Finance Strategic Transformation

UVA is focusing on a robust and effective financial management approach enabled by a fully integrated cloud-based technology solution for the University, with the intention to

• Leverage industry best practices
• Develop a future state business model
• Enable utilization of modernized tools.

Our goal is to reduce administrative burden, make compliance with regulations and policies easier and more consistent, strengthen our risk management framework, and allow the University community to better steward resources in support of its mission. At every turn, we seek to answer the key question: How can we, through this transformation, make UVA a better university -- more preeminent in research and teaching, more deeply engaged in service, more accessible and affordable?

OUR GUIDING PRINCIPLES

We will communicate frequently, clearly, and directly.

We will involve and support our stakeholders as we design for the future.

We will maintain strong governance.

We will challenge the status quo.

We will assess potential for consistent functionality and harmonized business practices.

We will apply enterprise thinking, assessing the needs of the entire University, while recognizing local requirements.

We will align with institutional data strategy standards and development.

OUR VISION AND GOALS

Our Vision and goals are works in progress.

Our vision

Our Vision is to empower leadership, faculty, management, and staff with the financial information, services, and acumen needed to advance the mission of the University and its schools on a timely basis, so they are able to strategize, spot trends and plan ahead, steward financial resources for the greatest and best use, and operate efficiently and effectively.

Our goals:

Promote a culture that values strategic thinking, transparency, entrepreneurism and continuous improvement.

Broadly strengthen our financial acumen and promote a proactive, forward-looking, multi-year approach to financial planning and management.

Align decision-making authority with responsibilities across schools, departments, and central units.

Provide meaningful and easy to navigate dashboards and reporting tools to meet the needs of leaders, faculty, and staff.

Improve our data architecture to make it easier to extract information and generate reports needed for planning, decision-making, and supporting day-to-day operations.

Establish a governance model for defining data, designing and maintaining the Chart of Accounts to maintain its integrity, and for maintaining alignment of the platform with business needs.

Provide a fully integrated, real-time Workday platform that supports efficient and effective business operations supported by common processes to the greatest extent possible.