With Workday Financials, CCA hopes to continue our progress toward improving operational efficiency and equipping our administration and end users with the tools and access to information necessary to make sound decisions and further the mission of CCA. To this end, we expect Workday Financials to achieve the following benefits to our organization:
- Timely, accurate, and complete information in a centralized, useable format that eliminates the need for manual exports and manipulation of data and "shadow" spreadsheets
- Automated, streamlined and well-defined processes for handling financial operations tasks (e.g. submitting expenses, purchase requests, procurement activities) that are fully transparent and accessible to the end user, controlled by appropriate validation and approval steps
- Empowerment of leadership and budget managers to analyze spending trends across multiple facets, including year-to-year or multi-year, and associated with specific vendors, specific projects, events or categories.
CCA currently uses Colleague/Datatel as our financial management system. Several compelling reasons exist that warrant replacing Colleague with Workday for our financial operations. We have already committed to implementing Workday Student when it becomes available, and for CCA, a financial system that is seamlessly integrated with our student system is imperative, as well as a seamless integration with our payroll system.
Our current system has been sufficient for meeting the needs of the business office for financials operations, but has been limited in it's ability to support end users and executive administration. Budget managers and executive administration need to be able to view, in real time, how their funds are being spent, and access and analyze this data to make current and future spending decisions. Executive administration needs to be able to run ad hoc reports across the organization, year-to-year, or by spend categories. These ad hoc reports and advanced analytics are critical to support decision-making.
All financial processes that are initiated from end users outside of the financial office are paper-based and manual, including procurement and expense reimbursements. Workday Financials will allow CCA to move the paper-based processes to online processes, and automate the workflows. As a result, this is expected to significantly improve the efficiency, controls, user experience, and auditability of these processes.
CCA has contracted with Meteorix as the implementation partner for this project. The following areas have been determined to be in scope for the July 1, 2016 launch:
- Financial Accounting
- Banking and Settlement
- Supplier Accounts
- Supplier Contracts
- Business Assets
- Expense Management
- Reporting & Dashboards
This project will also include the following:
- Integration with Colleague and our bank
- Data conversion of the previous 2 fiscal years at summary level
- Training for end users and the campus community