Axiom Commitment Planning
Centrally track commitments and improve transparency across the institution
Strata’s Axiom™ Commitment Planning brings order to a complex process by automating the collection, evaluation, and tracking of large funding agreements made throughout a college or university.
Features and Functionality
Standardize data collection for incoming requests and provide visibility into all agreements
Provide an accurate, holistic view of commitments across departments, schools, and the institution
Streamline approvals with auditable reviews and workflows
View the current and future financial impact of commitments across time
Align commitment spending with the general ledger to track spending against budget
Deliver executive-level reports that show how commitments align with strategic plans
Improve visibility by replacing spreadsheets and databases with a unified solution
Standardize Commitment Collection, Approval, and Tracking
Axiom Commitment Planning standardizes data collection from incoming commitment requests to ensure the central finance office is aware of financial agreements across the institution.
This transparency enables finance leaders to track total costs and funding of commitments, and align commitment spending with long-term strategic initiatives. With improved transparency and auditable reviews and workflows, higher education leaders can streamline the approval process to simplify all aspects of commitment planning.
Assess the Financial Impact of Commitments
Not all commitments are viable, so Axiom Commitment Planning lets institutions track by category and funding source to make those determinations. Users can see current and future financial impacts with a multi-year view of a commitment through the entire lifecycle, including revisions to an existing commitment.
Commitment Planning also provides transparency based on the type of agreement and funding required — including capital, space, and salaries — as well as funding sources, such as unrestricted, endowment, and gifts. This level of tracking helps an institution better understand what resources are used and how they are spent.
A Commitment Planning Solution Built on Industry Best Practices
A Commitment Planning Solution Built on Industry Best Practices Axiom™ Higher Education Suite by Strata Decision Technology delivers industry best practices in a flexible, easy-to-use software to help you overcome challenges and fuel your mission. Inspired by years working in university finance roles, our software delivers strategy-based performance solutions that help you think boldly and surpass your goals. Top institutions across the country rely on our performance solutions to manage billions in revenues and endowment
Balancing Vision and Viability: A Strategic Framework for Long-Term Financial Planning
Today’s higher education landscape is marked by change and uncertainty. Shifting enrollment, an unpredictable funding landscape, and pressure to demonstrate institutional value have...
Blog
How Lehigh University Uses Strategic Financial Planning to Guide Vital Decisions
Lehigh’s finance leaders wanted a comprehensive strategic financial planning solution that would allow them to streamline budgeting processes and draw data from various source systems.
Article
Overcome the Challenges of Managing Complex, Multi-Year University Commitments
Managing the many commitments across a university is no easy task. At a fundamental level, responsibility for overseeing commitments lies with the university provost's office and the respective school leaders.
Blog