Stevens Institute of Technology Selects SaaS Implementation of Kuali Financial System

Institute expects increased effectiveness of operations and significantly reduced cost of ownership with rSmart-hosted Kuali system

10/12/2010

Hoboken, N.J., — Stevens Institute of Technology announced today that it has selected a Software as a Services (SaaS) implementation of the community-source Kuali Financial System to manage financial operations across the University. This move to a new financial system is driven by an institutional investment strategy to enhance the effectiveness of services and better serve the students and the community. The selection of a SaaS implementation of the Kuali Financial System will allow Stevens to speed the pace of service enhancements at a total cost that is significantly lower than any other options identified.
 
The Kuali Financial System is developed by a consortium of colleges and universities with deep practical experience in the unique business processes of higher education. This approach allows Stevens to leverage the development investments of research institutions, such as Indiana University, Cornell University, and the University of California, for the benefit of its constituents.
 
“As part of this decision process we researched the features of the Kuali Financial System, attended the 2009 Kuali Days conference, consulted with peers, and found that the Kuali software delivers everything we need in a financial system,” explains Randy Greene, chief financial officer, vice president for finance, and treasurer at Stevens Institute of Technology. “Beyond this, we saw an opportunity for Stevens to become part of a community comprised of colleges and universities doing something beneficial for higher education. By joining the Kuali community and the Kuali Foundation, we will have input into the decisions about continuous improvements and enhancements. The future of the system is in our hands.”
 
“We are so pleased to support Stevens Institute of Technology’s strategic services goals,” says Chris Coppola, chief executive officer of rSmart. “The Kuali community-source model gives Stevens access to innovative enterprise software, more control over their path forward, and important cost savings. The rSmart team is able to bring processes, tools and skills informed by Kuali Financial System implementations at other research institutions. Adding the SaaS element to the implementation leverages the rSmart infrastructure further reducing both cost and implementation risk. Stevens’ approach creates the greatest possible leverage of the strengths and resources of higher education for the benefit of its students, faculty and staff.”
 
Randy Greene concurs, “Partnering with rSmart to host the system is also a strategic decision for us.  Instead of trying to build the Kuali expertise and infrastructure at Stevens, we are leveraging the resources of the community source movement to provide a service that can be delivered more efficiently for many institutions, rather than individually within each institution.  This allows us to utilize our existing IT resources for the University’s mission critical initiatives.”
 
The implementation of Kuali Financial System is one significant element of a University-wide investment in the systems and services that support Stevens Institute of Technology’s mission to prepare students to lead in scientific discovery and in the creation, application and management of technology to solve complex problems and to build new enterprises.
 
About Stevens Institute of Technology
 
Founded in 1870 and celebrating 140 Years of Innovation, Stevens Institute of Technology, The Innovation University™, lives at the intersection of industry, academics and research.  The University's students, faculty and partners leverage their collective real-world experience and culture of innovation, research and entrepreneurship to confront global challenges in engineering, science, systems and technology management.
 
Based in Hoboken, N.J. and with a location in Washington, D.C., Stevens offers baccalaureate, master’s, certificates and doctoral degrees in engineering, the sciences and management, in addition to baccalaureate degrees in business and liberal arts.  Stevens has been recognized by both the US Department of Defense and the Department of Homeland Security as a National Center of Excellence in the areas of systems engineering and port security research. The University has a total enrollment of more than 2,200 undergraduate and 3,700 graduate students with almost 450 faculty. Stevens’ graduate programs have attracted international participation from China, India, Southeast Asia, Europe and Latin America as well as strategic partnerships with industry leaders, governments and other universities around the world.  Additional information may be obtained at www.stevens.edu and www.stevens.edu/news.
 
About rSmart
rSmart supports open software for colleges, universities, schools and education organizations.  The company provides its customers with a fully supported path to adopt and sustain community-developed learning, research, and administrative software developed together with the Sakai and Kuali open source communities.  Whether deployed on site, or hosted and consumed in a SaaS model, rSmart makes these innovative and cost-effective solutions available to institutions of all profiles. www.rsmart.com.
 
About Kuali
Kuali is a growing community of universities, colleges, businesses, and other organizations that have partnered to build and sustain open-source software for higher education, by higher education. Kuali software is designed to meet the needs of all sizes of institutions, from land-grant research universities to community colleges. The members of the Kuali Community share a common vision of open, modular, and distributed systems for their software requirements. Kuali software is released under the Educational Community License. www.kuali.org