Based on a thorough evaluation, the UW has determined Workday Financials will provide the best available platform to support its business objectives for Finance Transformation. This decision provides a seamless, tightly integrated solution for Human Resources and Payroll (HR/P), Procurement, and Finance.
WHY DO WE NEED CHANGE?
- Currently, the UW relies on an outdated 46-year old legacy financial system with decentralized processes and a proliferation of side systems, resulting in significant inefficiencies
- Systems used by the UW Academy vary greatly from those used in UW Medicine
- This transformation will enable the UW to standardize and simplify the financial system, triggering new functionality that enables modern accounting practices
- Standardization will support consistent, streamlined processes and policies across the enterprise
The UW (enterprise and unit-level) will be able to:
- Deliver accurate data quickly
- Provide the same data to everyone, facilitating transparency in decision-making at all levels
- Identify overruns, deficits, and other risks – big and small
- Support long-term planning through better forecasting (enterprise and unit-level)
- Integrate all platforms, including HRP, Procurement, and Finance (allowing “one-time only” data entry)
- Help leverage the hard work and dedication of staff to improve effectiveness
- Reduce workload associated with business functions and interactions that are necessary – but secondary – to the University’s core mission