In almost all Higher Education institutions, especially more research-focused schools, faculty almost always wear multiple “hats”. Their responsibilities can be spread across teaching activities, research, administration, and other value-added roles like a physician at a university hospital.
This creates a unique planning challenge, as administrators are increasingly tasked with a better understanding of how their faculty’s time, and in turn, the associated cost, is allocated across funding types and school missions. When every school is fighting for its budget, any added visibility and transparency into the process will undoubtedly be appreciated by all stakeholders.
A robust planning solution can help alleviate this challenge by allowing an administrator to split an individual’s time/budget across funding sources and any other categories that make sense.
At Michigan State University’s College of Human Medicine, a major challenge has been planning and tracking for the Medical Staff’s time and efforts across different activities. The important question they needed to answer was:
How are faculty spending ACTUALLY spending time compared to where their funding is coming from?
The College of Human Medicine pursued a solution that would allow them not only to manage and track by the individual, but also by a variety of other dimensions like Assignment, Mission, and Funding Source. What resulted was a standardized model that allowed for greater transparency and accountability, an intuitive user-interface, and a gain in overall efficiencies from a reporting standpoint that resulted in buy-in from all levels in the organization.
Colleges have a problem: fewer applicants every year and rising costs. Universities are competing for any edge they can get including offering more financial aid and others are building state of the art facilities. Most colleges and universities are facing increased competition for new students while at the same time struggling to identify and retain their current students.
Lost revenue due to student attrition can be alarming and can contribute to a pernicious cycle that puts additional pressure on costs, tuition, and the institution’s reputation. Applying predictive analytics within defined student and constituent lifecycle frameworks allow administrations to improve admissions processes, increase student retention, and better engage alumni and donors.