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UpNext Newsletter
August 2021
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The Foundation Data Model (FDM)
Interested in learning more about HCM and Finance? Please see links to our monthly updates in the Friends of NextGen updates section below.
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The Minnesota State transition to Workday, as part of NextGen, will allow Minnesota State to streamline enterprise-wide processes
and enable employees to access, analyze, and report on clear, real-time, and actionable data whenever they need it, no matter where they are. But with any change, there are new concepts and vocabulary. In this edition of
UpNext, we will cover the Foundation Data Model (FDM), which will replace the Minnesota State Chart of Accounts, the list of all financial accounts for Minnesota State.
FDM is a critical part of how we manage transactions in Workday. It is the foundation of the Minnesota State “financial” house and all the financial (and some HR) processes will rest on it. Its structure maximizes reporting capabilities by allowing users to
precisely classify work processes and transactions (e.g., purchases, transfers, and
hiring) and defines the data used in those transactions.
The most important difference between the FDM and the Minnesota State legacy chart of accounts lies in the quality and quantity of descriptive attributes or keywords, known as Worktags, that are assigned to describe business processes and help users easily identify and locate specific accounts. Users will choose Worktags to describe the transaction’s business purpose. Ultimately, they enable users to report on any (or multiple) dimensions that may occur in a business transaction.
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Interested in learning more? Click above for an interview with Mike Ryan and Mike Nordby, Finance Leads from Team Workday and Minnesota State respectively, as they discuss FDM and the value it will add for teams across Minnesota State!
In addition to business transactions, Worktags also define security parameters, assign roles, denote approval workflows, and categorize ledgers. Most of these Worktags can be arranged into hierarchies that give better context to the work they describe in whatever way they describe it. One such hierarchy is defined by “Driver” and “Related” Worktags. “Driver” Worktags identify the money in business transactions (e.g. program, project, grant, gift, cost center, etc.) and are configured to have additional “Related" Worktags assigned (e.g. fund, region, function, etc.). Workday will automatically populate Related Worktags depending on the Driver Worktag one choses.
So how might this look at Minnesota State? Imagine a faculty member at Minnesota State University Moorhead who manages funds from a Federal Agricultural grant. When ordering supplies for using the Federal grant funds, they will utilize a “Driver” Worktag of “Federal Agricultural Grant Supplies”. Workday will then load the pre-defined set of “Related” Worktag values that specify the fund, appropriation, activity, CIP code, spending category, and functions that may be associated with that grant.
By using a higher quality and quantity of descriptive attributes, the FDM will create a single source of information for all of Minnesota State and minimize the number of
manual entries, amongst other benefits.
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Word on Workday |
The Workday experience is defined by specific terminology, and definitions of some of those terms appear in each
UpNext.
Workday Cost Center >> A Workday budgeted account where an assigned manager (or managers) can track and approve activity in payroll, expenses, revenue, and budget.
Worktags >> Labels assigned to each transaction in Workday to indicate its purpose. Worktags are meant to be combined to help users easily categorize transactions in Workday.
Driver Worktags >> The primary funding source for the transaction such as the grant, project, or program.
Related Worktags >> The Worktags that are automatically populated through selection of a Driver Worktag. Related
Worktags include Fund, Appropriation, Activity, CIP Code, and Function.
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Workday FAQs |
These are FDM-focused questions that stakeholders have been asking.
Q. How does the FDM relate to the chart of accounts, which is the current tool at Minnesota State for classifying
financial information?
A. The FDM improves dramatically on the chart of accounts by allowing users to add labels (called Worktags) to each transaction in Workday. The current chart of accounts, though it does organize finances at Minnesota State, does not have this capability.
Q. Will each college and university be able to determine how the ISRS general ledgers and cost centers transition to Workday?
A. Yes; the NextGen Financial Project team will work with setting up the Worktags that are under campus control.
Q. Will I receive training on the use of FDM prior to Go-Live?
A. Workday training is currently in the
planning stages, and there are likely to be many opportunities for users to learn how FDM will change their work habits and processes. The administrative roles that will maintain the FDM Worktag
elements may receive additional training on the system configuration and governance model.
For more FAQs, please see our FAQ page on Friends of NextGen!
Please contact us at NextGenERP@MinnState.edu with any new questions you might have.
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People of NextGen
It takes a lot of smart people to make NextGen work – we asked one about what has him excited about Workday and FDM @ Minnesota State.
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Vice President, Finance and Operations
Saint Paul College
What helped you grasp Foundation Data Model (FDM) as a concept?
For me, it was pulling a report from ISRS that provided the current structure of how our College defines programs, divisions, and cost centers. Then taking that data and going through the process of converting the data to the Workday FDM structure.
It wasn’t perfect the first time, but after going through the conversion process a few times I really began to have a better understanding of the FDM and being able to speak on the differences on what a Cost Center means currently for us as institutions and what a Cost Center means in FDM as well as understanding that what we all refer to as Cost Centers today will become Programs, Projects, or Grants in Workday.
What are the key differences between ISRS Chart of Accounts and the FDM?
The key difference is how we all currently use cost centers. We currently use cost centers for every program, grant, project, activity. Cost Centers within Workday will be more representative of a Department, i.e., Auxiliary Services and then have an assigned program, i.e., Food Service, Campus Store, etc. Object codes will be very similar but will be referred to as Revenue/Spend categories.
What do you see as the biggest way the FDM will be a powerful tool for Minnesota State financials and other reporting needs?
I feel that the FDM structure will allow Departments to more easily evaluate overall financial information across the various programs while enhancing the ability to provide
financial support.
What are you most excited about with the FDM?
What I am most excited about is being part of the team that gets to reimagine and help create the future for how the Minnesota State system operates and manages finances.
I have high hopes for a successful implementation, and it is exciting to be part of the team implementing the new legacy system for Minnesota State.
What do you like best about being part of the Minnesota State system?
What I like most about the Minnesota State system is the opportunities that I have to be involved in collaborative projects and initiatives. These types of opportunities provide the ability to enhance my knowledge of the system as well as develop relationships with fellow System employees that I may have never had the opportunity to meet or work with. These types of opportunities and relationships are invaluable.
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Friends of NextGen updates
Check out how HCM and Finance are progressing in the most recent updates on Friends of NextGen!
Subscribe to our site by clicking the subscribe button below.
August updates:
>> HCM Update
>> Finance Update
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