A Unified Plan with Workday Adaptive Planning
"Every year our finances have become a little bit more complex," said Omli, who is responsible for creating financial reports and forecasts across a wide range of KPIs, including:
• Tuition increases
• Number of students and patients
• Faculty and staff hiring plans
"Financial forecasting is huge for us," he said. "We're always planning five years ahead and making assumptions over time." According to Omli, a financial forecast is critical for the College because the majority of the institution's annual budget comes from state funding at this stage of its development.
The need for five-year forecasts is the main reason why, for the last four years, Omli and his finance team have been using Workday Adaptive Planning & CPM software suite to create financial plans, forecasts, and budgets to better manage the College's growth.
"We love Workday Adaptive Planning because we get a central view of our data through which we can easily make changes to budgets and forecasts on the fly," Omli explained. "Workday Adaptive Planning helps us to meld our financial data and non-financial data together to create a unified plan for the College, which we could not do before."
Workday Adaptive Planning Enables Better Budget Control, Eliminates Spreadsheet Errors
When Omli joined the UCF team and assessed the College's financial processes at the time, he knew the model was unsustainable.
"We were finding miscalculations in financial budgets and revenue forecasts that we had just created, so it was taking us two weeks just to gather and verify data, and that was when we were still a small college," Omli recalled. "Even worse than errors, some people had incorrect or outdated budgets. People were always asking, ‘which version did we use?' The first thing we did with Workday Adaptive Planning was gain much greater version control over all of our financial budgets."
Maximising Workday Adaptive Planning Analytics
"We're building out Workday Adaptive Planning dials to create executive review dashboards that we show to a leadership group each month," Omli
explained. "Workday Adaptive Planning fits right into our needs because our executives want simplified summaries that pull together different sets of info, and we want to drill into those summaries and show them key parts of our data. Now we can very easily do both."
Workday Adaptive Planning Brings New Insights to UCF, Clearer Picture for Board of Trustees
"With Workday Adaptive Planning, we're doing revenue calculations based on payer mix, patient visits, clinical effort and many other factors that would have been a nightmare to include with an Excel-based financial process," Omli said. "Workday Adaptive Planning is going to make it much easier for us to start budgeting by director or department, which will help us achieve a new level of financial budgeting responsibility."
"Workday Adaptive Planning also allows us to build in the information required to present financial information to the university Board of Trustees regarding tuition, clinical performance and risk mitigation. It increases my confidence to have the source of this information reside in Workday Adaptive Planning."