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Rochester Institute of Technology: Gaining Efficiency and Rapid Access to
7/24/2003
Faster Financial Reporting
The overhaul of RIT’s financial systems has enabled quicker access to financial
information and has expanded our ability to share data with staff members. In
addition, we have dramatically accelerated our financial reporting capabilities.
With our legacy system, it took us approximately three weeks each month to close
the books and distribute paper reports to departments. By the time the reports
reached the departments, they were of limited value. Now departments can access
reports via the Web in approximately one week. Our security features ensure
that users can access only the reports they are authorized to see.
Increasing Efficiency
RIT also has streamlined its purchasing workflow. The approval process is now
automated using Oracle Purchasing, which produces system-generated alerts that
remind staff members about pending approvals. RIT also works more efficiently
with vendors because our Oracle purchasing and financial applications are tightly
integrated. Key vendors are paid more quickly. At the same time, we can consolidate
purchasing because it is queued up automatically through our system, allowing
us to take advantage of volume discounts.
New Roles
Our new administrative applications have significantly changed the roles of
many of the administrative staff. Before implementing Oracle E-Business Suite
applications, financial and HR staff members were focused on "processing" duties.
Now they can direct more attention to analysis, improving business processes
and strategic planning. At RIT, our administrative systems are fulfilling the
true promise of technology—improving efficiency while expanding personal and
organizational horizons.
James Fisher (jfisher@mail.rit.edu) is assistant vice president for Finance and Administration at the Rochester Institute of Technology.
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