Australian Universities Tackle Budget Pressures with 'Prune, Prioritise, Transform' Model
Australian universities are grappling with escalating budget pressures, forcing them to do more with less. Mark Pettitt, CEO of Edified, suggests a three-pronged approach: Prune, Prioritise, Transform. This model, inspired by Lego's turnaround, could help institutions achieve operational sustainability.
Universities are currently overstretched, with staff working tirelessly, inquiries piling up, and underfunded systems straining. The real solution might lie in doing less, but doing it smarter. This is where the Prune, Prioritise, Transform model comes in.
Pruning involves cutting back on activities, channels, or partnerships that no longer align with institutional goals. This frees up resources for more impactful initiatives. Prioritisation focuses on activities that yield the greatest results, like high-conversion programs and markets with sustainable growth. Transformation, the boldest shift, could involve automated assessments or AI-powered student advisors. Lego's remarkable turnaround from near-bankruptcy, achieved by cutting back and refocusing, serves as a model for international education institutions.
By adopting the Prune, Prioritise, Transform model, universities can move from being overstretched to operationally sustainable. Mark Pettitt, Founder and CEO of Edified, is available for more insights on navigating budget pressures in Australian higher education.