The day after announcing that women's coach Sam Wright is about to leave, the Magpies said they would bring in a consultant to help with the strategic review.
Collingwood are perennial AFLW under-achievers, winning only one game so far this season to be second-last.
Including the last two seasons, their record is five wins and 29 losses.
With Wright about to leave and captain Ruby Schleicher about to return home to WA, there are also reports of a mass player exodus once the season ends.
"Our AFLW program is an integral part of Collingwood and we are committed to ensuring it is positioned for sustained success," president Barry Carp said in a club statement.
"The board, together with the executive team, acknowledges that we haven't got it right - we take responsibility for that and are committed to getting better, both on and off the field.
"Engaging an expert outside Collingwood is important for us to provide a broader perspective, challenge our existing approaches and identify what needs to improve or change."
He added the expert would work with their AFLW sub-committee to ensure the women are set up for long-term success.
"We have a responsibility to our players, coaches, staff, members, supporters and the wider game to listen to feedback and be prepared to make meaningful, considered changes across the club to build a stronger AFLW program for everyone at Collingwood," Carp said.
Wright will coach Collingwood for the last time on Sunday against Essendon at Windy Hill. It will also be the last game for Bombers coach Natalie Wood.
St Kilda are also looking for a new AFLW coach after Nick Dal Santo's departure and expansion team Tasmania are the fourth team in the market.
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