Our home-grown financial system has served the A&M System for many years. We are considering replacing it based on limitations of our current solution and the desire to move to a modern, user-friendly integrated system.
In 2016, a Finance Discovery Working Group was formed to work with a project team to initiate and develop the discovery process and provide member insight into the needs of a potential replacement financial system.
Our financial system is:
- Built on a mainframe infrastructure, which is stable and reliable but expensive to acquire, maintain and support
- Difficult to adapt to changing business needs
- Dependent on many manual, paper-based processes
- At times, perpetuating business processes that are no longer considered best practices
- Highly dependent on employees with unique specialized knowledge, many of whom are nearing retirement age
The Financial System Replacement Project contains two phases, the Discovery Phase and the Implementation Phase.
The Financial System Replacement Project is exploring a replacement for the following financial tools:
- FAMIS (the current A&M System financial system)
- Masterpiece FMS at the Texas A&M Engineering Extension Service
- Colleague at West Texas A&M University
- Discover options available to the A&M System to replace our existing financial tools with a modern, user friendly, integrated system
- Improve and simplify processes following industry accepted best practices
- Reduce risk and realize efficiencies with a cloud-based solution
Phase 1: Plan
- 2016: September – October
- During the Plan phase, the project charter was written and approved, the Finance Discovery Working Group was formed and the project plan was developed.
Phase 2: Search
- 2016 – 2017: November – April
- During the Search phase, an RFI was written and issued and responses were evaluated. Four vendors (Ellucian, Kuali, Oracle, Workday) were selected to move to Phase 3.
Phase 3: Explore
- 2017: May – June
- During the Explore phase, the team explored solutions from the RFI finalists. Two vendors (Oracle, Workday) were selected to move to Phase 4.
Phase 4: Evaluate
- 2017: August – October
- During the Evaluate phase, the team met with vendor corporate teams and universities using their solutions. A detailed evaluation of modernizing the current financial system was executed. A decision was made to focus on one vendor (Workday) and learn more about how their solution might fit the needs of the A&M System.
Phase 5: Deep Dive
- 2018: March – September
- During the Deep Dive phase, the team will host vendor demonstrations and working sessions, be mapping financial system processes and performing a gap analysis. An additional corporate visit and university site visit(s) are being scheduled.
In October 2018, the Executive Steering Committee, using input from the project team and the Finance Discovery Working Group, will make a next steps recommendation to the Chancellor of the A&M System. Based on this recommendation and direction given by the Chancellor, a decision will be made on whether to proceed with the Implementation Phase.