The Foundation Data Model or FDM is the accounting structure across Johns Hopkins, providing the framework for all financial, management, and operational reporting. This Q&A session with Sightline’s Cheney Hibschman, Senior Director of Financial Integration for JHU, and Lori Norman, Executive Director of Financial Integration for JHHS, provides insights into the Finance Team’s responsibilities for the Sightline program, the significance of the FDM, and how it will transform financial processes.
Q: What areas do the Sightline Finance Team oversee?
A: The Finance Team covers a broad portfolio for JHU and JHHS including the foundation data model (FDM) and core finance areas such as accounting, accounts payable, accounts receivable, capital projects, endowments, fixed assets, and treasury.
Q: How would you explain the FDM to someone who knows nothing about it?
A: The Workday Foundation Data Model (FDM) is like a super-organized tagging system for all of a company’s financial data. Instead of just knowing what a transaction is (like a payment), the FDM adds tags for who, where, and why. This makes it easy to quickly find and analyze specific financial information, like all expenses in a certain region. It’s like using hashtags to find posts on social media, but for business finances. It will replace classifications that are currently in use, like business area, internal order, cost center, and general ledger account.
Q: How is the FDM different from the current chart of accounts?
A: Going forward, employees won’t have to memorize numbers and can instead use common terms to identify cost centers, general ledger account, and departments. The FDM in Workday will be more flexible and adaptable to Johns Hopkins’ organizational needs. There will be more fields available to capture information and classifications to better support decision-making. Employees can spend less time manipulating the data to get the information they need.
Q: What types of engagement and review activities has the Finance Team been involved with?
A: The Sightline Finance Team has just begun connecting with the various entities, divisions, and central finance departments to get their feedback and ensure that the FDM supports each area’s business needs and reporting requirements. This is an ongoing process, and the team looks forward to building out the FDM with input from key stakeholders.
Q: Is there anything else you would like to share?
A: One of Sightline’s guiding principles is for employees to receive trusted, integrated data and analytics more easily. The Finance Team is focused on giving employees better data at their fingertips and improving the overall user experience.