In this highlight from IIT’s presentation at Synario’s 2021 Virtual Solutions Summit, Mike and Mary Ellen discuss how they utilized Synario to foster communication among their finance team and university stakeholders when creating their institution's strategic plan.
Want to see more? Watch the full presentation to see how:
The Illinois Institute of Technology had established a new 5-year strategic plan. Their team needed to create a corresponding financial plan to support it.
In 2018, Mike Horan (former VP for Finance, CFO, & Treasurer at IIT) and Mary Ellen Borchers (Associate VP for Finance at IIT) began searching for a software solution that would help their team test and carry out this plan. They wanted more than just an annual budgeting tool—they needed a solution for high-level financial planning and modeling.
Using Synario, Mike and Mary Ellen sat with various stakeholders to demystify the financial planning process and achieve buy-in from everyone on how they could execute the strategic plan.
The board wasn’t thrilled about the strategic plan—until they saw it in Synario. Mike and Mary used Synario to show the financial impacts of executing their strategic plan, and the board voted to accept it.
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