Globally, the education sector is booming. The sector creates a significant amount of jobs and revenue. In the US, higher education alone generates more than $400 billion in revenue.
In comparison to the traditional educational system that was in place 15 years ago, the modern educational systems have undergone a more profound alteration. Modern education is heavily affected by cutting-edge technology in order to provide a process for information transfer that is focused on quality.
Numerous pieces of data are gathered by educational institutions on students, graduates, professors, staff, courses, fees, assets, course schedules, etc. Without a comprehensive ERP system in place at the school, this data is impossible to use. Hence, this article will serve as a guide to ERP for Education Institutes. Following are the topics covered:
- Educational Institutes Market Overview
- What is ERP?
- Why do you need ERP for Educational Institutes?
- What are the challenges faced by Educational Institutes?
- How to Implement ERP in Educational Institutes?
- What are the ERP solutions for Educational Institutes?
- What are the global trends in Educational Institutes Market?
- What is the impact of COVID-19 on Educational Institutes?
- Key takeaways
Educational Institutes Market Overview
Schools, colleges, universities, and different private institutions make up the education sector. The education sector equips students with the knowledge and abilities necessary to adapt to a workplace that is always changing. A wide range of businesses in the sector work to give their clients access to lifelong learning.
The primary, secondary, higher, and vocational education sectors make up the majority of the education market. All other industries' capacity to recruit and retain talent depends on the education sector, but it also has its own particular workforce development issues.
- The education sector is under strong political and public scrutiny, and policy changes and reviews occur frequently due to its duty for educating the existing workforce and preparing the next generation for work and life.
- ICT has an impact on all higher education institutions, whether they are colleges, universities, or other cutting-edge learning environments.
- The global education ERP market exhibits a consolidated competitive environment, with Tier 1 firms controlling more than 42.4% of the market's revenue.
- Partnerships with other education ERP solution providers will be an important development strategy for businesses to increase their customer base, even though the majority of the major education ERP market players continue to maintain a strategic focus on the South Asian and European markets.
- Manufacturers of brand-new, cutting-edge ERP systems for education are multiplying quickly.
The complex and interactive education-related tools are constantly used by all stakeholders participating in the educational system, from primary levels in schools to peak levels after graduation, to increase access to knowledge. Consumers, who can select between private and public suppliers, are the main users of educational services. An export market for educational services is provided by international students.
- Language and other education
- Government school education
- University and other higher education
- Private school education
- Preschool education
- Technical and further education
- Post-School Education
- Pre-School Education
- School Education
- Other Education
The market is divided into four regions based on geography: North America, Europe, Asia Pacific, and Latin America, the Middle East, and Africa. In terms of revenue share, the education ERP market in North America dominated in 2021. Over the past ten years, Canada has seen a tremendous surge in demand for digital learning.
Higher education institutions in Canada are currently providing online and hybrid courses. In the United States, where online enrollments have been continuously growing for more than ten years, a similar tendency can be observed. ERP is widely used in K–12 schools as well as colleges as the educational systems in both of these nations improve.
The market is divided into K–12 and Higher Education based on End User. In terms of revenue, the higher education segment dominated the education ERP market in 2021. The paradigm of learning and teaching is evolving in higher education. Technology-assisted learning is becoming more widespread. The expectations that students have of colleges and universities are also changing.
They place a strong emphasis on increased access to institutional services as well as information accessibility, including timetables, schedules, and video courses. In order to increase student engagement and achievement, higher education institutions are utilizing technology advancements by implementing ERP software. Institutions of higher learning are also putting in place digitalized administrative systems, which will clear the way for the setup of ERP software.
Driver- Growing number of higher education enrollments
Businesses are continually looking for people who can be at the forefront of this shift and can quickly adapt to such technical developments because of how quickly the technology landscape is changing. One of the biggest problems facing businesses today is the lack of skilled personnel, which has caused some people to enroll in specialized higher education programs that might be advantageous to their long-term success.
The emergence of the internet and globalization has created new options for people to broaden their skill sets from world-renowned universities. People are choosing these courses because they are consistent with the global technological changes that are taking place.This is anticipated to be among the main elements influencing the spread of higher education software across institutions.
Opportunity: Increasing mobility of overseas students
The emergence of globalization and the rise in students travelling to other nations for educational purposes should be expected to create enormous opportunities for higher education providers. China, India, and South Korea are predicted to send the most students abroad, with the US, the UK, Australia, Canada, and Germany being the top destinations, according to a survey by the British Council.
Institutions will need to manage these enormous volumes of data, which will open up new revenue streams for higher education software companies. This tremendous traffic flow is anticipated to provide immense potential for higher education solution vendors.
Planning processes, creating designs, and overseeing all crucial actions involved in providing goods or services are all aspects of operational management. Various types of policies (administrative policies, recruitment policies, course-ware design policies, student assessment policies, faculty skill development policies, facilities maintenance and upgrade policies, ICT maintenance policies, etc.) are designed by the actors involved in the operational management of educational institutions.
Once more, the functions of operations may involve other crucial tasks, like:
- Quality Assurance: Examining the procedures and determining their rate of success can be very helpful in preserving the standard of instruction.
- Prediction: The current operational management assisted by ICT can be used to forecast the institution's performance or even to comprehend the success rate of different tactics for raising educational standards.
- Data Storage: The campus will be required to store several types of information in either a local server (physical) or the cloud, including administrative data, student information, and faculty-related data (virtual).
- Effective Planning of Capacity (Intake): An educational institution can evaluate historical data and decide whether to increase or decrease the number of students it accepts.
A nation's social and economic progress is directly influenced by the value of education in the development of excellence and knowledge. Understanding the mechanisms, which highlights the processes of increasing academic quality assurance and improvement, as well as the existence of a sound strategy to accomplish performance, is necessary to ensure development in this direction.
A university's success depends on its capacity to secure the resources required to fulfill its primary goal, which is the delivery of information and skills manifested in both people and technologies. The stakeholders in universities define the value of this knowledge in words like quality, relevance, or utility.
Institutions of higher learning include information about the faculty, fee administration, admissions administration, student information, and much more. ERP assists in automating these records and bringing about all data storage options. One can acquire regulated access to information and update student, instructor, and administrative staff records in real-time with the aid of an ERP solution.
The platform automates the complete student, academic, and administrative life-cycle and offers useful insights into important parameters. The solution, which enables institutions to go paperless, centralizes the management of the relevant actions through a unified platform.
By facilitating the important information quickly, it also helps with daily operations. Additionally, you may simply look for the information practically anywhere and at any time. So simple, in fact. This gives educators and mentors the power to be aware of everything, including operating costs, admissions, inventories, stock transfers, stock data, and much more. Let's take a look at some advantages of having such an integrated system in place and how the ERP software is used differently depending on the stakeholder.
The ERP could serve as a facilitator for the instructor by automating the majority of manual activities with the touch of a few buttons in the world of today, where all teaching, learning, and grading takes place online. Using an ERP platform makes it simpler to share lesson plans, course materials, and grades. The majority of student data collected is recorded for future use, minimizing the possibility of human error.
Additionally, educators have access to unique student data from several departments, which will help them better understand the learning process and offer individualized lessons. For instance, participation in extracurricular activities, etc.
An ERP platform makes it simpler for educators to provide courses in accordance with the curriculum and makes measuring progress easier. Other applications of an ERP for educators include:
- It automates tedious work,
- Simplifies submissions and grading,
- Fosters improved departmental and student collaboration.
- Simple uploading of course materials
- Access to a database of teacher education
A decent ERP solution can make learning easier for the learner if implemented properly. Even though they are regarded as digital citizens, some students have found the transition to virtual classes to be challenging. The interaction with the professors is made simple by automated assignment reminders, lesson inquiry answers, submissions, and grades.
It is simpler to manage and complete tasks when you have access to personal portals for notifications, information, updates, download/upload assignments, timetable, exam notifications, fee reminders, and more. Students have access to material whenever and wherever they want, including learning guides and institution policies. The learning process is streamlined and seamless as a result. Other applications of an ERP for students include:
- Availability of up-to-date training materials wherever and whenever
- Paced learning,
- Peer-to-peer learning,
- Quicker answers to course questions, and
- Progress updates in a single perspective.
For the management of an institution, an ERP can result in time and cost savings. Data about students, professors, and administration are kept and quickly accessible by integrating all of the institution's functional and operational departments. Some platforms offer real-time insights on cost leakages occurring across departments, which may impair performance and lead to the inefficient use of resources.
Educational institutions may manage their online brand presence, instructor evaluations, and student development with the use of ERP software. When it comes to changing the path of a certain department or procedure, having this organized data on hand is really helpful. It is possible to automate administrative activities so that education quality can receive more attention.
Data security is another feature of ERPs, which is essential for maintaining parent and student confidence and enhancing brand perception in the modern world. When compared to on-premise solutions or physical maintenance of paperwork, the likelihood of information leaks is lower. Other applications of an ERP for the institution include:
- Automated marketing campaigns,
- Streamlined admissions procedures,
- Automated fee collections, and
- Quicker department metrics comparison
The majority of inefficiency in educational institutions is caused by segregated problem-solving methods and fragmented data. Employee morale is positively impacted by the smooth information flow among the institution's operations since tasks can be finished earlier or on schedule.
- Key stakeholders may more accurately assess the return on investment of their educational infrastructure with a centralized view of processes and progress. Having said that, a strong ERP must be effectively leveraged to the fullest extent possible in order to be able to produce the desired results.
- When deploying an ERP solution, educational institutions must keep its scalability in mind as a key consideration. Software must be prepared to handle and combine the influx of new data with existing records as more students choose online education.
- With relation to student leads and marketing activities, newer data points are generated almost everyday, and how well an institution can capture and make sense of them will rely on how good the ERP solution is.
- Given the variety of ERP products available on the market designed specifically for educational institutions, due diligence must be exercised to select the one that meets the needs of all stakeholders. Prior to the pandemic, ERP investments were viewed as optional, but they are now necessary.
What is ERP?
ERP (Enterprise Resource Planning) software solutions organizes, monitors, and simplifies all the administrative procedures for a school and closes a critical communication gap between educators, parents, and students.
Large organizations all around the world employ ERP systems, which have recently taken the place of management, finance, and administration computer systems in the higher education sector.
- Although it was to some extent-outside the core subject of the higher education, ERP has played a key role in the IT management of higher education.
- It is crucial to describe ERP systems in higher education as having different scopes and monitoring a variety of operations, such as those of administrative student information systems, human resource systems, and financial systems.
- Despite the difficulties in implementing ERP systems, businesses in the corporate sector, which probably face greater financial competition than nonprofit organizations and the majority of higher education institutions, have benefited greatly from them over the past 20 years, just on the management, financial, and administrative levels.
- The higher education system supports the academic activities in colleges and includes some fundamental processes like scheduling, learning process (advising and follow up and performance indicators-), and examination process, in addition to having unique organizational models, core processes, and objectives compared to other business.
- Numerous parallels between the use of ERP system software in educational institutions and other enterprises have been found in prior research.
Therefore, in order to address the role of ERP in changing educational organizations and the implications of its use in similar organizational cultures, it is important to study the implications of using ERP systems in higher education and the necessary information required to avoid the problems caused by older systems.
ERPs Vs. Traditional Management Structure
So what distinguishes educational ERP from conventional management practices? Undoubtedly, the software outperforms more traditional methods in terms of speed and efficiency. If done manually, managing funds in an institution and compiling reports about them almost sounds like rocket science.
Meeting these precise requirements takes a lot of productive time. Additionally, it can appear difficult to manage many essential activities, such as inventory, human resources, finances, and other services. Implementing educational ERP may ensure that a facility operates to its fullest capacity.
ERP Modules in Business Vs. Education
Software vendors are increasingly seeing the education market as a lucrative "industry" with a potential market size of several hundred billion dollars as education has become "big business" and elite higher education institutions and universities around the world struggle to adapt or reorganize their identities in an era focused on "commercializing higher education."
In today's unsteady educational climate, the rising popularity of ERP technology has the ability to redefine intra-organizational operations and revolutionize administrative functioning in many universities and higher education institutions.
- As the majority of ERP systems so far have comparable modules, higher education operations might become more standardized if vendors can successfully advertise their model as a workable "industry solution" for various cultural contexts.
- Despite the fact that the ERP market in higher education is expanding quickly, it appears that none of the vendors have asked about the actual ERP functionalities. Even if they still have room to grow, vendors who have not invested much time in understanding the needs of higher education are faring far better than they were in the past.
- Vendors are attempting to release integrated software suites that support the thin client Web interface and object oriented systems as a result of the fiercer competition in the market. Nowadays, new versions are released considerably more frequently, making it difficult to keep up with the ERP project's seemingly endless development cycle.
- As soon as the implementation is complete, you start working on the following significant update. Of course, the ERP that is currently on the market is not yet developed enough to meet and satisfy the criteria of higher education.
- The majority of institutions or companies believe that obtaining a cutting-edge ERP application is the final goal. However, having an ERP system is the means to an end goal that is ultimately user pleasure.
This is undoubtedly the state of the ERP system in higher education. User satisfaction always depends on the higher education features in the ERP application being available. These functional requirements outline what the higher education ERP system should perform, while nonfunctional requirements impose limitations on how it will do so.
The following are some of the functional and non-functional requirements for the ERP system for higher education:
- Functional requirements: Profiles of the institution, its employees, its students, its program, its attendance, performance evaluation, Internal communication, management of hostels, management of transportation, and a feedback mechanism, library administration, online assessment, Alumni administration, Calendar for Semesters, maintains records for accounting, time management, etc. The system's behavior in relation to its functionality is described by the functional requirement.
- Non-functional requirements: The non-functional requirement describes an aspect of the system's performance. Accessibility, Capacity, Current & Forecast, Reliability, Compliance, Documentation, Disaster recovery, Portability, Quality, Response Time, Efficiency, Effectiveness, Privacy, etc. are some of the areas that are often non-functional needs.
The prospect of having an appropriate ERP system for higher education can be done simply and successfully if we have a clear definition of the higher education ERP functionality. This is because higher educational institutions can progress toward some best-practice models.
Educational Institute Business Process
We view students as clients of a university who have expectations and demands, which are commonly referred to as requests or inputs in our framework. They participate in the educational process, and as a result, they feel a certain level of satisfaction, which is regarded as our output.
On a broad scale, the three "Ps" govern this educational process, which also involves a general management system with goals and policies established at the highest level of the administrative hierarchy.
The next stage is human resources management, where employees are assessed based on their levels of teaching and research, as well as their knowledge, skills, and working conditions (we have taken into consideration only the personnel involved in the teaching process – as it directly influences the outputs of students). The management of curricula, specialization accreditation, course development, and post-learning support are all part of the teaching and learning process. This level enables a more thorough and focused review, which we will take into account.
As a result, all of the aforementioned levels operate at a level of analysis, measurement, and improvement that will emphasize factors like internal auditing, student happiness, and monitoring/measuring of procedures and services (courses, training and skills).
Why do you need ERP for Educational Institutes?
All industries, including those in medicine, manufacturing, retail, logistics, warehouse, trade, and many more, strongly promote the value of ERP. Automation of corporate processes and process integration are two of ERP's key features. You can rely on the program to perform fantastic things for you whether you're looking for admission, fees, HR, admin, or recruitment because it automates every essential school operation. Every school and department benefits from the ERP solution.
Every single business process in the education sector can be streamlined by the software. As a result, if you're searching for a single piece of software that can handle everything—including automating every business function—it does everything. It also handles fees, examinations, payroll, document processing, and much more.
ERP essentially provides and equips the education industry with limitless options and advantages to handle everything smoothly at the drop of a hat.
- The ERP solution simplifies access to comprehensive information about the education industry.
- It provides timely information on all relevant topics.
- Every aspect of company is integrated. Access to information on finances, human resources, and much more is made available in real-time.
- It helps educational institutions like colleges and schools to share information.
- It streamlines the admissions process and keeps track of every business activity.
- It streamlines a variety of processes, including budget administration, fee management, hostel management, asset management, and more, in addition to grades and the test operating system.
- It provides real-time analytics and upholds positive interactions with parents, employees, and vendors.
Process of Admission Simplified
Most of us have gone through difficult admissions procedures for universities, if not schools. Applications request a variety of student information, including names, addresses, grades, subjects studied, and strengths.
To determine whether candidates are eligible, it is essential to verify all the information, which might take a lot of time. By consolidating all necessary data in one location, a smart ERP solution speeds up the process by making it simple for the administrator to access.
Transparency: Nearly every government in the world exhorts educational institutions to be transparent in their admissions procedures. Regardless of the number of courses your university provides, the ERP manages the entire admissions process. It has digital payment and admissions modules. The platform interfaces quickly with already-in-use websites, payment gateways, and admission management systems. The school management system has the ability to handle forms.
As a result, the software requires less work from your trainee enrollment staff. Applications may be accepted or rejected by them. Prospects receive immediate notification via SMS or email. ERP even allows for the booking of online career counseling by students prior to topic selection. Additionally, the technology gives your team of student councilor’s access to the prospects' data.
Online seat availability: Online seat availability checks for reserved admission are available for trainees from underprivileged backgrounds. Students and parents can therefore learn the truth about the organization. Making important judgments regarding admissions becomes simple. Now consider how much money your school may save on marketing and advertising. All you have to do is use school ERP to make online admission simpler.
Today's schools are overrun with data and much more than they were in the past. Since every area is interconnected, increased collaboration is necessary to promote wholesome relationships. This promotes the requirement for a contemporary instrument as opposed to a conventional strategy of papers. ERP, which organizes all school-related activities and makes them simpler and more effective, is becoming more and more necessary nowadays. ERP, as opposed to the pen-and-paper method, facilitates easy access to information.
Faculty preparation for technology: The success of the technology is greatly influenced by the faculty or instructors because technology has integrated itself into today's educational system. The majority of lecturers who use traditional ways to deliver lectures find it difficult to adapt approaches like course design, assignment preparation, assessment and evaluation, online content distribution, and collaboration.
The issue is one that educational institutions and faculties around the world must deal with; it is not specific to any one nation or area. The use of technology by educational institutions was one of their biggest problems in 2019.
Real-time Data Record
Access can be given to as many department members as is thought required in education ERP software. The staff members of various departments can stay informed about all the advancements or changes taking place in the institutions since they have immediate access to pertinent information.
Real-time data records assist staff in providing services effectively and on schedule, thus increasing the institution's reputation.
Data Entry mistakes Expenses: Some schools still use outdated software and spreadsheet data storage systems. As a result, administrators continue to find it time-consuming and challenging to track information. Additionally, spreadsheet mistakes resulting from human error or incorrect data entry cost a lot of time and money. Everywhere incorrect data is disseminated, and administrators are forced to spend endless time correcting errors. In the end, everyone who is involved suffers.
The digital ERP handles student enrollment, registration, and class assignment. Automation in the processing of forms, handling of payments, and other transactions also contributes to the reduction of errors. The user-friendly dashboard of ERP makes obtaining and analyzing data simple. Overall, you benefit your employees, students, and parents by saving time, money, and providing a terrific experience.
Student Information: Information on the students, such as their attendance, grades, assignments, etc., may be easily accessed with the use of the school payroll system. Teachers can utilize the student database to access basic information on students, such as grades, details about parents and siblings, addresses, etc. The administration also adds information on the students' accounts, medical histories, bills, etc.
Teacher Information: Effective school management software gives information about instructor activities inside the school in addition to keeping track of students' records. Teachers can utilize their database to centrally store information about student progress, class schedules, and classroom activities.
Viewing a specific teacher's class schedule is simple, as is filing reports quickly, etc. Once a report is submitted, teachers can easily inform parents about their child's report. Using the school administration software, where nearly all information about the classroom and students are updated appropriately, it is possible to rapidly complete classroom reports and paperwork.
Privacy issues with data: As the education sector chooses to undergo digital transformation, the sector has become a target for hackers who use malware, ransom ware, phishing attacks, and other sorts of attacks. Because it contains sensitive information about users and teachers, the higher education sector is a target for hackers.
Due to new enrollments and student graduations, the vertical has also noticed a change in the demographics. The implementation of a reliable security system has proven challenging due to these issues. Major newspapers have mentioned the restraint as well. According to the Verizon Data Breach Investigation Report, the number of breaches has increased by roughly 46% over the past three years.
Automated Payment of Fees
One of the most crucial procedures in any educational institution is fee collection; after all, without it, the organization couldn't survive. It was incredibly laborious and time-consuming to manually go through every student's payment history to establish which fees were paid and which were still owed. A dependable ERP for the school sector relieves the administrative office of this tedious work, resulting in rapid and easy fee collection.
It tracks every component of the price structure, including the amount paid for the library, lab, entry, tuition, lodging, and other fees, and automatically divides funds collected into various categories. Students can also keep track of the progress of their fee payments thanks to this. In order to ensure that parents are informed in a timely manner about forthcoming or past due fee payments through the official communication channel, the system also automatically sends alerts to parents.
Centralized Data Management
Every educational institution is required to keep a tremendous quantity of information on hand, including data about students, exams, courses, lesson plans, books, and much more. The entire campus is connected via an ERP system, which centralizes data to make data management easier.
To keep everyone informed and up to date, stored data may be shared around all the departments, keeping them all on the same page. ERP ensures that you don't encounter a communication breakdown and provides good control over internal and external communication.
Data Security: In order to prevent malicious individuals from using sensitive student information for their own purposes, an effective ERP system has multi-layer security mechanisms. Regardless of the amount of data, digitally stored files give a higher level of security because they can't be easily accessed, unlike manually stored paper files on shelves.
The ERP system can securely store, retrieve, and manage mountains of data in a matter of seconds or minutes. Additionally, it keeps a backup so that crucial data is not lost in the event that the system crashes.
Simple account management: Every institution has to manage the money coming into and going out of their business. Additionally, schools have their own accounting-related tasks, such as paying teachers' salaries, handling payment vouchers, compiling daily collection reports, etc.
Accounting-related tasks required frantic paperwork and other hassles that gave accountants constant headaches. With the introduction of the payroll management system, complex duties and manual labor have been minimized because it has simplified and improved the account management procedure. The software has certain modules that aid in the process.
Quicker management procedure: ERP software for educational institutions enables rapid and simple access to data from all departments, enabling management to gain a complete picture of the situation in real time. This enables them to take data-driven decisions that could advance the institution.
Administration and management may create stronger future strategies by making educated decisions and having easy access to data.
Prompt Decision Making
To help with the many administrative duties including admissions, fee payments, student enrollment, payroll, personnel records, student lodgings, and similar, prompt decision making education ERP software has the capacity to handle enormous amounts of data and generate reports in bulk.
The institution can make important decisions faster and with more knowledge because they can quickly access all of this information. This results in higher output, better output, and better student services as well.
One of the major advantages of implementing ERP in any organization is cost savings, and this is also true for the education sector. The need for manual intervention in administrative tasks, from admission through exam results, is reduced through automation and process simplification.
This helps free up personnel from menial tasks so they may concentrate on enhancing course design, caring for students, or other beneficial tasks. The large cost savings realized by deploying ERP in a school can be used to provide students with higher-quality instruction.
Cost of Paper: Numerous case studies have demonstrated how going paperless alone may save you a tonne of money. However, the cost of paper and printing frequently appears on lists of unaccounted-for expenses. In the US, schools utilize 32 billion sheets annually on average. On paper, they spend $1.6 billion. The average annual cost of paper for each school is estimated to be roughly $16,000. In essence, saving money can be achieved by producing digital student records rather than paper ones.
By digitizing administrative tasks, ERP software drastically reduces paperwork. Department heads and staff may quickly share information, hold meetings, and make informed choices by linking all the departments on a single platform, which results in a huge reduction in paperwork costs.
Fees for Auditing and Documenting Financial Records: Each school manages a considerable amount of financial information. And it's true that keeping financial records in accordance with legal requirements is important. During an audit, even a single record inaccuracy leads in additional expenses. Of course, no particular organization wants that. You can increase the effectiveness, accountability, and producibility of your school.
Balance sheets, income statements, banking processes, and financial accounting systems are all streamlined to achieve this. You can produce a variety of reports in a matter of seconds as a result. And this makes the task of the auditor during the audit simple. No matter if it's information on wages, donations, trade receivables, payables, or government funding. You can access the institution's financial condition thanks to ERP.
Expenditure on Applications for remote workers: Mobile apps provide access to contemporary school management systems. The software is accessible to employees that work remotely. Thus, the school is spared the expense of purchasing laptops or other technology for its staff who work remotely. Since 2020, these ERP solutions have proven to be a blessing for the education sector. Schools have switched to a mixed teaching model as a result.
Exam Costs: It can be expensive to set up desks, classrooms, projectors, and question-answer sheets for classroom-based exams. The learning management system, online quiz software, and exam administration software are all integrated with the ERP. Using these programs together made it easier for schools to manage online tests throughout the pandemic.
Online exams of the objective kind, para-based, subjective, and audio-visual nature are also possible. Even exam evaluation based on ML skills is handled by some systems.
Decrease in Ownership Costs: Every school has an LMS, TMS, accounting system, attendance system, and software for online admissions. Your organization either employs an internal IT team or relies on outside providers for upgrades and assistance. Both have significant costs attached to them. On the other hand, you may let professionals create a complete education ERP.
It also integrates with the software you already have. It won't be necessary for you to "purchase" it and then keep expensive on-premise gear. Web and mobile ERP software are available as a SaaS payroll offering. The majority of current education ERP systems are cloud-based. As a result, the cloud service provider manages infrastructure and upgrade expenses.
Improve Resource Management
Manual resource database maintenance can be exceedingly tedious and time-consuming. A thorough ERP solution uses an inventory management module to keep track of goods and resources consumed.
To optimize operations, streamline everyday tasks, and address problems before they become too serious, you will be able to assign resources and activities and monitor them smoothly.
Asset and inventory management at the school: The development of school management software programs made school inventory management easier. It becomes simple to manage hostels, school buses, libraries, and other facilities. One of the key components of the school management system is the management of the dormitories. Manually running a hostel is a tedious operation.
A school management system can assist the administrator of the hostel in creating a list of wardens, the daily costs of the hostel, the distribution of rooms, the collection of hostel fees, etc. It makes it easier for the school librarian to manage all the books and maintain track of the information.
Unlimited expansion & ROI development
An institution's manual intervention requires a significant amount of human resources, numerous documents, papers, Google Sheets, Google Docs, and many other things. Due to all of these outstanding approvals, issues, and mistakes, the process is a little drawn out. All of these immediately impede the organization's expansion and, eventually, its return on investment.
By automating and streamlining the entire process for growth, efficiency, cost-cutting, and ROI creation, various ERP modules assist educational institutions in reducing all the aforementioned faults and issues.
Although there are several ERP modules for educational institutions depending on the particular requirements of each institution, each portal enables access to the updates, notifications, and information that is pertinent to that stakeholder.
- The student portal, for instance, enables students to view assignments that have been posted, upload completed assignments, access lecture schedules or time tables, exam schedules, pay fees or bills for other services, complete forms or provide the information requested, and do anything else that is necessary.
- Parents have access to crucial data on tuition payments, student attendance, grades, and other topics.
Teachers will have the ability to assign homework or other tasks, verify the completed work that students have uploaded, post grades and test results, submit contact information, leave comments for specific students, and input information about courses, schedules, syllabus, among other things.
In this way, the education system ERP aids in enhancing communication between students, teachers, and parents, keeping everyone informed about crucial issues. Everyone involved saves a tonne of time that can be used more effectively by not having to stand in large lines.
Systematic administrative and academic management
All of the key activities in the institutional cycle are involved in academic and administrative tasks. Evaluation of these operations and periodicity checks for each stakeholder are essential for the development of contemporary institutions. As it manages the entire academic and administrative processes for all the stakeholders at the individual level, an ERP system can prove to be a very helpful tool in this situation.
An effective ERP system enables all users to obtain the information they need for any operation. It automates the entire procedure, which lowers the likelihood of mistakes, turmoil, and confusion and increases efficiency across the board.
Extended Teaching Periods
We can all agree that teaching students is the major objective of every educational setting, from elementary schools to colleges offering post-graduate programs. Teachers can liberate themselves from tedious and time-consuming tasks like recording student attendance, managing timetables and lecture schedules, assigning homework to specific students, preserving course records, and more via digitization and automation.
They can make better use of this time by learning new skills, improving their teaching techniques, and giving their students an education of a higher caliber.
What are the challenges faced by Educational Institutes?
Campus management productivity
For educators, this is one of the most difficult challenges. It is time-consuming and hard to keep infinite records of students and other administrative duties manually. Teachers' performance is affected when they work on administrative tasks (which is the case in almost every institute). It becomes even more challenging for higher education because there are also hostels and other facilities to consider.
The efficiency of campus administration is greatly influenced by how efficiently the departments coordinate, how long it takes them to complete a task, how well teachers' time is utilized, etc.
In addition to providing schools with a single platform to administer the entire campus, it also allows them 360-degree control over the full student life cycle, from admission to course completion.
Student Success and Retention
Given the abundance of educational institutions and the fierce competition they face, it is essential to fulfill student expectations and preserve the institute's reputation. The millennial generation only selects the finest for itself and does not compromise on performance.
It is impractical in the long run for educators to use numerous software platforms to perform administrative tasks and assure student/customer retention in order to make an institution technologically savvy.
The student management system gives the institution all the necessary software in one location and facilitates a quicker and more seamless information flow for professors, staff, and students thanks to cutting-edge technology and many connectors. This has a favorable effect on both student achievement and the expansion of the institute.
Choosing the Correct Education ERP
The choice of the appropriate ERP campus management facilitator should be the initial and most important step taken on the road to a successful cloud-ERP implementation. It appears to be impossible to distinguish between legitimate cloud ERP products and educational ERP suppliers given the abundance of cloud-based education ERP software on the market.
It's true that not every ERP vendor out there keeps to their word and upholds ethical business practices. You must therefore thoroughly investigate the ERP supplier and services.
Independent schools' financial departments are facing problems and difficulties as a result of the Financial Accounting Standards Board's (FASB) implementation of the revenue recognition standard, Accounting Standards Codification (ASC 606): Revenue from Contracts with Customers. How and when to recognize revenue from one important source, tuition and fees, is one of the topics of discussion.
Five steps to the core principle
The fundamental tenet of ASC 606 is that a business must record revenue in an amount that reflects the payment to which it expects to be entitled in exchange for the promised goods or services transferred to customers. Simply put, revenue from a contract might not be recorded consistently during its duration.
As the precise performance obligation is provided and completed, the price, or cost, would be used to calculate the amount of revenue recognized.
Applying the following actions will help an entity realize this fundamental principle:
Step 1: Identify the contract with the customer
Step 2: Identify the performance obligations
Step 3: Determine the transaction price
Step 4: Allocate the transaction price
Step 5: Recognize revenue
Step 1: Identify the Contract with the Customer
First, the institution needs to list its contracts. Contracts between the institution and the customer establish enforceable rights and duties (students, government agencies, vendors). The simplest case for institutions is tuition and associated costs, where the institution has an enrollment agreement where price, payment, and other relevant parameters are agreed upon by both sides.
It’s important for every institution to compile an inventory of all income streams in detail and the various forms of contracts related with them so an initial review of the institutions’ present revenue process can be created.
Step 2: Identify the Performance Obligations
"What specific good or service is being assured in exchange for the contract?" The primary performance duty of an institute is to provide education, but the enrollment agreement may include details about other costs including tuition, fees, books, housing, and other expenses that may be combined into a single performance obligation.
For instance, can a student, from their perspective, earn a degree without paying lab fees? The institution can approach additional revenue streams comparably to tuition by grouping all the associated revenue streams together.
Step 3: Determine the Transaction Price
Establishing the transaction price is the third step. The amount that the institution anticipates paying for the transfer of goods or services is known as the transaction price. The transaction price is determined using published rates and fees as well as financial aid.
When revenue is recognized, the amount of any financial aid that a student receives in exchange for doing nothing is deducted from revenue. If a student provides a service in return for a tuition discount, the difference is reported as an expense.
Step 4: Allocate the Transaction Price
The transaction prices are now allocated to the particular performance responsibilities that have been previously determined. Fortunately for the schools, the enrollment agreement often states all fees quite clearly.
Step 5: Recognize Revenue
As the performance responsibilities in step 2 are fulfilled, the institution can finally start recognizing the revenue in the amount set in processes 3 and 4.
- The institution must understand if a performance obligation arises all at once or gradually because this will affect how income can be recorded. Understanding when the school can declare revenue depends on knowing when the student obtains the benefit.
- This standard does not apply to contributions, investment returns, or lease agreements; instead, other accounting rules apply to their recording principals. Independent schools frequently sign agreements before the end of the fiscal year that cover the following and upcoming fiscal years. For each of these contracts, the five-step procedure outlined above will be followed.
How each institution determines its performance responsibility and how it documents and supports this determination are the critical factors in each of these situations. Depending on the wording of the contracts, how the school informs families of the performance responsibilities, and ultimately the school's documentation of what it views the performance obligations to be, this may differ from school to school.
To ensure that the school is well prepared for any potential impact on its accounts and the financial budget, we advise Finance Committees to address the implications of the Standard both internally and with the auditors prior to the application date. The initial assessment procedure should take materiality into account by the school. To reflect the accounting practice, it should also think about changing the pertinent accounting policies.
Types of Revenue
A. Tuition and Student Fees: All tuition and fees imposed for educational purposes fall under the category of mandatory fees and tuition (net of refunds, estimates of bad debt, and any recognized discounts). The fiscal year in which tuition and fees are assessed for academic terms that last the full duration of the fiscal year includes those fees as revenue. At the end of the fiscal year, care should be taken to make sure that prepaid tuition is postponed and that unpaid tuition has accrued.
B. Government Appropriations: Ordinarily, appropriations are granted in accordance with legislation rather than through an application procedure; nevertheless, in some cases, the appropriation may need to be maintained with additional reporting. Government grants and contracts are not a source of funding for appropriations.
C. Grant and Contract Revenue: When money is given to a university for an activity with a set budget, time frame for completion, and scope of work, it is recorded as grant and contract revenue (also referred to as "sponsored" revenue). This funding is given with the expectation that it will have a direct positive impact on the resource provider. Contracts, grants, and cooperation agreements are all common forms of agreements with external parties that typically directly serve the objective of the university. Except as otherwise stated in the terms and conditions of the award, revenue from grants and contracts is generated and recognized once expenses have been paid.
D. Gifts and Contributions: A gift or contribution is an unrestricted transfer of funds or other assets made voluntarily and without regard to reciprocity to the university. A conditional transfer, however, changes into a gift or contribution when the prerequisite set forth by the giver is satisfied. Money or other resources: Contributions can take many different kinds.
A donation may also comprise the unconditional promise to transfer investments, machinery, royalties, or other assets in the future, in addition to the delivery of money. The cancellation or settlement of a liability, or an unconditional promise to do so in the future, may also be included in a gift or contribution. In most cases, the gift's or contribution's form has little bearing on how it is acknowledged.
Voluntary: The resource supplier must voluntarily engage in the transaction, even if it is nonreciprocal in character. Gifts and contributions do not include taxes, fines, or other forced exchanges.
Nonreciprocal: A transfer or promise to transfer must be made in connection with a nonreciprocal (or "one way") transaction in order for it to qualify as a gift or contribution.
E. Auxiliary Enterprises: An auxiliary enterprise is a non-academic organization that primarily provides goods or services to staff, faculty, or students in exchange for a fee that is related to, but not always equal to, the cost of the provided goods or services. Some auxiliary businesses may serve the broader public by accident. The lodging, dining, conference services and bookstore operations are the only auxiliary enterprises of the University. Revenue from business-like ventures that directly serve the mission of the university, such as a veterinary clinic, a teaching hotel, a dairy store, orchards, etc., is recorded under educational activities.
F. Educational Activities: The category of sales and services for educational activities includes:
(1) revenues from activities that produce goods and services that can be sold to students, faculty, staff, and the general public as well as
(2) revenues from activities that exist to give students instruction and laboratory experience.
G. Interdepartmental Revenues: Different university units supply other university units with commodities or services. As a result, the internal services unit receives "income," which is not actual money for the university (no new resources are being provided from an external source). Therefore, the interdepartmental expenses billed to the University units must equal the sales in order for the net of interdepartmental revenues and expenses to equal zero.
Integrate all your lead channels
It can be challenging to track the leads across numerous Excel pages. There is a custom field to indicate if a contact record has been processed or has yet to be called (the calling team needs to update the status against each lead to indicate whether the student was contacted or not each day because there are several leads received).
High rate of project team member turnover
When dealing with implementation, project team members in non-profit organizations like higher education institutions that are paid by the government may leave from their positions, which results in a lack of knowledge and skill transfer about ERP during the ERP implementation life cycle. In the end, users and project team members won't have enough ERP knowledge to use the system for their daily work.
Even though today's parents are professionals with full-time jobs, they still want to be involved in their kids' academic pursuits. Additionally, it is a well-known truth that students perform better when parents, instructors, and students collaborate well. However, the majority of parents don't have the time to periodically visit the school or college for updates.
It is simpler for everyone to verify their respective information as and when needed thanks to a mobile app and a parent/student/faculty portal. Additionally, parents receive timely updates about their children via email or SMS notifications.
Excessive reliance on customization
Heavy customization in the areas of program customization and report customization will be necessary due to software mismatch.
Customization may result in project delays, expense overruns, and unstable systems (due to poor quality of customization, unresolved system bugs and insufficient testing). The ERP system's "best practices" could be sacrificed if it is tailored to meet with certain lease business operations.
Excellent education delivery and high-caliber academic management are now top priorities in the education sector. This does not disguise the fact that an institution's quality and reputation depend not only on its people but also on its finances and revenue. Return on investment (ROI) is still a crucial component of any organization's management.
By reducing stationary costs, paper costs, printing & mailing costs, hardware costs, etc., ERP can assist the institute in managing it cost-effectively. ERP investments in the education sector provide strong returns over time, if not immediately. An institute can save time and money through prompt decision-making, effective administration, and total automation. Long-term, this will lead to a higher ROI.
Controlling Costs: The best resources are available to both the best schools and their students. However, the majority of schools, especially those that are publicly funded or run on a nonprofit basis, may find it difficult to afford all of these tools. Even some of the best colleges, which charge comparatively high tuition, are required to pay salaries, maintain their buildings and grounds, support research, and hire the most qualified staff members in order to uphold their credibility and reputation.
This entails providing funds for the activities of teaching and conducting research, as well as paying professors' and other staff members' wages. An educational institution may be constrained by these financial factors, and for most schools, keeping all of these expenses in check is one of the most difficult tasks.
Time management among teachers and staff
The main goals of educators are to promote institutional growth and effective, fruitful, and goal-oriented instruction. However, the tedious daily duties that must be completed manually consume energy and leave very little time for teachers and staff to think creatively and innovatively.
- The management of admissions and enrollments, program and course registration, schedule creation, attendance tracking, syllabus management, and other routine academic chores are all automated by student information systems. As a result, staff members and teachers can focus on teaching while saving a significant amount of their essential time.
- Prior to recently, parents could only communicate with or participate in their child's educational institution via phone calls or the handbook. There was no shared platform or efficient student management system for students, staff, and parents to communicate, offer comments, and receive critical alerts/announcements relevant to the institute and their child.
As a result, many parents are utterly unaware of their children's academic development, performance, and well-being.
Business Process Reengineering (BPR) of poor quality
It will be challenging for project team members to collaborate and contribute to business process reengineering (BPR), and the poor quality of BPR will result in issues with inappropriate system configuration. It's also likely that certain project team members lack a clear understanding of why or how to undertake BPR since their consultants gave them improper guidance.
The project teams won't be in the right frame of mind to use or install the ERP system if the business processes are not successfully reengineered to align with the ERP systems, and they are not prepared for the adoption of new business processes.
Lack of Project Management Effectiveness
The project manager, who is in charge of the project's management, is crucial for effectively managing the consultants when doing Business Process Reengineering, testing the system's effectiveness, and evaluating their performance in communication and training.
The ERP project will be difficult and demanding if the project manager does not have adequate ERP knowledge, capability, and project management abilities to integrate the ERP system. This is because managing various systems, people, and redesigning business processes are all part of managing the ERP project.
Ineffective consulting performance
Some of the consultants may not have much experience with ERP systems and may not be qualified to offer professional guidance on EPR project planning. Ineffective consultants are those that don't communicate well during the project phase and only offer workarounds rather than doing BPR (Business Process Reengineering) to close the gap between ERP systems and business processes.
Poor testing standards
The outcome of the ERP testing serves as a sign that the system is ready to "go live." Due to a tight project timeframe and a lack of experience evaluating ERP systems, the work will be completed quickly and of low quality.
Data security and reconciliation for the institution and students
Data reconciliation is a process that involves evaluating and confirming data that has been gathered from various systems. It is necessary to do this in order to make sure that transactional systems are using the data correctly and to guard against information loss. All back-office operations that do data reconciliation strive for the highest match rates, the elimination of false positives and negatives on processed data, or fully automated reconciliation in order to minimize manual involvement and exceptions.
Data reconciliation is a crucial part of educational operations, but the fact that many businesses still use manual procedures makes it difficult to fully automate. Increased automation is a crucial operational and financial goal because the expenses of human reconciliation can reach the millions. It is feasible to achieve fully automated reconciliation, which consists of two steps:
- Straight-through processing (STP) completely automates the transaction process from initialization through final settlement, removing any chance for human error.
- Straight-through reconciliation (STR) automates the reconciliation of incoming and departing transactions related to operational and financial reconciliation by utilizing software tools.
Enterprises can maximize the value of their current IT systems, such as investments in Enterprise Resource Planning (ERP) systems, by implementing STR, which often calls for process-level data integration between a business and their service provider. Even though complete automation could be challenging for many firms to achieve, using technology to enhance data accuracy, boost match rates, and do away with human operations whenever possible is crucial.
Time spent in reconciling data across multiple systems:
Educational institutions often handle enormous volumes of data and information and are required to always have access to student data. Using manual processes for crucial activities is standard practice in many institutions. These methods need more time and effort, are prone to human mistake, and duplicate data. Data integration is practically impossible for institutions with various branches, which leads to risky decision-making. Education-related enterprise resource planning (ERP) software packages benefit institutions technically by automating the difficult data management process.
Data loss awareness
The secure usage and access of organizational data and systems must be made clear to staff, non-staff, and students, even though Education ERP solutions have robust cyber security rules and data security. Research papers, exam papers, question papers, birth certificates, payment information, digital records, and other sensitive data are frequently stored in enormous quantities by educational institutions.
Two factors lead to institutional hacking: weaknesses in human behavior and software. Even one user who saves information on their desktops or has a weak password might leave their computer and every applications used on it vulnerable to potential intrusion. These viruses frequently lurk silently for years, stealing data while program owners are completely oblivious. Studies show that up to 13% of cybercrimes in educational institutions in 2019 were caused by malware and phishing.
- Archiving Data: It gets increasingly difficult to track and maintain the data as it grows and there are too many files to manage (current and former students, timetables, and more).
- Data Exchange with Necessary Stakeholders: It is difficult for management to obtain a clearer picture of operations when data is not shared with pertinent departments and shareholders.
- Data Accessibility in Real Time: Organizations would lack real-time visibility if campus operations weren't properly tracked or observed.
- Organization of information: It can be difficult to keep information organized when there are so many things going on and so many channels of communication between students, parents, staff, and departments. However, organization is crucial for educational institutions in particular.
ERP software solutions eliminate the need for paper, sticky notes, or memorizing things at their most fundamental level.
ERPs are made up of numerous "modules," or applications, each of which exchanges data with the others. Therefore, the ERP solution would immediately add that vendor to all pertinent modules, such as Accounts Payable, Accounts Receivable, General Ledger, and so forth, if you were to add account information, for instance, in one of those modules.
What Complicates the Digital Transformation of Reconciliation?
It's not as simple as it sounds to get rid of time-consuming, expensive manual tasks from the reconciliation process.
- The main impediments are erroneous or inconsistent data sent by the senders, various file formats, and patchy systems. Despite the fact that standards have helped, many transactions still cannot be automatically reconciled because of incorrectly typed data or because unstructured data, such as transaction reference data presented as memoranda or PDF files, is provided.
- In the present world, dealing with paper documents is still essential. Checks and the identifiers on them are essential data elements for account and transaction reconciliation, whether they are used to pay a claim or an invoice.
- It is challenging to validate and match those payment references to an account or transaction even after they have been transmitted since they are not globally standardized.
- Controlling and managing the vast volumes of data generated by the educational institution's personnel, non-staff, and students is one of the largest issues.
- The space needed for manual data and paperwork is frequently very large, making it difficult to identify insights or quickly produce reports like those needed for NBA accreditation.
- Similar to this, using on-premise ERP solutions places the onus of cyber security and cybercrime prevention on the educational institution.
- Data theft, ransom ware (which locks down a system until money is paid), password guessing, keystroke recording (which gives hackers access to credit card numbers, etc.), malware viruses, and many other things could happen as a result of security breaches.
- Security layers are put in place as part of cyber security to stop hackers from accessing sensitive data. If the servers are on-site, the institution's IT resources typically cannot handle this.
Numerous ERP programs that educational institutions are attempting to replace made more promises than they were able to keep. The goal was to integrate identity management, data storage, and workflow engines into the college software. However, many institutions claim that they still find it difficult to carry out necessary tasks like enrolling, counseling prospective students, or accurately obtaining data insights or reports. They still require extensive manual workarounds.
The ERP system's processing speed will most likely suffer as a result of the inadequate IT infrastructure. The consultants and project manager will suggest a poor performance IT infrastructure hardware to lower the expenses of ERP deployment if the top management has allocated insufficient financial resources for the process.
Poorly transferred knowledge
Professional ERP training won't be provided to users by inexperienced consultants who are unaware of the unique characteristics of the leasing business and try to practice during training sessions. Additionally, if the training materials are poorly written, all of the knowledge will be deemed to be oversimplified and useless.
- A key component of a successful ERP installation in a school has been recognized as the knowledge and capacity of the project team members to convey necessary knowledge. Implementation consultants with expertise in ERP are required.
- One of the crucial knowledge components for a successful ERP implementation in a school is an understanding of system functionality and current operations.
- The knowledge is spread across several levels, from the individual through teams, departments, and divisions. Implementation consultants have understanding of the ERP package at the beginning of a project, and users have knowledge of the institution's procedures.
- End users must learn about ERP packages from consultants in order for the implementation to be successful.
- Professional ERP training cannot be provided to users by inexperienced consultants who are unaware of the value of the ERP system and who try to practice during training sessions.
The users' opinion on the nature and application of the ERP system is unclear: Users won't have a clear understanding of the nature and application of the ERP system due to the poor quality of training and inadequate instruction provided by the top management and project team. They won't comprehend the justification for putting the ERP system in place and will be resistant to change, which will cause political issues and bad BPR.
Poor support from the top management
The lack of top management support will result in a hurried ERP implementation process, overworked project team members, significant staff turnover, inefficient knowledge transfer, and political issues.
Unrealistic expectations from top management regarding the ERP System: If top management assumes that the ERP implementation will provide excellent solutions without taking the ERP system's complexity into consideration, this will result in unrealistic expectations from the entire project team and users.
The installation of ERP will fail from a project management standpoint as a result of this misconception, which will cause superficial project planning, an underestimation of the budget, and resource allocation.
Strict Project timeline
The implementation activities will be hurriedly carried out in order to meet the project deadline if the top management and project manager want to cut the ERP project's budget and they tighten the project timetable. The system will be overloaded by the project team and users.
Automating time-consuming tasks
All those tedious, time-consuming, but vital jobs may be completed by ERP software solutions in a fraction of the time it would normally take to do it manually. ERP software systems automate a variety of functions, including admissions, HR, staff management, and academic deliveries.
An ERP system provides extensive functionality that satisfies the unique statutory and practical demands of educational institutions. For instance, management can keep an eye on the number of new students enrolled, the associated incoming funding, and the availability of books. The technology can automatically assign classes, confirm accommodations, and schedule lecturers in the best possible order.
ERP software solutions save your staff time, eliminate human error, and simplify complex procedures by automating them. The institution's financial bottom line reflects all of this.
Integration with additional software
The challenge many firms encounter is a failure of diverse inter-departmental technology working together smoothly. The majority of enterprise resource planning (ERP) software solutions are designed to integrate with other software that your institution already uses.
The interdependence of each software component makes processes simpler and more efficient for people. The need for manual duplication of duties, as well as data input errors and lost time are eliminated when the ERP software solution automatically shares information between departments.
Despite the rapid advancements in education over the past 10 years, there is still much work to be done on a national and international scale. The following section of this article explains the market issues that businesses and individuals involved in the education sector face:
Cost & Performance Ratio
The fact that student test scores are either staying the same or improving very little in spite of increased education prices is another problem the industry is dealing with. To cater to a wide range of student interests, aptitudes, and learning styles, the industry must innovate and find diversity. Children have varied learning styles and different schools use different teaching approaches.
School Expense Automation
Education institutions frequently have many personnel, distributed teams, and tightly restricted budgets, which are characteristics shared by commercial businesses. In general, grants and scholarships cover these institute's costs for things like travel and other expenses. This is going to be governed by many laws.
As a result, institutions' cost reporting becomes more complicated. Along with requests for specialist answers to comply with grant requirements and other rules relating to the government. The accounts team faces difficulty in keeping costs under control as institutes expand and their expenses rise. It must be kept in mind that creating and implementing cost control and compliance standards is crucial for schools, and that this is only achievable with expense management automation.
Limitations of Manual expense system:
Schools have a number of difficulties while submitting, handling, and paying expenses. The current manual expense management system has the following drawbacks:
• Possibility of Fraud: Experts in the USA claim that manual reporting is responsible for a fraud that costs the country almost $2.8 billion annually. As a result, there is a sense of security and it is impossible to identify where an error occurred.
• Paper-based procedure: The manual reporting procedure often entails maintaining receipts, creating a spreadsheet, printing the spreadsheet, and then adding receipts to it before sending it to the finance department for approval. This procedure has been shown to be onerous and typically labor-intensive, wasting the institution's valuable time and resources.
• Delay in Travel Expense Reimbursement: Delays in the recovery of travel expenses are sometimes caused by an inability to compile a list of expenses while travelling. The senior staff members of the institutions, such as heads, teachers, and those who work off-campus, can occasionally become frustrated by this.
• Potential for Errors: Since manual processes are frequently prone to mistakes, even a single error can have significant effects on the general ledger code and have negative repercussions with the regulatory authorities.
A significant problem is raising the standard of education at all levels to international norms. Standardization has always been the main focus of education, but it has become clear that not all students can benefit from this kind of system. The pressure on educational institutions to produce a homogeneous product not only makes it impossible to identify each student's unique qualities and abilities, but it also makes students disinterested in their education. Furthermore, every student learns differently.
The variables in age, gender, ethnicity, or family history that can determine a student's success or failure in a given educational setting are not taken into consideration by standardized learning. Prior to hiring, all teachers must receive rigorous, high-quality training, and the curriculum must be improved using cutting-edge technology and innovative teaching strategies.
Budget cuts and restrictions are by far the biggest barrier impeding teachers' and administrators' efforts to equip kids with education technology, and they represent a significant challenge for those who support the use of tech in the classroom. According to a recent study, 75.9% of respondents cited economic constraints as the major obstacle keeping them from using education technology.
Budget constraints are particularly difficult to overcome because high-quality education tech tools are expensive. Adopting technology in the classroom might be significantly hampered by a lack of funding in financially stressed schools.
Question Paper Creation
The only difference in how question papers are currently being created is that teachers are using computers instead of paper and pencil as they once did. They must create the questions themselves, yet due to the clear limits of humans, they are frequently repeated and framed incorrectly by teachers.
- In smaller educational settings, like schools, these concerns are unimportant, but when it comes to entrance tests, they become quite important. As a result, the integrity and accuracy of these exams are checked by the exam moderators and subject matter experts.
- This further increases operational costs, lengthens the process, and renders it vulnerable to leaks. When it comes to assessment tests for classroom instruction, there is essentially no diversity and students are solely examined for ideas that a teacher deems important.
- There are therefore many difficulties and hazards in this area. Even if a question paper generator is used to implement technology on a big scale, there are still difficulties with cost, training, and system integration.
Demand and Supply Ratios
Post-secondary institutions have recently gained access to sizable applicant pools. However, as fewer people are graduating from secondary schools, schools have forced to compete with one another for prospective students.
Foreign schools also play a part in the rivalry for students; as more and more schools from other nations engage in aggressive recruitment strategies, domestic institutions will need to work increasingly harder to satisfy the needs of students.
Shortage of teachers
Due to staff reductions imposed by underfunded schools, this is partially a result of the budget imbalance. The three most typical solutions to financial stress in secondary schools include reducing the number of teaching assistants and teachers as well as reducing spending on instructional materials.
Due to the decreased personnel, teachers are required to perform additional jobs, such as teaching more subjects, supervising students during lunch, and cleaning. This worsens classroom issues because students receive less individualized attention from teachers when class sizes are expanding.
Expensive infrastructure for modern technology
Adopting EdTech is simple, but raising money for widespread adoption is undoubtedly a difficult issue. Additionally, the majority of educational institutions lack the funding to support the majority of the contemporary technical infrastructure.
According to a recent study, 37% of teachers across a range of institutions have volunteered to help their students using EdTech. They pay for whatever equipment they deem necessary out of their own pockets Although this is undoubtedly a wonderful effort, it does not offer a fix.
Adapting to Changing Economic Needs
Preparing students for the workforce has long been one of the main objectives of education. Previously, this meant that either a student completed secondary school and began working in manufacturing, or a student continued on to further study. However, current changes in the global economy require the education sector to adjust as well to these shifting needs.
Positions in manufacturing are vanishing in the current economic climate, but jobs in knowledge, information technology, and services are significantly increasing. While traditional manufacturing employment is become harder to find, information technology opportunities are plentiful in areas that are expanding.
The industry must adjust to changing demands, including the displacement of workers who lack the skills and general education requirements to pick up new skills quickly, as well as the absence of qualified workers to work in the new industries and production modes and in the service sector.
How to Implement ERP in Educational Institutes?
Campus management software is a comprehensive, integrated system that collects data in a methodical manner, organizes it, and promptly outputs it in the desired format. The advantages of implementing an appropriate ERP, particularly in a learning institution, are strong, efficient, and long-lasting. However, an ERP must be deployed in an integrated, compatible, and systematic way in order to yield the best outcomes.
An education management system's productivity, profitability, and campus-wide operations could all be hampered as a result of faulty implementation. Because undoing the harm could take a long time and necessitate several modifications that might or might not be feasible, the company might suffer some losses as a result. Before making any decisions, it is important to carefully read a detailed, informative guide on adopting ERP in the education sector because any error could have serious consequences for kids that cannot be tolerated.
Step-by-step process for implementing an education ERP is given below:
Demonstration, which must be done prior to procurement, is the first and one of the most crucial components. An expert explains the fundamental construction of each component of the ERP module. Given that they are the ones using the ERP, it is advised that both management and end users be present. At this phase, significant details are recorded and ambiguities are clarified.
The institutional processes are simultaneously studied and grasped by the team, and they are improved to increase system functionality. The institution requests any specific criteria, if any, and then maps those requirements.
Following receipt of the purchase order, an ERP variation that best meets the needs of the organization is put together while taking into account all the data and information obtained during the demonstration. In as little as a week's time, a powerful, dependable, and connected ERP may be installed based on user experience and business intelligence tools.
The onsite team gives the designated module incharge a thorough demonstration of each module to create the necessary tempo and ardor to increase user collaboration. While the user-suggested changes are being worked on by the support staff.
Comprehensive Gap Analysis
The module specialists will closely monitor, analyze, and fill up any gaps in the institutional processes throughout the course of the initial weeks. The onsite crew gathers sample data for this study, and functions are configured appropriately.
While configuration is being done, the institution is asked for their own input because any changes may be made easily at this point. The necessary reports are created after the setting is successfully finished. The team creates a module-by-module SRS (software requirement specification), which the users must accept.
As and when necessary, minor adjustments are made concurrently with the aforementioned stages. However, any significant changes must first have written institutional clearance. In this situation, customization that modifies the software's coding is carried out. In order to achieve the desired objectives in the most effective, comprehensive, and profitable manner possible, the original software is adjusted to correspond with the institution's actual current activities as closely as feasible.
Customization refines the software so that it satisfies all requirements set forth by the organizational processes. To speed up deployment, several teams are formed to work on various modules.
A live demonstration of the changed module is offered, and live reports of the sample data that was previously obtained are presented. If a problem does develop, it is resolved right away by the team. Making the client use the system enables the team to:
- Identify any changes that need to be acknowledged;
- Rectify the difficulties appearing with usage or operations;
- Assist the end user with any challenges they may be encountering;
- Ensure that the system is completely functioning and controllable.
- Clients are asked to accept the system after it has successfully passed through testing.
After the ERP module has been approved, the organization's final data is collected. After conversion, it is imported into the system. The Module is prepared for real use. The ERP is now completely ready for the client to use.
Services and Warranties
As crucial as proper implementation is system upkeep. The type of ERP determines maintenance and the items that are included in it. From a maintenance standpoint, it matters whether the system is web-based or cloud-based. A web-based ERP needs more maintenance, whereas a cloud-based ERP, where the majority of the hardware is looked after by us, needs far less maintenance and associated expenditures. Additionally, the ERP is covered by warranty.
What are the ERP solutions for Educational Institutes?
The ideal digital option for educational institutions is ERP software. It becomes simple to handle the personnel, test data, fees accounts, web portals, management information system (MIS), and library books. ERP software allows educational institutions total control over all of their activities. All of the school's departments, including academics, finances, administration, infrastructure, and communication, are connected through ERP software.
This facilitates information sharing between departments and guarantees that all data is saved on a central server for convenient access at all times.
- Web-based ERP integrated software for educational institutions, including colleges and schools, enables the automation of all crucial internal procedures and serves as the foundation for a complete management information system (MIS).
- It includes and effortlessly integrates all of an education institution's core processes, including its academic, financial, administrative, and communication systems.
- It satisfies all of the stakeholders' and end users' information and data processing needs, including those of students, teachers, parents, support staff, and management.
- It enables rapid and innovative data and information analysis to support wise decision-making.
There are numerous departments offering a variety of courses in educational institutions. It can be difficult to keep track of all the programs, courses, and students. ERP software can make it easy for schools and colleges to manage all of their programs and courses.
You can map programs to receive entire visibility, including courses, students, attendance, credits, etc. You can better handle these activities if you do this.
Student & Faculty Management
By providing the user with access to a range of information, this module controls operations relating to student and faculty administration, allowing the institution to run more smoothly.
The attendance of students and faculty is reliably updated, flexible timetables can be made automatically or manually, student and teacher profiles are recorded, and student performance is monitored, evaluated, and shared. Finally, messages, alerts, and reminders are issued to instructors, parents, and students as needed.
In general, the majority of institutions and universities provide transportation for their students. They need to manage buses, drivers, routes, schedules, tracking systems, and vehicle maintenance.
You may effortlessly manage your transport services with the use of ERP software. You may use it to design routes, assign drivers, schedule driver maintenance, and more. Additionally, it can help with real-time vehicle position tracking.
Higher education is more vulnerable to threats because there are more research papers and patents, so it is essential for institutions to protect the security of the data.
An ERP-based cloud solution makes it feasible to have unlimited flexibility with highly secure protected data. Institutes can save time and money by investing in ERP, which guarantees a steady but sluggish return on investment.
As difficult a responsibility as managing a school is managing a hostel. Manually keeping track of how many people can fit in each room and the hostel as a whole can be laborious. This issue is addressed by the hostel management module included with the ERP system.
It suggests a rational technique to assign students to each room while automatically tracking each room's capacity and occupancy. The system maintains track of when students leave and return from the dorm, keeping order in the institution. Data about visitors is also kept. The push of a button will retrieve all information.
Finance & Accounting
This cutting-edge module, which is also present in the majority of ERP packages, has been tailored to fit the needs of the education sector, including payroll management, fee management, invoice generation, and the creation of income and expense accounts and cash flow statements.
Module for Inventory Control
This module seeks to assure the quality of the resources and assets purchased, lessen theft and wastage, keep track of unit counts, and purchase and distribute school supplies in the best possible way through automation. Both quantitative and qualitative data are recorded.
An automatic inventory tracker with information on each stock can be used to keep track of the inventory of resource references, study materials, canteen resources, departmental stocks like lab inventories, etc. This makes it easier to periodically assess the financial returns on such inventory investments.
How can the school library be used to its fullest while preventing theft, deterioration, and mixing-up? An ERP system for the education sector must have a module specifically dedicated to the management of books, journals, articles, newspapers, charts, reports, etc. The issue, return, fees, and late fees of all books are documented, organized, and tracked in a simple and secure manner.
Academic institutions place a lot of importance on task management inside the company. To enhance payroll administration, ERP for school management should be able to digitally schedule these jobs with performance and allotment records.
Numerous academic and non-academic activities, including exams, festivals, contests, exhibitions, and more, take place in educational institutions. The event management module for ERP system is created with the number of students, faculty, and other interested parties who need to be informed about these updates in mind. On this platform, the most recent events and campus news are provided.
Efficient data exchange
One of the key advantages of ERP software is the communication of information. Organizations may deliver precise and timely information to students, parents, instructors, and staff with the help of data management systems.
Student records storage: Data preservation and security are made simple with cloud-based ERP software for school. Additionally, it facilitates quick decision-making by making the data freely accessible to authorized people.
Institute and student data security: The cloud is used to host modern ERP programs. The major benefit of cloud-based education ERP systems is that all data is encrypted and stored in an unreadable manner, making data security a top priority. Data won't be lost in transit because cloud-based servers have a backup to the main servers. Additionally, the top-notch authentication tools, such iris, face, or password verification, can be implemented. This keeps the data safe from unauthorized access.
The latest technology is always being incorporated into cloud servers like Amazon AWS or Google Cloud servers to improve their security barriers. Clients utilizing their servers to host data will be as well-protected as is practical.
Data loss awareness: The best way to raise security awareness is through training programs that inform both staff and non-staff of the potential risks of security breaches and highlight easy security precautions like locking down shared devices, using unique passwords for each account, and avoiding downloading dubious files from the internet.
A cloud-hosted ERP will additionally provide data encryption, user authentication, cloud backups, and anti-virus software to ensure the highest security of all digital and financial records that belong to the institution, even though fundamental security measures must be firmly established within the organization.
By digitizing data, the ERP systems increase efficiency by making it simpler to monitor, access, and manage. It encourages high levels of accuracy in data collection, enabling you to retrieve pertinent information as and when required.
Business operations automation: Nearly all of the administrative chores that the staff currently does manually are now automated by ERP software. It lessens the workload and gives you more time to focus on more important tasks associated to delivering high-quality education.
The pandemic reinforced for academic institutions that the future is digital. Every process was not just online but also remote, meaning that all administrative personnel, faculty, and students were using home computers to access the systems. Institutions are now more willing to upgrade to newer cutting-edge technologies as a result.
The digital transformation process entails streamlining and simplifying complex processes to make them easier to execute. Additionally, ERP solutions leverage API interfaces, which make it simple to integrate the primary ERP solution with other outside software developers.
Integration with conferencing systems like Zoom for virtual classrooms, bio-metric suppliers for tracking student and staff attendance, bar-code software for library management, and accounting software that may already be in use are a few examples of third-party interfaces.
Improved parent-teacher-student communication
A unified dashboard provided by a cloud ERP enables educational institutions communicate with staff, students, and parents. Automated reminders can be set for fee payments, for instance, and student portals—which, if necessary, are also available as mobile apps—allow students to check assignments, submit completed ones, or view lecture schedules.
Teachers have access to a dashboard where they may submit reports, assign homework or assignments, grade uploaded student work, and send bulk messages to students as needed. Parents get access to vital data regarding their children's attendance, grades, and fee payments online.
Digital distribution channels for educational offerings
In a competitive market, education providers compete. Customers demand openness, interesting material, and a strong presentation at reasonable prices and with no effort. At the same time, both domestically and internationally, the market is expanding.
Three avenues for distributing material that will boost your school's marketing.
By strategically utilizing owned, earned, and paid content distribution platforms, schools can advance their marketing strategy. This includes content from websites (including blog entries), videos, emails, display adverts, podcasts, and postings and advertisements on social media.
Some of the outlets for distributing content that will help your school's marketing are listed below:
Websites, newsletters, email campaigns, and free social media posts are examples of content channels that a school owns and manages that are specific to their brand. With the use of these free channels, schools may share their story, highlight recent student accomplishments, and develop relationships with prospective students and their families.
Due to this Owned media should be the main focus of educational content and marketing.
- Control: Schools are in charge of their own content and are free to post whenever they choose.
- Reach: targeted articles that adhere to sound SEO standards can increase a school's reach, and social media promotion of owned material is essential for its widespread distribution.
- Cost-effectiveness: posting on a channel of distribution that belongs to you is free.
- Durability: the information may remain online or on social media for as long as the school sees fit.
- Flexibility: Schools can publish a range of information in print and online.
Any content that a school purchases is considered paid content. Paid advertising is available on social media platforms including Facebook, Instagram, LinkedIn, and Twitter. A common type of paid content is pay-per-click marketing, in which schools can publish an advertisement on a website and give that website money each time it receives a click.
Schools must follow the following guidelines when utilizing paid content:
- Be original and captivating, identify your target market, and conduct meticulous keyword research.
- Make it simple for people to access the content advertised in the advertisement.
Earned content is what people say about a school online when they see it mentioned in the news, in reviews, on social media, shared, reposted, and when it appears highly in organic search results. This results from a school's investment in owned and paid media. Earned content is the most dependable type of advertising, according to Neilsen.
Schools can generate content by:
- Producing shareable, interesting content;
- Utilizing SEO strategies;
- Establishing connections with influential people and the local media.
Best practices for curriculum:
- Make owned content the main focus;
- Link all channels together (paid content should point back to a school's owned content);
- Consistently share worthwhile, diverse, and up-to-date content;
- Schools must remind audiences of their presence; remove out-of-date content;
- Interact with the audience; and quickly address inquiries.
- Consider distributing content across three major platforms: social media, email marketing, and the school website.
- Ensure that blog postings are original and not merely news articles.
- Focus on what makes the school unique.
- Frequently use call-to-action buttons, such as "Apply now," "Visit Us," and "Support Us." Use verbs in headlines as well.
- Frequently post about student, teacher, or alumni achievements. Keep blog posts and news posts separate. Permit some blogs to be written by students, teachers, and alumni.
- Include videos in your own material by embedding them.
Student invoicing and payment receipts
Student Receipts: A student automatically receives an initial purchase receipt via email when they make a purchase from your online school. A student will immediately receive transaction receipts for subsequent payments if they choose a subscription price option.
Student receipts sent may contain the following information:
- Issued Date: This date might also represent any reissued receipts. It is similar as Purchased Date.
- Contact Information: The name and email address of the student who made the transaction.
- Billing Information: The place where the item was bought. contains the company name and tax ID, if supplied during checkout.
- Payment Method: The means by which the goods was purchased. If payment was made with a credit/debit card, the name on the card, along with the card type and last four digits, will be shown here. The purchaser's email address, if they paid with PayPal, will be displayed here.
- Total price: The full sum that the buyer was charged.
- Delivery Address: The place the item will be used (may be the same as Billing Info).
- Provider: Your school's name, a link to its website, your billing address, and your Tax ID (if applicable).
- Tax: The tax rate dependent on the location of the students (if applicable).
- Order Number: A special number allocated to the receipt that also specifies the dates it was purchased and issued.
- Purchased Date: The day the student paid for the item and received a receipt.
- Course Name: This is the title of the course that the student paid for.
- Course ID: This is the course's unique identification number, which the student paid for.
- Discount: The amount of the discount and the coupon code, if one was used to make the transaction.
Make online payment simpler by creating separate payment agreements for each course.
Branches: Decide on a commercial model, such as commissions or billing, to activate the control of customer registration.
Affordable prices specific to course: Make subject enrollment easier and give each training a distinct rate.
Online transactions: Accept payments for bills using websites like Stripe or by linking to a payment service.
Multisite Administration: Control the institution's various corporate offices' finances.
Schedule for collecting money: Get a clear plan of scheduled payment collections on the financial platform.Payments in installments: Split student costs to make your training more accessible.
ERP helps manage different forms of payment.
Billing businesses: You can choose a payer business and produce related receipts.
Multi-payer administration: The payer need not be the student; they could be someone else or a business. Each case's payment amount is up to you to decide and assign.
Schedule for collecting money: Get a clear picture of the future revenue for your organization by scheduling each collection.
Installment payments: Allow monthly payments and make your training accessible.
Adjustable Taxes: Assign several tax kinds on invoices and receipts.
Receipts for direct debit: Create files to transmit through your online banking and mark the receipts as paid via direct deposit. With just one click, instantly bill every receipt in a simple and efficient manner.
Exportation of Data: The educational ERP allows you to export financial data for use on other platforms.
Automate Returns: automate procedures to make it easier to return receipts.
Allocate discounts: To separate charges or the total amount, you can assign existing discounts or create new ones.
Receipt and invoice templates: Create receipts and invoices that are unique to your institution's brand.
Advanced filters: Create listings using sophisticated filters, and always have access to them.
A comprehensive financial listing that has to be updated. Your school's finances will always be accessible.
Consultant Reports: Create and export the required reports before sending them to a consultant or agency.
General Billing: Examine your institution's billing and make comparisons to prior years.
Enrollments: Look at the performance of each degree offered by your educational program using the enrollments filter.
Salesperson: Sort financial outcomes according to commercial.
Channel: Find out which sources and channels are most effective, and then promote them using the ERP.
Students: Obtain comprehensive financial data on each student at your institution.
Degree: You can create listings for every degree and enhance its functionality.
Authenticated records: Create every file required for the presentation of any required documentation.
Pending Payments: Keep a note of the receipts that are due for collection. Have all bills paid on time.
Cash collection Prediction: Understand the projected collection for your institution's future months.
You can create recovery procedures and cut down on the amount of unpaid bills. Create specialized flows that are tailored to your center's requirements.
- Legal system: Each outstanding payment's status and whether or not you've finished each legal action are both easily accessible.
- Recovery of payments: Register the many procedures swiftly used by the school to organize and manage payment recovery efforts.
- Files for follow-up: Make documents containing a record of your acts and the outcome of the institution's legal action.
- Records: Update the students' academic records after beginning a recovery procedure with them.
Institute expense tracking
- Fetch Feeds Immediately: Get corporate card feeds from Visa, Mastercard, and American Express directly into Expense. Avoid manual reconciliation by automatically matching credit and corporate card transactions with expense entries.
- Create Your Own Policies: Customize expense policies throughout your organization to reduce reimbursable costs. Establish spending limits for each department and receive alerts when there are violations.
- Investigate your spending: Gain a clear understanding of how and where your money has been spent using visual representations and numbers, which will help you make decisions.
- Scanning Your Expenses: An educational institution may have a lot to manage when handling expenses manually. Take care of this issue by scanning or emailing your receipt to your expense account, and you'll discover that the information is automatically recorded into your expenditure report.
- Multi-Currency Management: Anywhere, at any time, and in any currency, travelling teachers and staff members representing your university can record their expenses. We'll make sure you see it in your operating currency and maintain an easy-to-use accounting interface.
- Create approval processes: Not every report needs to be approved by everyone. Create a special approval process that is tailored to each criterion, and ensure that the appropriate staff members approve the proper report.
How can expense automation save us?
Without a doubt, automating repetitive processes can help any firm save a tonne of time and money. Automation can be a game-changer that improves efficiency, especially for schools that use a lot of paper and antiquated systems that don't work together. Here are the top four advantages of using an automated expense management system.
- Error-free: In general, the accounting teams find it extremely difficult to fix errors in manual expense reporting. The team must wait until all corrections have been updated before moving on with mistake rectification. Notably, the management must once more accept these corrections. Usually, this takes a lot of time. On the other hand, an automatic method fixes the errors immediately. Updates and approvals can be completed quickly. Additionally, the system guarantees the legitimacy and security of your current accounting system.
- Reduced Costs: Completing an expenditure report manually typically requires a team of employees, which wastes a lot of time and other resources. On the other hand, automated expense reporting typically uses far fewer staff, and only for data entry and report exchange. This may aid in lowering school maintenance expenses.
- Better Accessibility: Going digital guarantees that all processes are completed quickly and that all necessary information is at your fingertips. Accessing and tracking spending at any time is made possible via automated expense reporting.
- Saved Time: Time is money, thus the manual procedure often entails keeping track of every expense, gathering and categorizing receipts, creating an expense report, and sharing the report with the accounts manager.
Only with the manager's approval, which takes up a lot of time, are reimbursements feasible. On the other hand, automated cost reporting updates every single attribute. Real-time report sharing is made possible by the system. This greatly accelerates the approval procedure.
CRM For Educational Institutions
To manage the data, educational institutions like colleges and universities need lead management software. The information includes information about students, teachers, partners, franchisers, etc.
- This tool is intended to control the interactions and relationships between customers and the company.
- Customer relationship management enables businesses to maintain contact with customers and boost profitability. To enhance commercial ties with customers, data analysis regarding the customer's past interactions with a company is used.
- Any industry, including education, uses CRM. The lead management system controls student contact in this, maximizing admission effectiveness.
- The additional tools aid in managing the marketing and admissions cycle as well as tracking communication. Productivity acceleration is the core goal of customer relationship management software.
Importance of CRM in Educational Institutions
It is a piece of software used to handle and automate communication with current customers, staff members, and alumni. This entire process takes place on a single system. The customer relationship management system keeps track of every interaction with customers in one location. You may get feedback from clients, departments, and students with the aid of customer relationship management software.
The customer relationship management system keeps track of all customer interactions. This program is advantageous when there is a rise in the quantity of leads. As a result, a business's productivity and visibility are increased.
CRM Features for Educational Organizations
The greatest software for educational systems is regarded as being customer relationship management. I'm going to use this space to illustrate a feature of customer relationship management software that draws users in. Employ a customer relationship management system for education on desktop, mobile devices, and tablets.
- Gather student data in one place: This maintains all student, staff, and admission records data in a single software.
- Increase student admission efficiency;
- Control student enrolling data.
- Manage student inquiries and courses
- Manage the entire marketing and admissions lifecycle;
- Manage the facility data; run email, SMS, and information campaigns to entice students; be cost-effective and secure in how you conduct business; and provide real-time and analytical reporting.
How do leads move from another applications to a CRM for education?
There are two methods for generating leads: an offline method and an online method.
- Online: Online lead generation occurs through websites, landing pages, and social media platforms like Facebook, Instagram, Linkedin, Twitter, and Google Ad World. The data system does not require entry. Data would immediately and directly add to customer relationship management.
- Offline: In this, leads are generated via hoarding, exhibits, newspaper ads, phone calls, emails, and lead imports. The user will then add data to the software after it is generated.
How is it important to the school system?
CRM helps organizations by providing the greatest services, such as:
- Time saving: All tasks are completed with CRM's assistance. This makes it a time-saving method of managing a business. CRM manages leads, develops customer relationships, and resolves staff and student issues.
- Manage the relationships with both leads and customers: This not only manages leads but also client relationships after the lead has expired. On the centralized dashboard, you can manage your leads, student collaboration, and recruitments.
- Cost-saving: Although the initial costs of customer relationship management are high, they are eventually outweighed by the benefits and features. This aids in the completion of several duties, the satisfaction of the personnel, and the efficient scheduling of work.
- Better communication: It provides you with a centralized view of all communications and engagement with your students, staff, and trustees. The client's trust in your services or product depends on how realistically they are presented. The client relationship deepens as you deliver more and better services. You must be aware of your client's past in order to do this. Therefore, CRM holds all of your clients' records that are associated with their corporate profiles. In addition to the current customers, it is also vigilant about potential customers.
- Increase service efficiency
- Boost employee satisfaction.
Why do you think CRM is best for education?
CRM excels in terms of services. Accessing some business is a wise choice. The workload is heavier in the educational sector, whether it is a school or a college. It is always a concern as to how well they manage the records of the students, staff, and other personnel. However, this issue is readily fixed with the customer relationship management system.
The key is communication. CRM makes it simple to connect with prospects at the right time and nurture them to closure thanks to streamlined in-built communication channels like call, SMS, email, video, and WhatsApp.
- Inbuilt Video Call App to provide prospects with a personalized experience
- Inbuilt "Click-to-Call" to speed up response times and prevent errors
- WhatsApp & SMS communication from the CRM to increase engagement rate
Based on lead score, prioritize leads.
To determine the likelihood of conversion, lead score takes into account leading indications including communication methods, completed and uncompleted follow-ups, comments, lead changes, calls made and received, and comment mood.
- Notification of recommended activities to be prioritized
- Take recommended next steps, such as sending an email, SMS, or using WhatsApp, by dynamically filtering on prospects that are likely to convert.
Results analysis dashboard with built-in reports
To direct your resources in the appropriate direction, it's critical to track the results of your marketing and admissions initiatives.
- Ad channel performance to assess ROI across paid channels;
- A dashboard with a single perspective to view your entire marketing strategy
- Counselor performance dashboard to assess team effectiveness;
- Publisher panel to examine lead attribution across publishers
Additional features include
- Remarketing: Run targeted and intent-based advertising on Facebook and Google Ads using lists you've created in the CRM.
- Verification of Leads: Bulk lead verification is simple using OTP.
- Automation of Email: Utilize email campaigns that are drip and trigger-based to automate your lead nurturing process.
- Call logging: To better prepare your counselors for potential future situations, analyse their calls.
- Rule Engine For Task Automation: Run triggered-based campaigns, auto-allocate leads, update status based on action, and more.
- WhatsApp communication built-in: Send personalized messages to prospects using the CRM's built-in WhatsApp feature
- Advanced Email Editor: Drag-and-drop email editor makes it simple to create emails in a matter of minutes.
- Integration of Payment: Easily integrate with your payment methods to take care of application and other payments.
Benefits of Multichannel Marketing
Development of Marketing Plan: One of the most crucial components of a multichannel marketing plan is data. The degree of personalization in each of your marketing initiatives increases as your data collection increases. This implies that each campaign after that will probably produce higher conversion rates and have a better chance of generating leads than the previous one did.
With the help of data, marketers can precisely determine when a consumer is most receptive to a message. People only remember three out of the 300 to 3000 marketing communications they receive each day, so if you aren't serving personalized content at the right time for the consumer, you're squandering money and missing out on chances.
Contact with students via their preferred channels: Don't lay all your eggs in one basket, as the proverb advises. Although this cliche can be used in many aspects of life, it is especially useful when trying to comprehend the benefits of multichannel marketing. The fact that a multichannel marketing strategy doesn't restrict you to a single medium, platform, or channel is one of its strongest features.
Instead, it enables communication with students across all of their preferred methods. This is crucial as it typically takes eight touch points to turn a prospect into a customer or learner. You have more opportunity to develop these touch points if you are active across more channels.
Listed below are a few examples of the various channels that can be used in a multi-channel marketing plan:
Using a variety of marketing platforms will help you avoid failure. One channel, for instance, may not be available forever if you just rely on it. Many companies have been left in a state of disarray after putting their entire marketing plan in one social media platform only to have it destroyed by an algorithm change or a shift in user attention to another.
Surviving the Competition: A multichannel marketing strategy can assist you in standing out from the competition and attracting the attention of potential students. If most other schools are just using one or two marketing channels, for instance, you have a great chance to outperform them by employing three, four, or even five channels to draw in students.
Given that the majority of young adults today are active on at least three platforms, this makes sense.
Customized Messaging to Boost Conversion Rate: You can also generate highly customized messages using multichannel marketing, which can aid in boosting conversion rates. The information you acquire will determine your capacity to tailor a campaign to a specific group of prospects based on their interests, demographics, or stage of the buying process.
The success of a tailored approach to marketing is backed by a wealth of studies.
- According to a poll of consumers, 87% of them, personally relevant branded material has a favorable impact on their opinions of a company.
- If a brand provided them with material that was more valuable, entertaining, or relevant, 63% of consumers indicated they would think more favorably of it.
- According to 79% of consumers, an offer is only likely to be taken advantage of if it has been tailored to take into account the consumer's prior experiences with the company.
- While personalization is an essential component of every effective marketing strategy, it's crucial to protect the privacy of your prospects. Using their name, demographics, and interests is acceptable, but if you use any other information, you run the risk of alienating them.
You can get assistance from a reputable marketing service provider in determining the boundary between customization and outright creepiness.
Computerized Systems Reduce the cost of acquiring students: Increasing the return on investment (ROI) of every marketing dollar you spend is one of the finest strategies to outperform your rivals. You can enroll more students while spending the same (or less) money as your rivals if your cost-per-enrollment is lower than other institutions.
An automated marketing strategy also buys you time in addition to saving money. Your staff members won't be burdened by ongoing marketing duties, giving them more time to concentrate on other opportunities for your school.
The appeal of this strategy is that it improves in effectiveness with time. You'll be able to adjust your marketing plan and make gradual advancements that add up over time as you gather information from your prospects.
HR And Payroll Software
Having to oversee the entire school administration system, which involves supervising students, delivering instruction, liaising with parents, and establishing a conducive learning atmosphere, can be stressful. Modern technology has simplified, streamlined, and increased the efficiency of the work. The introduction of the Payroll system has made it possible.
The payroll process is fully automated by the payroll system, which combines cloud software, services, procedures, and other systems. This includes updating employee attendance, collecting timekeeping data, computing salaries, and providing pay slips to employees.
Any university that permits a payroll system will gain from it. Consistently and promptly paying the teachers and other employees has a beneficial effect on their morale while also reflecting favorably on the company's financial health and the professional demeanor of the school.
- Information and records about students can be tracked by the school.
- It is readily combined with a bio-metric machine, bar code scanner, and QR reader.
- With this system, accounting and email connectivity are also possible.
- Homework, a schedule, a calendar, assignments, circulars, etc. can all be accessed online by parents and students.
- Payroll can most definitely be tracked.
- Accurately track teacher and student attendance.
- It can also be linked to the school website.
- It also includes Examination, Library and Registration management.
- Other important aspects include facility management, enrollment management, and classroom management.
Reasons why payroll software are beneficial:
- Promotes Transparency: This online payroll management system encourages transparency by providing daily updates on attendance, homework, school news and activities, inflow and outflow of funds, circulars, etc.
- Increases Efficiency: ERP software creates a reconciled view of annual collections that aids in establishing the real-time placements of cash. Different modules provide various reports that aid in keeping track of things.
- Enhancing teaching and academic performance: ERP system generates an annual detailed analysis report that aids in closing gaps and enhancing teaching and academic performance.
- Simple management: The program streamlines management by automating several HRs' activities.
- Integration with Other ERPs: The software can be connected to an HR ERP or a student management system.
- Performance Evaluation: The software periodically monitors the performance of the professors.
- Keeps a time sheet: The technology monitors the faculty members' in and out of the classroom time.
- Recruitment Management: The program assists with managing faculty hiring and training.
- Leave management system: Faculty leave information is allocated and maintained.
- Attendance Monitoring: The system uses information from the bio-metric sensor to keep track of attendance.
- Maximum Security: With the help of a cloud platform and a secure backup, the institute's data is protected.
- Decreases tedious work: Because the system completes the necessary but repetitive tasks, the workload of the employees is reduced.
The salary or income of a person working for a company or institution is managed using school payroll software. In schools, there are typically twenty students for every one teacher. Each school has one instructor for every 20 students. A typical school's annual student population is between 1000 and 1500. Thus, the number of employees at schools includes a minimum of 65 teachers as well as other staff members from the administrative, clerical, and maintenance departments.
- We can infer from the aforementioned facts that every school needs employee strength of at least 75.
- Each month, school HR management must manage each employee's attendance, data, payroll, deductions, leave, various invoices, bank statement, etc. using Microsoft Excel.
- Maintaining so much data on Microsoft Excel is difficult, not to mention time-consuming.
- A school's payroll and leave management system aids in the proper organization of personnel data for quick access.
How to Organize Information Properly for Payroll Management
The school ERP system's payroll management procedure aids in classifying all information tidbits into several groups. These cover things like the rewards that employees will receive potential issues, the school's entry and exit procedures, how departments should be defined, organizational structures, pay, and various types of leaves, among other things.
In the case of a salaried employee, it is also important to know how much will be withheld from their pay if a salary deduction is possible. Understanding how to pay individuals in cash and with checks will not be a problem with payroll administration utilizing the ERP system. From every viewpoint, the system integration becomes quick and simple.
What are the global trends in Educational Institutes Market?
Training for a Career
The phrases "vocation" and "career" are sometimes used synonymously. You can think of vocational education as a way to teach procedural knowledge. Declarative knowledge, which emphasizes theory and abstract conceptual understanding and is frequently used in teaching in a broader scientific subject, can be compared with this.
Environmentally friendly augmented reality transforms learning into an interactive method with a clear focus on student engagement, conceptual understanding, and first-hand experience in virtual reality.
While virtual reality creates a completely new experience, this tech-driven information is being added to the already-existing environment.
The revolution in digital education has also been significantly influenced by personalized learning strategies. Many schools and organizations have discovered the value of offering kids flexible solutions depending on their strengths and weaknesses rather than attempting to put everyone into the same metaphorical box.
The use of individualized learning strategies benefits both students and educational institutions in numerous ways. Students are better able to absorb and remember crucial knowledge when they are free to learn in a way that best suits their learning styles; personalization enables them to advance in their education. Students are driven to complete degrees and become eligible for educational and employment opportunities that they previously may have thought were out of their reach.
Mastery-Based Grading: In place of letter grades, many teachers are exploring for alternatives. Some people are concerned that conventional grading procedures don't fairly reflect students' progress.
Grading that is based on how well students have mastered the skills they learnt in class gives them the chance to resubmit their work. Instead of being assessed on an A to F scale, students are ultimately rated as either having mastered or not having mastered a concept. Students can avoid being disheartened by continuing to practice abilities they haven't yet mastered in this way.
Bite-Sized Learning: With quick, narrowly targeted exercises, bite-sized learning teaches kids specific academic skills. It considers the contemporary learner lifestyle demands that may impede more extended periods of concentrated study and time spent in the classroom.
In other words, rather than all at once during protracted classroom courses or lectures, it enables students to master practical abilities that build upon one another over time in handy, shorter spurts.
Bites-sized learning activities would be particularly helpful if classes are still primarily (or even partially) online next year. Teachers can strategically use quick tasks to teach new skills while taking into account whether or not a student is capable of extensive, in-depth sessions at home. Or, if students return to your classroom, this strategy can be helpful for maximizing instructional time.
Personalized Learning: Over the past few years, the hype about individualized learning has been on the rise. Why should we monitor personalized learning? Because each student can go at their own rate, when a school curriculum is adaptable to a student's particular needs, it is more likely to foster student success. Additionally, teachers can utilize the same application in their classroom for all students, including those with learning challenges, thanks to adaptive software programs.
Experiential Learning: According to Western Governors University, experiential learning is a technique that enables students to learn and hone their skills in a situation outside of the classroom. There may not be many opportunities for experiential learning for young kids.
However, you can still get the most out of this tactic by organizing field trips for students—virtual or otherwise—and giving them projects that motivate them to continue their education beyond class.
Many independent schools and preschools have sprung up over the past few decades, but people have realized that managing such a facility is much more difficult and have begun looking for businesses that provide a more structured and ready-to-implement approach through brands that offer school and preschool franchising.
The necessity to spread high-quality education throughout the nation or beyond international borders has been recognized by institutions with a strong setup, however, and franchising is one way to do that. Private firms are now entering this market to increase growth potential.
By connecting them directly with learners, it makes record keeping digital and benefits students by removing the need for the middleman. It improves transparency by ensuring that assignments uploaded by students utilizing block chain technology are not lost.
Because educational technology won't be a myth but rather a reality for the impending future of education, it is vital that we adapt to the changing technological wonders. While accepting technology as a necessary aspect of our lives, one must avoid becoming its slave.
Any intervention intended to address the particular needs of children who have suffered trauma is referred to as a trauma-informed practice. A traumatic incident will be experienced by more than half of all children before they reach adulthood, so it is crucial to undertake training and put support measures in place for these kids.
The COVID-19 pandemic's painful consequences on both teachers and students have sparked even more intense scrutiny of this particular tendency than previously.
Technology breakthroughs have allowed education to spread to even the most remote areas. The expansion of the internet, the accessibility of smart phones, and the affordable cost of the internet are all contributing to the growth of online education in urban areas and even the most rural areas. As a result, even those living in rural areas can take advantage of possibilities for high-quality education without having to change employment or move.
Technology is used by teachers to give their students multi-modal learning opportunities. Without a doubt, it fosters collaboration, communication, and innovation. Digital technologies are useful not just for disseminating information, but also for enhancing learning potential and productivity.
Digital citizenship: Digital citizenship is the skill of using technology and the Internet both appropriately and successfully. Good digital citizenship is becoming more and more important, but as previously in-person assignments and lessons go online, it's even more crucial for students to develop the skills they need to form a positive connection with digital media.
A relatively recent educational strategy called Genius Hour lets students work for an hour each day on independently chosen, self-paced projects. As a result, kids are encouraged to exercise their creativity and independent thinking abilities and can grow to truly love studying. Genius spaces may be a trend to watch if you're seeking for strategies to increase student engagement in your classroom.
Educating young minds is an art, and kids learn better when it's enjoyable and stress-free. One option to take learning outside of the conventional classroom setting is to use flipped classrooms.
The content is taught to students at home, and they practice processing it in class. Teachers can help with this by giving students pre-readings that include links to resources, pre-recorded videos, and YouTube videos about the topic. Additionally, the subject is practiced or worked on in the classroom through conversations and homework that the class completes once a week. This is the opposite of the more typical method, which involves teaching new material in class before giving the students homework and projects to finish on their own at home.
With the aid of code, instructional games are mimicked to engage your vision for learning in a process known as gamification.
Students learn best when they are having fun. It ties students together with tricks like scoring, competitiveness, and teamwork that help students absorb the most recent knowledge.
Numerous businesses and colleges were obliged to switch to a remote learning paradigm as a result of the coronavirus pandemic. However, this was just a continuation of a long-term trend, as with so many other developments. Children who are in school can study topics and acquire skills that are not available to them locally through e-learning. Higher education students can also more readily fit their coursework around other commitments like work and family responsibilities.
The education sector has experienced exponential growth throughout time. The pandemic fundamentally altered the market's landscape and opened the path for the digital revolution. Despite the industry's adaptable strategy last year, growth and changes are anticipated in 2022. Additionally, the industry is anticipated to become increasingly outcome-oriented as digitization reaches its pinnacle. It is reasonable to say that the ed-tech industry has a bright future.
What is the impact of COVID-19 on Educational Institutes?
Globally, education has been significantly disrupted by school closures caused by COVID-19. New research from several of the highest-income nations in the region suggests that the epidemic is contributing to inequality rises and learning deficits.
Ukraine and other less wealthy lower-middle-income nations, who are expected to be even harder hit, need to create learning recovery programs, protect educational budgets, and get ready for future shocks by "building back better" in order to lessen and reverse the long-term detrimental consequences.
Learning recovery initiatives
Governments must, first and foremost, make sure that children who have fallen behind receive the assistance they require to catch up to anticipate learning goals. Just-in-time evaluations must be conducted as a first step to identify these students and their assistance requirements.
According to research, 12-week tutoring programs can help kids achieve the kind of growth that would be anticipated after three to five months of regular instruction. Italian middle school students who received three hours of online tutoring each week on a computer, tablet, or smart phone exhibited improvements in arithmetic, English, and Italian proficiency of 4.7 percent.
Budget for education
Some nations may experience government budget cuts as a result of the severe financial hardship that economies have been under as a result of the epidemic, which could undermine the progress that has been accomplished in recent years in terms of increased access to education and better learning results.
The protection of the education budget and support for the institutions that require funding the most are crucial for ensuring a robust recovery. Governments should prioritize by allocating a large portion of cash and resources to support schools that offer distance learning, especially if those schools are serving high-poverty and high-minority populations. It may be necessary to establish incentives like scholarships in order to motivate students to finish their educations.
Finance for Education Technology: It is crucial for educational institutions to continue sponsoring businesses in the Ed-tech sector that offer the essential support to make that experience a reality so that a virtual learning curriculum closely matches an in-person experience. Regardless of whether a particular educational institution has opted for a totally virtual or hybrid technique, Ed-tech will be crucial to the future of education.
- It's interesting to note that between 2019 and 2020, funding for ed-tech increased from roughly US$2.4 billion to US$4.2 billion.
- About 87% of the money for 2020 and 2019 came from the top 3 nations. Given that virtual learning has become widespread, the rise in financing looks to be a direct effect of the COVID-19 pandemic.
- The fact that Ed-tech solutions may be used and deployed globally by students all around the world is one of its best characteristics.
- Before a new product, piece of software, or upgrade is released, it has the advantage of achieving globalization and broad exposure considerably more quickly than it did when learning environments were not as strongly reliant on technology as they are now.
Since they had no other choice but to adapt to having a sizable remote workforce, many institutions were considering postponing ERP implementation in the wake of the COVID-19 outbreak. It is also fair to suggest that this is related to economic uncertainties and COVID-19 concerns.
Additionally, institutions need a systematic approach to be followed in this epidemic where online classes are preferred. Using an ERP will allow completing all processes like attendance, assignments, examinations, and various other more flexibly from both faculty and students' ends and along with that it will help the institutions to manage their revenues in a more efficient manner.
Improve your foundation to better withstand future shocks.
It is crucial that we use this experience to improve our readiness for future emergencies in addition to recovering from the pandemic. Countries must increase their capacity to deliver blended educational models in the future in order to support this goal. Schools should be better equipped to move between in-person and online instruction as needed.
This would safeguard children' education not only against pandemics in the future but also from other shocks that could force school closures, such calamities or unfavorable weather conditions. Additionally, it will open up possibilities for more personalized teaching and learning strategies. It will be vital to create adaptable curriculum that can be taught in person or online in light of this.
In an effort to reduce the possibility of community transmission, institutions have turned to online learning as a vital lifeline. Teachers and students may have access to specialized materials that go well beyond textbooks, in a variety of formats, and in ways that cross geographical and temporal boundaries thanks to technology.
- Online learning solutions might be high-tech, like adaptive learning software for tablets, or low-tech, like radio, text messages, and instructive television. Teachers may work in a dual mode, instructing both local and distant students at once.
- Due to the COVID-19 pandemic, numerous schools all over the world started using videoconferencing tools like Zoom, Google Classroom, and/or Google Meet to conduct lessons. An educational solution to the COVID-19 pandemic for online learning has been outlined in a framework developed by the Organization for Economic Cooperation and Development.
- Comparatively to their colleagues who had to rely on asynchronous instruction, educators who were able to teach in real time found it substantially easier to make the switch.
No internet access at home
The fact that half of the students COVID-19 keeps out of the classroom (almost 800 million students) lack access to a home computer is even more alarming. 700 million students, or 43%, do not even have access to the internet at home. Furthermore, about 56 million college students reside in areas without access to cell networks. It demonstrates unequivocally that difficulties in maintaining educational continuity persist even when digital solutions for distance learning are used.
We must also be careful that the use of technology in education does not exacerbate already-existing disparities and widen the digital gap. If we don't accomplish that, students from underprivileged families will continue to be excluded if schools close, especially those students who lack the perseverance, study skills, or motivation to learn alone.
The closing of schools, colleges, and universities affects student learning in other ways as well. The lock-down also had an impact on how well students were scoring globally. The closing of educational institutions has resulted in the cancellation or postponement of numerous exams and assessments.
- This is a new age in education, for both students and teachers. Many colleges and universities have switched from the old system of classrooms to online classes, and they have switched from the traditional offline to online assessment system. They are evaluating themselves utilizing internet assessment tools.
- The constraints still exist for online assessment tools. In comparison to the standard measurement, numerous measurement mistakes are reported using online assessment tools. The placement of recent graduates in the labour market is thus also being impacted by the lockdown.
- Matching the graduates' effectiveness is decreasing as a result of an increase of applicant signal disruptions, which is driving higher rates of job loss and weaker wage growth. This is pricey both to the particular person and to society at large.
How can Deskera help with ERP for Educational Institutes?
Deskera is proud to offer ERP software to enterprises operating in Education Sector. Deskera's all-in-one platform combines accounting, CRM, and HR software for the expansion of your organization. It is the finest option in ERP for SMEs as it is a reliable software solution.
Deskera Books can help you automate and mitigate your business risks. Creating invoices becomes easier with Deskera, which automates a lot of other procedures, reducing your team's administrative workload.
- Deskera helps automate marketing, lead generation, sales, and after-sales operations in Educational Institutes
- Deskera CRM Dashboard allows you to access deals reports, contact reports, and newly created activities in real-time.
- The suite of tools that make up ERP for educational institutions enables campus modernization and aids in upgrading and managing the various daily processes.
- The ERP software links all the departments, bringing information to a centralized system, automates processes, gets rid of errors and redundant data, and increases staff productivity.
- The deployment of educational ERP enables all stakeholders to access a dashboard with a centralized view of the entire institution and all pertinent information at their fingertips, wherever they are and at any time. Teachers can devote more time to the actual teaching because they can check on students' progress whenever they need to.
- The payroll system is essential to the efficient operation and management of a school. The future of thousands of students enrolled in a school is in the hands of the teachers. Similarly, school administrators must ensure that teachers have access to the necessary documents and are not having issues with their records.
- ERP software has changed how educational institutions are managed. Everyone involved in the academic process can connect to the data they require and gain more awareness thanks to it.