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December 08, 2006, 03:58 PM ET
An Expensive Upgrade
Switching over to new financial software isn't cheap for any college. But at the University of Minnesota, the cost of converting has just risen from really expensive to downright stratospheric, according to the Star Tribune of Minneapolis-St. Paul.
Campus officials had expected to spend $28.6-million to switch from their current software -- which is outdated and no longer supported by the company that made it -- to a newer system. But after factoring in some additional costs, and acknowledging that it may take a year to phase the new software in, the officials are now anticipating a $45.7-million price tag.
The university was among the first to switch its human-resources and student-records software to new PeopleSoft programs in the late 90s, but delays and bugs contributed to a $62-million expenditure for those conversions. So while $46-million may not sound like a bargain, campus officials say they think they've saved money by taking their time to switch financial systems. --Brock Read
Categories: Leadership, Company-Watch
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