As the new fiscal year unfolds, the Budget and Finance Excellence portfolio continues to expand its efforts. With the successful implementation of the new budget model, thanks to the Budget Transformation Initiative team and its partners, the focus now shifts to the next ambitious step: the launch of the Resource Optimization Initiative. This initiative is designed to enhance the University’s understanding of its expense levers, enabling growth in capacity and unlocking resources to position Rice to meet our strategic priorities.
The Resource Optimization Initiative comprises two key projects:
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Strategic Value Enhancement: This project is dedicated to identifying opportunities for operational savings. It will assess a comprehensive range of options across various areas; starting with a deep dive to better understand the operations in areas such as data and technology, sustainability, campus services, and real estate.
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Strategic Sourcing: This project introduces a disciplined approach to procurement, designed to strategically engage the market and unlock maximum value. Effective Strategic Sourcing practices have the potential to deliver 4-13% of additional value, unlocking savings for departments across campus.
The Fast Five will continue to provide frequent updates on this impactful initiative and the Budget & Finance team looks forward to partnering with the campus community to unlock potential and responsibly manage the University’s resources.