STAR Review Timeline: Phase 2

In May 2013, the Huron Consulting Services team began helping Drexel implement many of the recommendations presented to the Steering Committee as part of Phase 1. These Phase 2 efforts focus primarily on re-designing the University budget model, transforming the institution’s Procurement and Payable operations and improving student retention through enhanced student lifecycle management.  Here is a high-level outline of each initiative from the Huron perspective:

Budget Redesign (28 months)

• Work with the project’s Steering Committee to update a set of guiding principles that will most effectively govern an incentive-based model that is ideal and unique for Drexel
• Build a pro forma financial model based on FY2012 financial data that provides a platform for testing various model alternatives and scenarios, and allows stakeholders the ability to understand strengths of different incentives
• Build consensus for and index the various revenue and cost allocation rules and assumptions that will inform future budget allotments and funding levels
• Identify and list the critical decision points that impact the model

Procure-to-Pay Transformation (24 months)

• Work with University Purchasing and Accounts Payable to define a new procure-to-pay strategy and develop the policies, processes and structure to support strategic changes
• Finalize strategic sourcing of three identified commodity areas: Office Related Products, IT Hardware and IT Peripherals
• Gather requirements, evaluate vendors and purchase an eProcurement system with which the University can begin to host preferred contracts for enterprise purchasing and paying activities

Student Lifecycle Management (18 months)

• In cooperation with Drexel, develop a new financial aid strategy to meet a consistent percentage of need for all students and target outstanding applicants with merit aid
• Work with Enrollment Management to migrate to a selective, context-based admissions approach for undergraduate applicants
• Develop an institutional enrollment growth and net tuition revenue projection model to estimate future needs and outcomes and to serve as a decision support tool for Drexel leadership
• Assess the Colleges’ current and middle-term academic capacity for delivering quality educational outcomes to students, as well as the market forces impacting demand for academic programs