This section is part of the Strategic Plan 2020-2025, which sets out the goals and priorities for the University, its faculties, departments, centres, institutes and schools.
The University will engage in monitoring its income and expenditure thoroughly and responsively. This will enable us to react promptly and effectively to challenges in the external public and international funding environment. To manage financial resources and to ensure the organisation’s long-term economic sustainability, we appreciate that the operational control of resources underpins all our objectives.
We will seek to improve the integration of financial support structures, to ensure that learning and research environments are complemented by best practices in organisational management, including economic measures and reporting. The adoption of modern, up-to-date methods of operation will create an improved working climate for all academics and administrators and deliver substantial cost reductions by improving efficiency.
The strategic stance that the University is taking is one of empowerment through the accessibility of information and allocation of resources. This can assist management with information-based decisions. Through the collaboration of several administrative divisions, information tools will be installed to consolidate data from the different systems into a unified information system which will provide the necessary reports.
In tandem with this activity, the University will be providing more visibility of the budgets to the budget holders, which currently are just restricted to the operational budgets of the academic and administrative units. This information will be accompanied by data reflecting an activity-based costing approach, which has been maintained and refined over the past years.
Our strategy will be to protect and nurture our income streams by exploiting opportunities that are yet untapped, such as the provision of fee-paying continuing professional development, executive education, and certified online learning. We intend to diversify our income and to pursue a comprehensive development strategy which seeks to finance our core strategies and long-term academic objectives.
The University will invest in training personnel who are or will be in a position of managing funds and making decisions for specific units within the University, based on the new reporting systems. Training and briefing sessions on understanding and evaluating accounting reports will also extend to academics and administrators.
Central contact points will be set up for academic and administrative units, to provide support and financial insights in interpreting information, carrying out managerial action and understanding accounting processes.
The University encourages a greener procurement approach in supporting the principles of the circular economy. Circular procurement aims for the acquisition of products and services that reduce waste, promote reuse and minimise the negative effects on the environment.