4 Ways ERP Can Help Increase ROI for Educational Institutions
Educational institutions around the globe focus on delivering education catering to the requirements of today’s world along with providing the best-in-class academic management. Students and parents do not accept compromises in terms of quality, efficiency, and productivity.
Apart from providing quality education to students who are the building blocks of any nation, educational institutions are also an entity that incurs the cost for running the system. And any entity in today’s day and age that incurs cost need to as for return on investment or ROI.
Today’s technologically advanced world and the changing user behaviour are putting new challenges in front of educational institutions such as the emergence and adoption of online learning. So, how can educational institutions increase profitability?
The answer is straightforward: By adopting digital transformation to achieve automation of manual processes
How Automation Helps Educational Institutions?
An education management system like Academia ERP can help institutes save time and money in multiple tiers. It might seem like an additional expense, but institutions should really see it as an investment. Next, you may ask what is an education management system and how does it benefit?
In layman’s terms, it is software that automates the complete student life cycle, it helps in streamlining all the academic and administrative processes within a School, College, or University and also helps in managing a group of institutions providing all the information at a centralized place. It increases the efficiency of operations and meets the demands of staff, students, and their guardians giving incremental ROI to institutions over the years.
Here is how an Education ERP software, improves performance, reduce expenditure, and help in increasing ROI:
- Digitization of academic operations:In today’s digital era, when everything is moving online and moving fast whether it is shopping, registration for passport, bank accounts, payments, etc. Students and Parents expect digital and fast services from educational institutions as well. Whether it is registering for competitive examinations, admissions till graduation everything should be available at fingertips. This is where an ERP system can help institutions to manage the entire student life cycle digitally.
An ERP solution for educational institutions not only manages all academic operations, but it also comes with many integrations like online payments, library management, RFID, etc. to connect parents, teachers, students, and institutes.
Digitization of processes with ERP also saves paper, stationery, printing, and distributing costs. Also, a lot of physical space can be saved by replacing offline reports and registers with online documents. An education management software helps institutions to get digital and keep up with the needs of this era.
- Reduced dependency on manual tasks: In absence of automated tasks for administrative functions educator’s focus is divided, rather than imparting knowledge to students which is their main objective.
Education management software can automate tasks such as attendance marking, preparing report cards, enrolling students, calculating attendance count, etc. Hence saves the time and efforts of teachers.
It does not only help teachers but also manages admission processing, fee and bill payment, employee management and much more.
This decreases the turnaround time and hence increases the productivity of an institute. More productivity, more credibility, resulting in more admissions.
- Smooth inter-departmental communication: Communication is the key to the functioning of any entity. Without proper distribution of information, decision making would be difficult. Decision-making is impossible without the availability of correct information, and processing time can cause chaos within departments.
An ERP system at educational institutes can help avoid such a situation, it makes the exchange of information easier than ever. It increases the connectivity not only within departments but also within stakeholders of institutes.
All the information can be disseminated via emails, SMS, app notifications, etc. with the use of the Education ERP system.
This saves printing and mailing costs for an institute that saves spending.
- Enhanced data accuracy: Data plays a vital role in today’s information age. It is a lot more important if we talk about educational institutions. It can be in exam result calculation, attendance records, fee collections, annual records, and whatnot. Undoubtedly it is one of the most vital tasks performed in any organization. One tiny error can lead to damaging consequences.
As all the calculations and assessments are done by the ERP software, errors can be thrown out of the box. This provides accurate outputs every time. The calculation of all things such as marks, payments, fees, salaries, is possible. Ultimately, time and money will be saved.
The best education management software assists the institute in prompt decision making. With customizations, an institute can use it according to its needs to increase the productivity in management.
With timely decision making, proper management, and complete automation, an institute can save time and money. That will result in increased ROI in the long run with the help of an Education ERP system.