Colleges across the nation are feeling the pressure to increase revenues. But, they’re missing a key way to balance their budgets: cutting costs. Administrators recognize that unless they change, colleges will face decreased state funding, a loss in education quality, and a decline in external perception and student trust.
Some colleges are trying their own cost-saving methods. Other colleges are hiring consulting firms, like Bain & Company, to solve their problems. So, we’ve synthesized and optimized the key recommendations and we’d like to give some helpful tips so that your school can get the edge.
- Measure Twice, Cut Once.
Cost overruns seem like they occurred overnight because no one is paying attention. Your school needs to constantly be looking at key metrics before making decisions. StudyTree has a live dashboard where you can monitor all your tutoring related expenses in real time. Advanced developments with machine learning can predict periods of high expenditure and send you instant alerts so you can prepare. According to a report from Inside Higher Ed, the director of Operational Excellence at UC Berkeley, which saved $75 million dollars per year, says that their decisions are “intensely metric driven.”
- Save money by making money.
If you’re like most people, you know it’s difficult to not spend. But, you still need to balance those budgets. Instead of saving, try increasing revenue by attracting more students and offering something no other school can offer: academic success in and out of the classroom. StudyTree gives your school the ability to offer On-Demand Tutoring, which students at schools like Drexel University absolutely enjoy. Students have a variety of higher education choices these days. With online schools and local colleges on the rise, what makes your university stand out?
- Save Trees.
$41,000. That’s the amount of money Indiana University saved per year by making one small aspect of their administration paperless. StudyTree can make multiple levels of your school’s academic services department paperless. Our unique tutoring dashboard and smartphone app driven scheduling system can save thousands in paper costs. According to University Business, “the average school of 1,000 spends about $3,000 to $4,000 a month on paper, ink, and toner alone.”
- Stop Redundancy
Colleges seem to be partaking in a three-legged race. Jobs that require one person have multiple people, which creates inefficiencies and raises costs. In fact, after streamlining administrative positions, the University of North Carolina was able to save $66 million dollars. If you want to get a slice of your money back, StudyTree can help you. With our automated scheduler and decision making tools, we can help you manage student tutoring at a higher quality with less people.
Why do colleges have to be a maze of bureaucracy and administration? Part of the problem is that colleges purchase services from large companies that also have mazes of bureaucracy. Small decisions that your administrative team tries to make become prolonged because of approval requirements from higher up in the administrative hierarchy. Don’t settle for inefficiencies. You can feel more independent and flexible by working with StudyTree. We’re not a maze of bureaucracy and we help you implement your ideas as fast you can generate them. ‘Simple’ should be synonymous with ‘saving’ because simplifying your school can save you time and money.
By: Sohum Daftary