The Financial Resource Management System (FRMS) project will provide university personnel with an administrative system and the accompanying business processes for simplified and efficient processing of financial transactions via a Web interface. The resulting Web-based FRMS will continue its current real-time integration and further integrate with a variety of other university systems, resulting in a foundational piece of the comprehensive Enterprise Resource Planning (ERP) system.
FRMS will meet the following objectives:
- Simplified, less complex, efficient, real-time processing for end users.
- Heavily integrated with other ERP systems, e.g. Budget, HRMS, Payroll, Image Retrieval System, POINT Plus, IQ/Cognos, timesheets, etc.
- Streamlined policies and procedures, research, e.g., automation of previously paper-intensive or manual processes.
- Complete and accurate financial information.
- Reduction in overall transaction processing time.
- Consistent, intuitive, and concise look and feel for the stakeholders.
- Streamlined voucher processing.
- Increased electronic invoicing with vendors to automate creation of vendor payment vouchers.
- Improved financial data transactional searching and reporting.
FRMS will be deployed in alignment with the administrative software systems strategic plan. Priorities and projects will be determined by the operational sponsors in consultation with various campus stakeholders, advisory groups, and the project team. Examples of the groups that the operational sponsors will seek input from include:
- College and departmental leadership with varying perspectives and levels of impact
- Senior university officials
- Stakeholder departmental leaders
- Other University of Texas campuses using the financial systems
FRMS is being developed in a phased approach over several years that is defined by sponsors and project leadership. The overall FRMS project will be broken into small, manageable phases so that stakeholders can benefit more quickly and managing process change will be easier.
The first phase of FRMS was completed in November 2010; it focused on development of a comprehensive strategy for the project, guiding principles, identification of problematic areas in the current financial system, identification and specification of project deliverables, and design of the FRMS technical architecture. The implementation of phase one proceeded in manageable steps, carefully documenting and evaluating design assumptions in light of future implications, and keeping the investment in line with the value of the results produced. Phase 1 includes the following:
- Design and development of a user interface for FRMS.
- Web interface for processing scholarship documents.
- Review and redevelopment of existing backend mainframe infrastructure in preparation for data delivery to the Web.
- Develop an electronic procurement system, UT Market, which enables shoppers to browse for products across multiple suppliers.
- Document existing inventory procedures, processes, business rules, and policies, and integrate inventory functions in FRMS.
The second phase of FRMS began in December 2010. The following items highlight Phase 2 goals:
- Deploy UT Market (SciQuest, eInvoicing and Departmental Receiving) to entire campus and increase number of suppliers.
- Simplify and streamline transfer processing into a single web interface.
- Refactor and streamline service center charges/processing of IDTs.
- Develop a general purpose document upload feature to be used in FRMS to allow replacement of paper-based processes.
- Simplify and streamline payment voucher processing into a single web interface.
- Begin refactor procurement processes, policies and system (Point Plus alignment with UT Market)
- Begin discussions about the creation of a self-service one-stop shop for students and develop a plan for changes to accommodate. Actual changes will be defined and scoped into future phases.
- Determine strategic direction of credit card systems on campus.
- Begin discussions about changes to the Chart of Accounts and develop a plan for changes to accommodate. Actual changes will be defined and scoped into future phases.