LEXINGTON, Ky. (March 8, 2019) — Our Path Forward is a five-year financial and strategic plan designed to help the University of Kentucky chart its own path to a brighter future for students and the Commonwealth.
As part of that plan, a number of critically important initiatives are underway designed to make processes and procedures more efficient and effective, while also generating new revenues and saving dollars. One such initiative is a transformation of UK’s procure-to-payment system or P2P.
“We are creating more efficient processes for procurement, purchasing and payment activities across the campus,” said Eric N. Monday, UK’s executive vice president for finance and administration. “As part of the reform of this area, we are making some important changes to travel reimbursement and to some of our procurement card (pro-card) processes.”
Specifically, Monday said, UK is moving forward with the implementation of SAP Concur, a full-service solution to modernizing the P2P system. SAP Concur will replace the current travel system and provide a better user-experience, flexible workflow solutions and mobile support. In addition, the new system will replace the current travel and pro-card reconciliation processes and provide an enhanced user experience, improved workflows and standardized business procedures. The addition of SAP Concur to UK’s suite of core SAP products will create a unified solution for travel and financial expenses.
“We are making these changes for two reasons," said UK Provost David Blackwell, “to improve efficiency and effectiveness in our operations and to make it easier for faculty and staff to take advantage of these systems. SAP Concur will enable us to achieve these goals.”
At the University of Kentucky, our mission is to do more and be more for Kentucky – through the education, service and care we provide in every corner of the state and far beyond our borders. But to meet our growing mission for the state, we must find ways to continue to grow the revenues we need to do the work our state and the world require. At the direction of President Eli Capilouto, Provost David W. Blackwell and Executive Vice President Eric N. Monday are leading several teams of administrators, faculty, staff and students tasked with generating ideas around several core concepts to create a long-term financial path for the University of Kentucky. In the next five years, the University of Kentucky must address a critical financial imperative – a $200 million gap between expected revenues and anticipated needs. That financial plan – Our Path Forward (OPF) – seeks to achieve the appropriate balance between investments in operations, human resources, capital facilities and technology to generate the resources necessary to maintain and expand our mission of teaching, research, health care, and service. You can read more about our efforts here.