Despite the clear benefits of incorporating data-driven decision making into higher education, a recent report shows that many institutions have yet to develop a plan for implementing data across their many departments. Notably, 81% of higher education institutions report that they had invested in technology to support student success objectives through data collection, but only 37% actually use data analytics.
Let’s take a closer look at the many reasons why data should be a critical part of higher education decision making.
Data for Strategic Decisions
Without data, the only way your institution can make business decisions is with a gut feeling. Yes, perhaps this type of feeling garnered some success in the past, but it’s not very reliable.
Instead, relying on data to make decisions in higher education is the optimal approach. In this case, you have quantifiable facts and trends that guide you to making the best possible choice–not just a shot in the dark. This can be done across any number of departments, but in terms of opportunities to increase revenues, institutions see significant success tracking data in their auxiliary services departments.
Furthermore, data that is collected over time can show you trends on your students’ preferences. Given the high cost of tuition, improving student satisfaction, thereby encouraging students to stay at your campus, should be at the top of your institution’s To Do list. For example, if you find students are waiting in line to purchase food from one location over another, low-performing location, you might opt to add a second location of the popular food choice on campus in place of the low-performing one.
The value of data cannot be understated, specifically in regard to auxiliary services and student satisfaction. However, when an institution’s resources and costs are limited, leaders need the assistance of a tool that does the hard work of collecting, tracking, and analyzing data for you.
Beyond people, data is often the second most important asset to an organization. Institutions need a solution that allows you to blend and trend data from disparate systems and business partners in a way that allows you to make sound and proactive business decisions.
RevenueVision is a financial and operational management platform designed specifically to improve revenues, reduce costs, and optimize performance for auxiliary businesses in higher education. Using the RevenueVision data platform, you can produce the analyses and make data-driven decisions needed to improve your higher education operations and your bottom line.
Contact us today for more information on how data is an essential element in higher education decision making.