Laurentian University is coming out of CCAA protection and apparently is required to come up with a new strategic plan that apparently will require hiring consultants according to a story in Northern Ontario Business. According to the story: "Laurentian University is finalizing the hiring of a couple of third-party consultants to help guide the institution into the future. Just who those consultants are has not yet been publicly revealed. The university’s president, Sheila Embleton, gave an update on this process during the April 18 meeting of LU’s senate. One of those consultants will lead a comprehensive operational restructuring of the university, while the other consultant will assist with the development of a new strategic plan for Laurentian. Laurentian is required to hire both of these consultants under the terms of its plan of arrangement after it exited insolvency under the Companies’ Creditors Arrangement Act (or CCAA) last year."
One suspects that this is not going to come cheap. So in line with my last post on how AI can help administer universities and even draft strategic plans, I inputted a query into my AI to see what it could come up with in terms of a simple report charged with providing a strategic plan for Laurentian's future. Here it is and at a cost that does not even come close to the average high priced Toronto based consulting firm. You will notice the query tries to kill two birds with one stone - a restructuring and a strategic plan.
My Query
Laurentian University in Sudbury is coming out of bankruptcy and needs a
new strategic plan that will position the new university for recovery
and growth. Please draft a five point strategic plan addressing
Laurentian’s needs.
AI Response
Introduction:
Laurentian University in
Sudbury recently declared bankruptcy due to significant financial
issues, requiring the development of a strategic plan to position the
university for recovery and growth. This five-point strategic plan
proposes a roadmap that Laurentian University can adopt to overcome its
challenges and rebuild itself as one of Canada's top-performing
universities.
1. Financial Stability:
Laurentian
University needs to prioritize financial recovery and stability. This
can be achieved through strategic cost-cutting measures, including but
not limited to reducing unnecessary expenses, optimizing resource
utilization, increasing revenues from non-core operations, and
increasing enrollment numbers. A strong financial foundation will ensure
the university's long-term viability and enable it to implement future
plans.
2. Program Review:
Laurentian University should
undergo a comprehensive review of its academic programs. It is essential
to identify courses that need improvement, eliminate underperforming
programs, and strengthen leading programs to improve the quality of
education. The programs should be relevant to the current market demand
and could offer co-op opportunities, internships, and real-world
training to create well-rounded graduates.
3. Research Excellence:
Laurentian
University should invest in advanced research to uphold its research
and innovation community. The University should create funding and
partnership opportunities that incentivize leading researchers to the
university, promote interdisciplinary collaboration between researchers,
and strive for national and international recognition. A rigorous
research agenda will lead to groundbreaking discoveries and provide
state-of-the-art facilities and support services for faculty and
students.
4. Strategic Partnerships:
Laurentian University
needs to forge strategic relationships with industry leaders,
government organizations, and other academic institutions to drive
growth in Sudbury and Northern Ontario. Such partnerships will increase
resources, create technology transfer opportunities, bring world-class
talent to the University, and enable financial and research support.
Partnerships will also improve the university's visibility, and foster
relationships with alumni and international students.
5. Campus Infrastructure:
Laurentian
University should prioritize the development of its campus
infrastructure. Investing in modernizing and upgrading the physical
infrastructure will enhance student living and learning, increase
research capabilities, provide advanced technological resources, and may
lead to an increase in revenue opportunities. Additionally, a
well-maintained campus will attract and retain faculty, researchers and
students.
In conclusion, Laurentian University should employ
these five strategies to achieve financial stability, improve academic
quality, enhance research excellence, establish strategic partnerships,
and modernize its infrastructure. The combination creates a strong
foundation for recovery and growth and positions the University as a
leading institution committed to providing a high-quality education and
impactful research located in Sudbury.
Needless to say, all this is probably summarizes anything a consulting company will be able to come up with on this matter.
