Founded in 1827, the University of Toronto has evolved into Canada’s leading institution of learning, discovery and knowledge creation. The University is one of the world’s top research-intensive post-secondary institutions, driven to invent and innovate. With over 90,000 students, the University is dedicated to its mission of encouraging scholarship in a wide range of disciplines, including the humanities, social sciences, sciences and the professions. Recognized as a top Canadian university and highly ranked in world university standings, the University promotes high quality research. Over the last three years, the institution has created 59 companies based on its research and technologies.
U of T has a budget of $2.77 billion that supports the priorities of their 20 academic divisions, new faculty positions, investments in IT infrastructure and services, as well as capital projects for classroom retrofits and green initiatives. The University was challenged to decide between switching to a comprehensive compensation budgeting software solution or to revamp their existing B6 application, a homegrown legacy system add-on to their SAP system. The University wanted to maintain the capabilities of their current system, but add multi-year compensation planning and compensation cost analysis. They also needed a more holistic view of faculty and staff positions that are funded by a variety of sources. In addition, the University was looking for more in-depth reporting including year-over-year comparisons.
In February 2018, the University issued an RFP to solicit proposals for a solution to meet their requirements. “Selecting Questica was a very consultative process,” says Trevor Rodgers, assistant vice-president of the Planning and Budget Office, in a University news article. “We’ve chosen a tool that will meet the needs of a decentralized community of administrators with a diverse range of budgeting processes. By partnering with divisions in the upfront development, we expect to increase efficiency, reduce risk, and avoid duplication of resources.”
U of T was pleased to discover that Questica Budget’s end-to-end collaborative budgeting solution can help them meet their compensation budgeting objectives. With Questica Budget, the University can prepare and develop the compensation budget, forecast and analyze, create reports and what-if scenarios with all their budget data in one place. They can accurately model and forecast on all costs associated with positions and employees, as well as develop budgets with new positions and review the financial impact of wages, benefits, labor costs, union and contract expenses, and more. “The selection process for this RFP was extremely thorough and detailed. I am confident that the best tool for the University has been awarded the contract,” says Darshan Harrinanan, project manager at Enterprise Applications and Solutions Integration, in an article. “We’re excited and looking forward to this project.”
“Questica is pleased to have been selected as the partner of choice to help U of T transform their budgeting process,” says Craig Ross, Chief Revenue Officer. “Through the RFP and proof of concept processes, we were able to identify a strong fit both in terms of product functionality and project approach. This is a classic example of where a square peg and round hole approach would not work, and the configurability and flexibility of our solution will be a huge asset in helping the University achieve their requirements while at the same time helping to minimize development and implementation costs.”