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Innovation Task Force

Innovation Task Force. May 13 and 15 . $ in Millions. The Innovation Task Force has identified and is forecasting $64.7M . Identified dollars become available to spend once initiatives are implemented and savings/new revenues are realized.

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Innovation Task Force

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  1. Innovation Task Force May 13 and 15

  2. $ in Millions • The Innovation Task Force has identified and is forecasting $64.7M. • Identified dollars become available to spend once initiatives are implemented and savings/new revenues are realized. • We presently have $22M(of the $64.7M identified) in the current FY14 fiscal year university budget. This is the recurring annual amount achieved so far.

  3. ITF Funded Investments(Since Inception through FY14) Total ITF Funded Headcount = 63

  4. Phase VIII Innovative Ideas • Improve Efficiency of Marketing • Furniture Reuse Program • Student eBooks • Self-Service Parking Garage System • Reduced Cost of Travel for Training and Conferences • Reduce Food Costs

  5. Improve Efficiency of Marketing Reduce marketing spend through more collaborative, centralized and focused spending. ~$500,000 Benefit/Year Helps create standardization across the institution ● Leverages our scale in rigorous negotiations

  6. Furniture Reuse Program Reduce spending on office furniture through a reuse program. Average annual spends to be reduced in this manner. $300,000 Benefit/Year Creates an accessible institution-wide system for locating usable spare office furniture ● Serves to strengthen the university emphasis on sustainability

  7. Student eBooks Implement an e-Book program that would allow students to download certain class text material in electronic format. Benefits accrue directly to students. No centralized benefit. $250,000 Benefit/Year for Students Lowers the cost of textbook material for students ● Simplifies the process of ordering and retrieving text material ● Enhances the learning experience through the use of text material on interactive devices

  8. Self-Service Parking Garage System Add self service payment kiosks to certain parking garages. ~$220,000 Benefit/Year Eliminates cash handling in garages ● Can allow garages to stay open longer ●

  9. Reduce Cost of Travel for Training & Conferences Reduce travel costs related to training by increasing the percentage of training attended locally. Improve iBuy use to track exceptions; negotiate preferred rates and online use for professional credential requirements ~$200,000 Benefit/Year ● Modest percentage reduction creates large reinvestment benefit

  10. Reduce Food Costs Reduce food costs through strengthened policy enforcement, attention to purchase quantities through preferred vendors with menu and pricing controls ~$200,000 Benefit/Year Eliminates waste from over-purchasing

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