Workday Highlight – Reporting & Analytics

“Delivering the right information at the right time and in the right format” is a general Reporting and Analytics mantra.  With the Workday application, users will be able to leverage a range of reporting capabilities to enable quicker and more informed decision making.  Workday calls this functionality “actionable insights” and the UR Financials Reporting Team has been working on a plan to translate the FRS and Cognos reporting methods into Workday’s “actionable insights”.

Since the onset of the project, the UR Financials Reporting Team has reviewed hundreds of Cognos reports, met with nearly twenty groups across the University and started to develop an initial reporting design for the Workday application.  With an exceptional amount of information already gathered, the team has immediate plans to incorporate more user feedback and data to evolve the design to match University needs.  Overall, with the primary goal of the UR Financials Reporting Team to improve the current reporting structure and enable Workday “actionable insights”, a great foundation has been established and we look forward to building upon it.

Demo Days Recap – February 20th, 2013

The second installment of the Demo Days series was held on February 20th at the Alumni and Advancement Center from 1:30 pm to 2:30 pm.  Over sixty University community members took part in the live demonstration of Workday’s functionality while twenty more joined the event using the WebEx option.  A progress report of the Financial Data Model was presented before UR Financials project team leads displayed samples of Workday’s Grants Management and Accounts Payable capabilities.

A copy of the Financial Data Model presentation can be found by going to the Resources tab.

Demo Days are held at the Alumni and Advancement Center on the third Wednesday of each month.  These meetings are ideal opportunities to witness Workday in action and to interact with the UR Financials project team.  Check this site for upcoming agenda items and use the Contact Us tab if you would like to attend the next Demo Day presentation on March 20th, 2013.

 

Plan Phase Completed!

The UR Financials project team has successfully completed the Plan phase of the project.  During this phase, the team completed the following deliverables:

  • Documented business requirements that the current system (FRS) can perform.  Based on our current knowledge of the new system (Workday), we identified each requirement as a “Fit” (Workday can satisfy the requirement) or as a “Gap” (Workday cannot satisfy the requirement).
  • Documented business process improvement opportunities.  Based on functionality available in Workday or based on best practices, the team has identified opportunities to improve process efficiencies or internal controls.  Business cases will be developed and reviewed with the Finance Advisory Committee to determine the path forward.
  • We have identified over 1000 reports that are used today.  We expect that 80% will be satisfied by standard Workday reports, and the remaining 20% will be custom Workday reports.
  • Today, there are over 100 interfaces into FRS.  We expect approximately 60% will convert to the new Workday Chart of Accounts (COA) with the remaining 40% continuing to send FRS COA format.  The 40% FRS COA formatted interfaces will be converted to the Workday COA format via an internal system.
  • Developed the strategy for change management as well as increased our communications to impacted audience via enhanced website content.

This was a concerted effort by all members of our project team.  The efforts spent on this crucial stage of the project will pave a solid path for future accomplishments and University benefits.

Workday Highlight – General Ledger / Chart of Accounts

With the upcoming installment of Workday as the new Financial Records System, a thorough undertaking has been initiated regarding the University community’s usage of the Chart of Accounts.  The General Ledger / Chart of Accounts group within the UR Financials project is working collaboratively with other teams and consultants in the project to formulate the best solutions for account numbers and design for Workday and beyond.  Institutional, divisional and departmental reporting needs are being examined with great care and attention to the many aspects that go into creating the Chart of Accounts as well as its usage and upkeep.  Stay tuned for future updates regarding the UR Financials project team progress and, in particular, the General Ledger / Chart of Accounts group.

Workday Highlight: Accounts Payable & Preferred Payment Methods

Workday allows for a preferred payment type for suppliers.  As Accounts Payable works with suppliers, available methods for payments are established.  For example, a given supplier may accept checks, money orders, electronic Automatic Clearing House (ACH) or credit card payments.  As a result of communications between Accounts Payable and this particular supplier, it’s determined that ACH would be the method of choice.  Workday’s flexibility allows Accounts Payable to set ACH as this supplier’s preferred payment option.  This method will be used for future payments unless an accepted alternative is specified on the invoice or payment request.  This added functionality creates a cooperative environment between the University and its suppliers and allows for smoother transactions.

Thank you for your participation and support.  Stay tuned for more announcements and updates.