in 75 meetings, recommendations for the Workday Financials Worktags that UVA will use in the build of our first instance of Workday (our tenant) have been identified. The Foundation Data Model, which is the new word for “Chart of Accounts” will be set up in the first tenant of UVA Workday Financials using that first round of worktags.  During the upcoming configuration and prototype phase later this year, end-users will have the opportunity to interact with the FDM in our tenant and see how it works with UVA data. 

Personas

Work is continuing on developing the personas and user stories that the team will employ to make sure that Workday suits the needs of those at UVA who will use it.  The personas the FST team are using will not determine security access. Who has what access to which features will be discussed in greater detail at a later stage in implementation. 

ISP News

The FST Internal Service Providers Team has been hard at work with schools and units, documenting the exchange of goods and services and how Oracle currently handles billing for ISP activity. Based on current data, there are over 100 revenue-generating activities the team will consider in preparation to transition to Workday.  Workday is designed to handle ISP transactions effectively. The ISP team’s goals are to understand current operations fully and to collaborate with schools and units to ensure the ISP functionality and configuration in Workday will meet their needs.

Adaptive Planning Update

UVA schools and units used Adaptive Planning (Workday's planning and budgeting tool) to submit their revised FY 21 budgets as of Monday, July 20, and those budgets are currently being reviewed for any revisions that will need to take place before the BOV meeting this fall.  Revising budgets in adaptive meant that schools and units are now familiar with tool functionality and the greater level of detail it offers for budgeting so that once we begin the FY22 budgeting process later this year, they’ll have some practice in. The AI team will provide ongoing support to schools and units as we move along, as will the training team in FST.