SUNFin: SU’s new financial administration system
SUNFin is Stellenbosch University's (SU) new financial administration system that will be implemented by January 2021 to kick of the new fiscal and academic year.
The new system will use Oracle® Cloud Financials (OCF) solution to replace the current Natural Adabas-based financial system. SUNFin will modernize SU's finance function and provide a technology platform that will support continuous innovation and future enhancement of this vital function. It will enable and support the University's decentralised responsibility centre management model.
Oracle® Cloud Financials is a comprehensive, integrated and scalable financial management solution. It will streamline SU's financial processes, increase productivity and provide access to real-time financial data and multidimensional analytics and reporting to improve business decisions.
Why does SU need SUNFin?
SU's current financial system was developed in 1989 and has now reached the end of its lifecycle. It can no longer be adequately maintained and upgraded.
The current financial system also not does adequately support the Decentralised Responsibility Centre Management Model that SU has adopted, where each faculty and division is responsible for their financial sustainability.
In business today, data is king and SU needs to unlock the efficiency gains and power offered by a modern financial system. Accurate, real-time data that is presented via smart user-friendly analytics and dashboards should enable better informed and effective institutional decisions.
Goodbye black screen, hello SUNFin
As is the case with any new system, SUNFin brings with it a lot of exciting changes that will benefit SU and its community of users. Here are some of the highlights of the new financial system:
- Users will be able to connect in real-time to resolve outstanding transactions and follow-up on pending items to complete transactions faster thanks to an embedded collaboration tool: Oracle Social Networking.
- Integration of Excel spreadsheets with SUNFin for high volume data entries and the ability to export reports and transactional tables to Excel for further analysis of large amounts of data.
- Robust reporting and analytics will deliver continuous insight directly to business managers and decision-makers. Cost Centre managers will be able to view budgets, commitments, obligations, expenditure, and funds available balances and supporting transactions in a single view.
Oracle will host the SUNFin system at an offsite location. SU will access SUNFin via a secure communication protocol provided by Oracle.