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Project Overview
The new PeopleSoft financial system will replace and integrate virtually all the University’s financial systems on all campuses in July 2008: CUFS, Financial Forms Nirvana, Electronic Grants Management System internal (EGMSi), JD Edwards, and a variety of subsidiary and redundant systems. Also starting at that time, the new financial system will be used for financial reporting and financial data retrieval, replacing the financial reporting and data currently provided by the Data Warehouse, UM Reports, and Financial Reports on the Web. Because the new financial system will not go live until after the budgeting preparation process has been completed for fiscal year 2009, the new system will not be used for budget preparation until fiscal year 2010.
Background
A broadly representative team from across the University, led by the Controller's Office, began work several years ago to acquire a new financial system for the University. The team prepared and issued a Request for Proposal in 2002, evaluated responses, held scripted demonstrations, and selected the vendor to recommend to the Board of Regents. The University purchased a suite of financial management software containing 16 modules from PeopleSoft (now Oracle) in 2003.
The EFS project is a collaborative effort between University-wide business experts, the Controller's Office, and the Office of Information Technology. It is an important component in fulfilling the University’s strategic positioning objectives. A project guiding principle is to get maximum efficiency from the new system by limiting software customization and by changing and improving business processes where necessary.
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Phase 1, the planning phase for the new Enterprise Financial System, began in January 2004 and continued for 18 months. This phase focused on 18 key deliverables and was successfully completed June 30, 2005.
Phase 2, the implementation phase, got underway in August 2005. In October 2005, the EFS Executive Steering Committee approved the addition of PeopleSoft Grants, Projects, and Contracts modules in the EFS project, and extended the "go-live" date of the new system until July 2008. |
