Penn State Finance Transformation: A Deep Dive into Shared Services and “Hypercare”
Penn State University is undergoing a significant shift in its financial operations, moving towards a shared services model guided by the Finance Optimized Service Team (OST). A virtual update session, originally scheduled for February 12th and now moved to 11 a.m. To avoid conflict with a research town hall, will provide faculty and staff with a detailed gaze at the transition, particularly focusing on the “hypercare” period. This intensive support phase is crucial for a smooth implementation of the new financial operating model launching on February 24th.
What is a Financial Shared Services Model?
The move to a shared services model represents a broader trend in higher education and corporate finance. Instead of decentralized financial functions operating within individual departments, a centralized team handles common tasks like accounts payable, procurement and reporting. This consolidation aims to streamline processes, reduce costs, and improve consistency across the entire organization. Penn State’s OST initiative is designed to achieve these goals while preserving existing partnerships and working relationships.
Similar initiatives have been seen at other large universities. For example, many institutions are leveraging shared services to manage IT support, human resources, and now, increasingly, finance. The benefits often include economies of scale, improved data accuracy, and enhanced compliance.
Understanding “Hypercare”: A Critical Transition Phase
The “hypercare” period, a key focus of the upcoming virtual session, is a dedicated timeframe – 90 days following the February 24th launch – where the OST will provide intensive support to the Penn State community. Project leads will outline how this support will function, ensuring a smooth transition to the new, streamlined financial organization. This proactive approach is designed to rapidly address issues, answer questions, and provide real-time guidance as users adapt to new workflows.
This intensive support model is becoming increasingly common in large-scale enterprise resource planning (ERP) implementations. It acknowledges that even with thorough planning, unforeseen challenges will arise during the initial rollout. Having dedicated resources available to quickly resolve these issues minimizes disruption and builds user confidence.
Career Pathways and Professional Development
Beyond streamlining operations, the Finance OST is also focused on developing its workforce. The initiative aims to create clear career paths, professional development opportunities, and leadership roles for Penn State finance team members. This investment in human capital is essential for long-term success, ensuring the University has a skilled and motivated finance team.
This emphasis on employee growth aligns with broader trends in talent management. Organizations are recognizing that investing in their employees’ skills and career development is crucial for attracting and retaining top talent.
Staying Informed and Getting Involved
For those unable to attend the live virtual session, a recording will be posted on the Finance OST website. Community members interested in receiving ongoing updates can subscribe to the listserv by emailing FinanceOST-subscribe-request@lists.psu.edu.
Pro Tip: Regularly check the Finance OST website for updated training materials and FAQs. Proactive preparation will significantly ease the transition.
FAQ
- What is the launch date for the new financial operating model? February 24th.
- What is “hypercare”? A 90-day intensive support period following the launch.
- Where can I find more information about the Finance OST? Visit the Finance OST website.
- How can I stay updated on the transformation? Subscribe to the listserv at FinanceOST-subscribe-request@lists.psu.edu.
Did you recognize? Penn State’s Finance OST is not just about implementing new technology; it’s about fundamentally changing how financial operations are conducted across the University.
We encourage you to attend the virtual update session and explore the resources available on the Finance OST website. Your active participation will contribute to a successful transition and a more efficient, effective financial future for Penn State.
Related reading