2014 Strategic Initiatives

2014 Strategic Initiatives

  1. Assess, coordinate, and implement major cost-cutting initiatives to achieve a portion of the U-M savings goal of $120 million from the General Fund in the period FY 2013 to FY 2017
    • Administrative Services Transformation (AST)
      • Implement Shared Services Center
    • Implement Wave 3 of Strategic Sourcing
      • Identify commodities for Wave 3
      • Establish savings targets for commodities
      • Negotiate vendor contracts for Wave 3 commodities
      • Issue semi-annual scorecard on cost savings and percent of spend through strategic contracts
  2. Provide expertise and guidance on compliance, control, and reporting issues
    • Evaluate public/private partnerships and alternative revenue initiatives
    • Conduct operations assessment of the Offices of Financial Aid and Undergraduate Admissions
    • Develop new banking and expense reimbursement model for Club Sports
  3. Maximize efficiencies, reduce costs, and improve financial and procurement processes
    • Develop and implement project portfolio management for Finance projects
    • Implement Facilities Maintenance supply chain recommendations to achieve cost savings
    • Evaluate options to realign select Finance operations, based on the Shared Services initiative
    • Perform risk assessments as necessary
    • Reduce Accounts Payable (AP) hubs
    • Evaluate options for online and international payment gateways
  4. Leverage enabling technologies to support cost-cutting and service-enhancement initiatives
    • Implement Contract Management System
    • Select vendor and develop implementation plan for new Mcard System
    • Finish implementation of new Risk Management Information System (Risk Master)
    • Extend ‘Cashless Campus’ initiative via remote deposit capture technology
    • Identify imaging technology that will provide efficiencies for Human Subject Incentive Program (HSIP)
    • Implement PeopleSoft cashiering module
  5. Engage Finance employees through leadership development, growth, and training opportunities as part of ongoing effort to improve employee and customer satisfaction
    • Begin implementation of workforce transition plan to support the Shared Services component of the AST project
    • Develop succession planning process for ELT lead teams
    • Address customer satisfaction opportunities that were noted on the FY 2013 B&F Customer Satisfaction Survey
    • Continue Finance version of “It Starts with You” to maintain organization-wide expectation of leadership and employee engagement

View the FY 2014 B&F Strategic Framework.