Efficiency, Effectiveness and Value for Money
It is imperative that universities continue to evidence their success in delivering efficiency and cost savings. Universities require investment, and in the context of austerity and continuing pressures on public spending must therefore be willing and able to demonstrate what they have done to deliver both excellence and value for money.
Similarly, in the new funding environment, there is also an obligation on universities to demonstrate to students that they are working efficiently. Principles of transparency, openness and accountability dictate that there needs to be a greater emphasis on value for money in the future.
Efficiency, Effectiveness and Value for Money in HE Report, 2015 (the `Diamond Report’)
Professor Sir Ian Diamond, Principal and Vice-Chancellor,
University of Aberdeen and Chair of UUK Efficiency Task Force
The University's Strategic Plan 2015-2020 sets out a vision for the University to be 'internationally renowned as the UK’s leading business-facing University'. Key to achieving this vision is a commitment to being efficient, effective and delivering value for money. This will be achieved not only by spending less but by spending well; spending wisely and spending fairly.
Our Efficiency, Effectiveness and Value for Money Strategy for 2015-2020 has been structured around the key themes of the Diamond Report and embeds the business-facing message of the University’s Strategic Plan. This agenda enables the University to promote discussion on what efficiency and effectiveness means to the whole University community and not just those traditionally associated with value for money initiatives.
The strategic commitments are focused on the follow key work streams:
- Excellence, reward and the Higher Education (HE) Workforce
- Delivering value from the HE estate
- A world class and sustainable research base
- Harnessing the benefits of asset-sharing
- Unlocking value from HE data
- Shared services, infrastructure and the role of procurement
- Evidence, oversight and sharing good practice