UWFT is much more than a systems update - it is a redesign of our finance-related policies and processes, with the help of new technology. Working collaboratively with transparency, integrity and synergy, toward a single financial system of record for all of UW. This transformation enables teams to reduce risk through predictable, real-time, and informed decisions.
- Currently, the UW relies on financial systems that are extremely fragmented and provide limited reporting capabilities, impeding decision-making, hampering productivity and increasing risk.
- In 1974, the University developed its current Financial Accounting System (FAS), using a COBOL based platform, for the then $552 million a year institution. Fast forward to today and the UW’s revenues stand at $8 billion a year, yet investments in our infrastructure have not kept pace with the operations of an institution this size.
- In 2018, through in-depth assessment and benchmarking, UW confirmed that the institution (including UW Medicine) has over 850 side systems supporting finance and supply chain processes and over 900 integrations between systems.
- The 2018 Hackett benchmarking study also revealed the University of Washington spends $226 million or more than twice peers compared in the study to manage our finance and supply chain activities.
- One comprehensive, cloud-based, modern financial infrastructure is vital to support the University and promote responsible stewardship.
- A transparent system is needed to become the single source of trusted, timely and reliable financial information across the entire university, providing easier access to real-time information and better insight into resources/fund availability to support proactive decision-making.
- Workday Financials provides the best available platform to support UWFT business objectives, while also providing a seamless, tightly integrated solution for HRP, procurement and finance.
Deliver accurate and complete financial information to empower value-driven decisions and ensure integrity and responsible stewardship necessary to achieve cost efficiencies. UWFT will build a framework that enables the reduction of total institutional cost for finance and procurement administration.