This project will assess the value of a potential interim budget and forecasting platform to address near-term challenges and if deemed appropriate, implement them accordingly.
Outcomes
Enhance and simplify the budgeting process:
- Transition individual position budgeting from the current state Access database and non-salary budgeting from Budget Development/Banner to the FAST Budget and Forecasting Module.
- Conduct forecasting activities within the new tool.
Improve user experience and reduce duplicate/manual efforts through:
- A simplified user interface.
- Budget capabilities within the solution which reduce reliance on asynchronous excel spreadsheets for analysis.
- System driven reports and dashboards including status and workflows for approvals.
Enhance Controls:
- Ability to apply controls and parameters over budgeting processes.
- Workflows which allow sign-off and qualitative reporting to provide financial planning information.