IU Finance is shifting into the second phase of Project Horizon, an initiative to strengthen and modernize IU’s financial operations across all campuses.
The initiative began earlier this year, in partnership with consulting firm PricewaterhouseCoopers. IU Finance has since sent two surveys to identified employee groups, conducted multiple stakeholder interviews and benchmarked IU’s functions against peer institutions.
Those findings have shown that IU’s current financial processes are outdated, fragmented and inconsistent. Work is performed in a highly disparate method, including multiple disconnected systems, a reliance on manual processes, and role ambiguity.
IU needs to reduce risk by improving compliance and increasing efficiency and customer service. Recommendations from the first phase of work encompass accounting, budgeting, procurement and treasury units, as well as technology changes.
“The first phase of Project Horizon has laid the groundwork to modernize our financial operations,” said Jason Dudich, IU vice president and chief financial officer. “Now we’re focused on building on that foundation to reduce our overall risk and improve our compliance and efficiency, plus deliver the tools and insights needed to support IU’s mission of teaching, research and service well into the future.”
In Project Horizon’s second phase, IU Finance will continue to partner with PricewaterhouseCoopers to develop and implement a roadmap for reorganizing and modernizing, specifically focused on IU’s accounting and procurement operations.
This phase is expected to take up to 24 months and will include a series of workshops to map out processes, determine a consistent way to operate and implement recommendations. After this modernization effort, IU will be positioned to investigate Enterprise Resource Planning software options.
Work conducted during this phase will determine how IU Finance evolves and reimagines financial processes, procedures, and the way financial support is provided across the university. As planning continues, IU Finance leaders are committed to transparent communication as decisions are made.
As Project Horizon progresses, additional information will be shared with IU Finance employees, other employees who initiate or process financial transactions, and the broader IU community.
Visit the Project Horizon website to learn more, access an FAQ and project timeline, and stay updated on progress.
Source: today.iu.edu
