FST Update

 

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We're halfway through the Configuration & Prototype phase of FST. The FST team is working on the second configuration of UVA's tenant of Workday Financials, and the second round of Customer Confirmation Sessions is planned for May of 2021. Go live of Workday Financials is July 1, 2022. Check out the project timeline on the FST webpage.

When the University replaced the human resources system, some configurations had to be established to integrate with Oracle, our current financial system. However, once Workday Financials launches on July 1, 2022, UVA will have one Workday platform for both human resources and finance processes. Read more on the blog. 

In terms of Adaptive Planning, the Workday budgeting tool that UVA has been using since last year, Schools and Units are working with the Adaptive Planning team on FY22 Budget Development and to prepare for the "3.0" version of Adaptive Planning that will go live with Workday Financials in July of 2022. We’ll be doing more regular updates in the coming weeks on the work the group is doing.  Read more on the blog!

The FST project team will have a series of FDM mapping activities beginning this March during which schools and units will partner with the team to review current GL strings and identify future state FDM mappings. Specific details about this, including time commitments and other expectations, will be made available very soon.  In the meantime, check out the FDM basics in the online Community.

If you’ve been wondering if you’ll use UBI much after Workday Financials goes live, the short answer is “maybe, but likely much less than you do today.”  After go-live, Workday will be your go-to source for financial reporting and analysis, but UBI will still be around for special use cases. Read more about UBI in the future state on the blog.

The Reporting and Analytics team has been busy behind the scenes.  They’ve been meeting with the Spend team to figure out how to handle new reporting requests, and working with the Office of Sponsored programs to better understand their reporting requirements.

Last week, the Finance Strategic Transformation (FST) team completed the last of six interviews with other organizations about their support model implementations. The Project Management Office (PMO) team targeted universities (and one corporation) that use one or more Workday platforms. Their goal was to gather information to evaluate peers’ support model implementations in terms of several characteristics, including level of support centralization, governance maturity, best practices observed, and key lessons learned.  Read more here.