Exceptional Learning Experiences through Lower Costs
Higher education institutions are searching for ways to better manage financials. With the right corporate performance management tool for higher education, you can ensure you’re making the right decisions for your students, faculty, and staff.
Why is it important for higher education institutions to improve the way budgets are created and updated? Higher education institutions are tasked with a seemingly impossible feat – ensure you’re running a profitable organization while keeping tuition costs affordable for students. However, cost savings and streamlined operations can be translated into lower tuition fees for students. With better modes of internal operations, you can provide the best learning experiences for your students at the most affordable price.
Prophix is a corporate performance management tool that can help your higher education institution streamline operations and better manage cost. Explore some of the ways adopting an intuitive tool like Prophix can help your institution lower costs and improve your financial processes.
Table of Contents
Simplified Capital Expenditure Planning
Higher education institutions must attract students, so it’s vital that your capital spending is allocated in the right places. In academia, most decisions have to go through multiple layers of approval before projects can be put into motion. Unfortunately this can lead to slow decisions, which can limit your efforts to streamline resource allocation.
Prophix enables greater collaboration and faster approvals through interactive dashboards and the ability to run “what-if” scenarios. When you want approvals for spending, you can use Prophix’s capital expense planning capabilities to project the impact of a decision before it’s actually made. So, you can forecast outcomes of greater resource allocation to a specific department or institution-wide initiative. With more information based on real-time data, decision makers can act quickly. Plus, stakeholders increase transparency through customizable dashboards reflecting real-time changes in data.
You can also use Prophix to track expenditures against your forecasted financials. With this solution, you can integrate data from multiple sources, which means no more manual data entry. Instead, you can track each expense, and its impact on your overall budget. With that information, you can adjust your financials as needed.
In any organization, budgeting is a crucial process, but for higher education institutions, special attention needs to be paid to how funds and grants are budgeted. Often, higher education institutions must account for every dollar spent, making it key that your budgeting processes don’t rely on error-prone spreadsheets. Instead, you need a thorough, transparent, and accurate budgeting process supported by an intuitive corporate performance management solution like Prophix.
Your institution probably has numerous department heads and administrators who are all responsible for determining and updating their own spending. Prophix provides templates making it simple for these administrators to update applicable data that’s housed in a single location. You won’t have to compile spreadsheets or manually input data from a variety of sources. Instead, you can adopt a unified solution that’s your single source for data. This makes the budgeting process faster, easier, and more accurate. You can dedicate more time to your job instead of tedious budgeting tasks.
Automated KPI Tracking
Key performance indicators (KPIs) allow you to take a deep dive into institution performance. This in-depth view enables you to pinpoint areas that need improvement and identify successes. With this information, you have a better idea of where to allocate resources and which projects are worth investment. However, manual KPI tracking processes of the past were tedious and inaccurate. You may have a general sense of how your higher education institution was performing, but metrics could be based on inaccurate data.
Prophix, in contrast, enables you to track all the crucial KPIs impacting your organization, and not just in terms of financials, either. You can also track operations KPIs and student information systems KPIs. Using real-time data, you can analyze data like which programs are overspending by tracking spending per student or align faculty resources to programs based on faculty-to-student ratios. Plus, these performance metrics are easily communicated to your stakeholders through visual reports.
Easily Maintain Fiscal Responsibility
All higher education institutions have a unique responsibility to balance the best interests of three essential groups: students, faculty, and staff members. You need the key data points that will allow you to make changes to improve the experiences of each group. You can also project the return on any investment that you make into these groups. For example, you can track a key metric like how increasing faculty salaries impacts retention. Would an increase now pay off in the long run? With the right information, you can feel confident that your decisions will have positive outcomes for your institution.
Using Prophix, you can maintain fiscal responsibility by allocating resources to the greatest advantage of your students, faculty, and staff, and you can be transparent with financial decisions through easy-to-understand reports. Your stakeholders and decision makers will have access to a single source of truth, meaning they can make better decisions based on accurate information.
Prophix can offer your higher education institution a better way to operate, lowering costs and helping to make the education experience more affordable for your students. Your forecasting and budgeting processes will be easier and more accurate than ever, allowing you to turn your attention to other job responsibilities. You can use data to make decisions that have a positive impact on your entire institution.
Find Out More about the Benefits of Prophix for Higher Education
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"As competition continues to increase in the insurance brokerage industry, finance teams are being asked to perform more detailed forecasting beyond just budgeting. Prophix is a great tool to streamline that piece, and the better connection with Vertafore’s AMS360 product, the better detail and accuracy we will be able to deliver."