A key component of the work to enhance and modernize our core enterprise information systems across the University includes a recently launched project for a new enterprise financial system that will replace Unit4. This will be a highly collaborative, institution-wide project, co-sponsored by Finance and IST. Campus support will be essential throughout the project to build the best system possible. We are committed to creating simplified processes, added and modernized functionality, data accessibility, and alignment across all our core systems.
Financial ERP System Initiative: Key Milestone Update
The University of Waterloo has reached an important milestone in the Financial ERP System initiative, part of the Enterprise Systems Transformation. As shared in a recent announcement, the University has selected Workday as its financial ERP system and Deloitte as its implementation partner.
Please see the Enterprise Systems Transformation Program News website for a copy of the communication.
Key elements of this work
Collaborative support
We will engage with campus leaders to define financial system requirements for our next financial system.
Simplified processes
With the support of campus, we aim to streamline processes, bringing consistency and standardization to reduce manual exception handling and improve overall efficiency, enhance reporting capabilities, and ensure that data management and user permissions are seamlessly integrated. This means that we collectively will need to think differently about how we do things.
Guiding principles
Adopt the best practices and standard processes
Diverging from these best practices will only be done based upon a critical assessment of the benefits of doing so.
Choose simplicity over complexity
Complex processes are more error prone and often contain unnecessary steps; flexibility and agility is only possible when things are kept simple and consistent.
Make timely decisions
Done is better than perfect; decision-making will be achieved by involving users and being receptive to their ideas, but then coming to a determination and moving forward quickly and decisively.
Transparency
Clear and open communication within the project team and with stakeholders.
Alignment with strategic goals
Ensure the RFP content/requirements tie into broader business or IT strategies.