A six-month study “University of the Future—A Thousand Year Old Industry On The Cusp of Profound Change” concluded that if the traditional broad-based teaching and research institution does not evolve it will quickly reach its expiration date—at least for the most part.
Conducted by Ernst and Young, the study focused on evaluating the Australian university model, the factors that are driving change, the challenges facing the industry and recommends methodologies for blazing a transitional path to endurance and growth. Interviews with senior executives at 20+ universities, policy makers and other industry groups delivered the findings. Supplementing these conversations was secondary research of the climate of higher education in other parts of the world.
Anticipated drivers, funding, digital technologies, and global mobility are impacting the changing university dynamic in Australia. Additionally, the study identified drivers that may be unexpected, namely integration and competition with industry and the democratization of knowledge access.
Institutions of higher education are working against the clock. Thought leaders forecast that the window of reinvention for universities is less than 15 years. Those that are first to change their business models, are first to capture mindshare for their niche among desired customer segments, and secure potential partners will thrive.
As a global company, Ellucian is continually working and collaborating with our more than 2,400 institutions around the world to deliver the experience, expertise and technology portfolio to help institutions evolve their business models and move education forward.