Dear Syntellis! How can finance technology help us improve efficiency?
Dear Syntellis!
Our institution has invested in a learning management system (LMS) to adapt instruction during COVID-19. Now I'm curious what other technology can help us overcome ongoing pandemic challenges, such as operational efficiency and agility? Our staffing levels are in flux, and we need to budget and plan more quickly with even fewer resources.
— Trailing Technology
Dear Trailing,
This is an insightful question, which demonstrates your focus on the long-term success of your institution, and you’re not alone in asking it. Your peers have adopted cloud-based enterprise performance management systems at an increased rate this year to support higher education budgeting, reporting, and scenario modeling because the return on investment is significant and operational efficiency is more critical than ever.
Higher Education budgets and financial plans have never been more in flux, due to a combination of enrollment uncertainty, unreliable revenue sources, lower reimbursement from state funding agencies, and an unclear future direction. Not all planning and budgeting tools are the same, however. You want a software solution designed specifically for the unique needs of higher education. As you well know, simplistic or rigid approaches aren’t suited to the differing and changing requirements of our industry.
The search for a budgeting and financial planning system should begin with a thorough understanding of organizational needs with input from potential users and other stakeholders. When considering vendors, look for a company with deep expertise in higher education, specialized solutions designed for you, and an implementation methodology that incorporates best practice configurations.
An integrated suite of solutions, such as the Syntellis Axiom™ Higher Education Suite, can bring together budgeting, planning, scenario modeling, and more on an integrated platform to increase an institution’s agility while maximizing return on investment.
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