Tuesday, April 27, 2021

The Adaptive Planning Vision

 The Adaptive Team continues to refine the current tenant of Adaptive Planning based on user stories shared by schools and units across UVA.  

The vision for Adaptive 3.0, the version of Adaptive Planning that will interact with Workday Financials in 2022, is one that considers all the possibilities and imagines a strategically nimble future. 

Check out the objectives below that they're keeping at the forefront as they work with schools and units on budget process redesign.

Strategic Planning

  • Develop a five-year (or more) multi-year financial plan across the institution, including transparent cash flow, built by the units and parameter-driven for the institution​.
  • Elevate the level at which we budget to ensure it is a strategic exercise

  • Develop budget spread across 12 periods with multiple spread methods for more accurate budget vs. actuals and to better support forecasting​
  • Transition BudgetUVA fund source allocation functionality to Adaptive, so that there is one source of truth for the budget and budget vs. actuals reporting​
  • Include commitment tracking and request process within a unit, between units, and with a center

  • Introduce the concept of quarterly forecasting for the institution​
  • During Q4, explore introducing a periodic forecast to tighten the projection as UVA approaches the FY end​
  • Explore options that allow the system to be open for year-round forecasting in addition to the annual budget process

  • Develop standardized reports in support of institutional planning and budgeting processes, so there is one version of the truth​
  • Align on the funds we budget (UFM), how they map to the new FDM with the necessary granularity and detail, and the process for tracking budget vs. actuals and fund balance throughout the FY​
  • Consider the ability to bring in additional data, such as enrollment information​
  • Harness the reporting and analytics tools in Adaptive, including dashboards

Capital Planning
  • Explore using Adaptive Insights to build the capital plan for the institution ​
  • Link capital plan and operating budget, so that one feeds the other 

Want to read more about what the Adaptive Team has been up to?  Check out the FST Website!

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