Shifting away from a siloed view of the student experience, many college campuses have now switched to a more holistic approach in determining the value they offer current and prospective students. Doing so also means considering the financial implications on institutions as part of the same conversation, including breaking down revenues and costs in different ways that can impact the ability to manage resources associated with the overall student experience.
Schools are no longer taking a few data points and making decisions to raise or lower tuition or deciding which programs to offer based on market data; rather, they are taking the time to examine the data across all campus operations and auxiliaries to inform strategies, budget processes, program reviews, and allocation of resources that contribute to the institutions ability to fulfill their academic missions.
Campuses are now connecting the dots in new ways, enabling them to focus on a wider variety of data sources and metrics to help convey the real value they provide. This can be challenging when balancing financial and academic priorities, but new insights and transparency can help foster collaborative and actionable outcomes.
Include Financial Data in Program Reviews and Accreditation
One new data-driven trend is that institutions are using more institutional data for program reviews or accreditation. While it is common to use various academic metrics like learning outcomes, number of enrollments in each program broken down by various demographic data, retention or persistence measurements, and graduation rates, institutions should also be including financial data and looking at revenue and expenses by program.
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