Cloud Reporting Strategy
The University of Maryland, Baltimore (UMB) was in the process of selecting a new, cloud-based financial system to replace legacy PeopleSoft Finance. The University over the years had developed a custom financial reporting tool that they knew they could not continue using once the new cloud-based finance system was implemented. How could UMB replace or duplicate the transactional financial reporting tool and also what other reporting needs or options should UMB consider for longer term reporting? Leadership recognized that the new system would be judged by how users perceived access to and quality of data.
Navigator was engaged to help UMB understand its options for replacing its legacy financial reporting tool, assess the health of its transactional data set and to develop a short and long-term reporting strategy for the University. Working with leadership and key technical and functional resources, Navigator gained an understanding of current reporting operations and the University’s desire for addressing future state reporting, using the new cloud-based financial system as the catalyst for change.
Navigator conducted the following activities and delivered a well-received analysis and report with key recommendations to leadership:
- Conducted a series of stakeholder workshops and qualitative interviews to gain an understanding of current reporting operations and needs, as well as desires for future state reporting
- Reviewed leading practices in higher education for similar organizations.
- Conducted a “data health” check on legacy transactional data and developed a report with recommendations on how to remediate issues of concern.
- Developed a short and long-term, detailed reporting strategy and action plan and presented the report in an executive session. The report included UMB needs and higher education leading practices for data-driven business reporting, trend analysis, predictive modeling, alternatives analysis, statistical analysis, big data analytics and related fields to support objective, fact-driven analyses and decision making at all levels of UMB management.