After a final group of cost savings was realized in FY17 in Procurement, the Office of Operational Excellence is pleased to announce that the University is now saving $20 million a year as a result of Operational Excellence for the Second Century (OE2C) initiatives.
The purpose for embarking upon the OE2C project was to identify funds from administrative operations that could be reallocated to academic purposes in order to drive the University forward. Of the $20M saved, currently $14.1M (70.5%) has been committed for new uses.
The largest portion of the $14M goes to general academic reinvestments (27.9%). Another 41% is being distributed to the University Research Council, Research Staff Support, Academic Fellowships, High Performance Computing, the Academic Initiatives Fund, Undergraduate Equalization Fund, an Interdisciplinary Institute and the OIT Academic Technology Group.
To see specific allocations for the money saved and the breakdown of where saved funds came from, visit the updated savings tracker.