CU Denver and CU Anschutz Medical Campus have teamed up with the consultants at Syntellis
to customize and implement a new state of the art budget system, Axiom
“Axiom Software is an enterprise performance management tool that arms finance teams and executives with the best tools for budgeting, forecasting, planning, reporting, and more. Finance teams using Axiom Software are more agile and spend more time analyzing data to better understand the drivers that affect their organizations.”
system will improve the capabilities and coordination of the entire budgeting and planning process for all schools and colleges and both central budget offices at CU Denver and CU Anschutz Medical Campus. The Axiom system supports the following processes:
- Operational Budget
- Labor Planning
- Campus Allocations
- School Allocations
- In-Year Forecasting
- Budget Requests
- Long Range Planning
- Tuition Planning
The Implementation Project
The project is currently in the
development and testing phases – we are always looking for new testers of the
system. If you are interested or have any questions about the system, please
contact Erik Welker (firstname.lastname@example.org), David Doig (email@example.com),
or reach out directly to your respective Budget Office. Go-live is set for
later in FY 2020-21 for use in FY 2021-22 planning.
- To improve budget process capabilities and coordination for all steps of the budget
- Incorporating Higher Education Best Practices
- Configuring the Axiom tool to meet unique institutional needs
- Reduce time commitment on budgeting procedures
- Improve accuracy, consistency and efficiency of budget related data inputs and outputs
- Expand and enhance analytical capabilities versus the current manual budget, reporting, and forecasting processes.
Phase 1 – Budget Requests, High Level Allocations
- Focus is on presenting a high level budget to the Board of Regents in February. One of the main deliverables is to create an allocation model to spread shared services between campuses.
Phase 2 – Operating Budget, Labor Planning, Allocations at a granular level
- Focus is on the primary Budget Core including the Operating Budget and Labor Planning modules, in addition to the second Allocation activity that pushes dollars out to school levels within the University.
Phase 3 – Commitments, Forecasting, & Budget Adjustments
- Focus is on utilizing commitments in a consistent and meaningful way, current year forecasting, and budget adjustments. These will provide campuses with the ability to build out in-year budget modifications or reallocations as needed.
Phase 4 – Tuition Planning, Long Range Planning
- The fourth project phase includes Tuition Planning which will allow modeling at cohort or program-level detail, and Long Range Planning which will enable the budget offices to project multiple scenarios at the campus-level for a 5-10 year time horizon.
Phase 5 – Enhancements
- The final project phase is an anticipated period of time for requested enhancements to existing modules after they have gone live.