Finance Transformer: October update
30 October 2019
The Finance Transformer project is starting detailed business requirements gathering in November.
The Finance Transformer project is transforming the way in which finance services are delivered across UCL in support of students, staff and the wider UCL community.
Our vision is that through the transformer we will build an enhanced finance capability that reflects:
A professional and high-quality finance service for the UCL community
- User-led services
- Increased automation and self service
- Continuous improvement embedded in service delivery
Supported and empowered staff
- Clarity of roles and responsibilities
- Consistency of policy and process with quality onboarding
- Adaptability built in to roles/skillsets
- Investment in skills, communities of practice and career progression
Added value to the academic mission
- Advisory services delivered through true strategic partnering
- Smart use of data to enable decision making
- Right size and scalable function which is responsive to change and growth
What happens next?
We have come to the end of the planning phase of the project and have agreed a list of priority initiatives with the Finance leadership team. These initiatives fall into three key services:
- Order to cash - income generation
- Purchase to pay - purchasing activity
- Record to report - financial reporting, budgeting and forecasting
Business requirements gathering will commence in November.
We will initially focus on how budgeting and forecasting is done at UCL and plan out the delivery of improvement opportunities in the expense system.
We are excited about moving into requirements gathering as this allows us to learn more about the needs of our stakeholders, so we can ensure our processes and systems are designed around the needs of the UCL community.
We will build on the successful engagement of the UCL community during the design phase by involving representatives from across the whole Finance community (in Professional Services divisions, the PS Hub and in Faculties and Departments) in a series of workshops.
We are committed to transforming the way in which finance services are delivered at UCL and will share more information about the project in the coming weeks.
If you would like to know more, please contact us via firstname.lastname@example.org