Update on Strategic Resource Initiative
January 9th, 2013
This message is sent on behalf of Provost Rogan Kersh and Senior Vice President Hof Milam:
Dear Members of the Wake Forest Community,
We write to update you on the recent progress of the Strategic Resource Initiative (SRI).
Over the past three months, the SRI Steering Committee has examined several opportunities to increase revenue or decrease spending. Perhaps the most significant benefit of the SRI process to date has been establishing solid baseline measurements against which we can benchmark future opportunities.
Since our last update in October, we have explored several ideas. We have identified potential cost savings by improving how we manage temporary staff, how we manage employee benefits, and through additional partnering opportunities to realize economies of scale. Additionally, we are optimistic about our ability to increase revenue from non-core real estate assets. Once actual savings are secured, we will be able to apply this money towards student financial aid, faculty and staff compensation, and other strategic priorities.
We are grateful for the dozens of suggestions that have been submitted to the SRI email address, SRI@wfu.edu, and encourage you to keep the ideas coming. Specifically, we are looking for ideas that address University-wide cost drivers, such as opportunities to refine business practices and procedures, or consolidate purchasing and contracts.
We are also grateful for the efforts of both the SRI Working Group and the Steering Committee. We expect both groups to accomplish a significant amount of work in 2013. Before the end of the academic year, you can expect a more detailed accounting of the SRI findings.
We look forward to speaking with you at the January meetings of the Faculty Senate and Staff Advisory Council. You can anticipate additional periodic progress updates by email.