Budgeting, Accounting, and Finance teams in higher education, just like in other fields, must adapt and thrive in the face of rapid change. In this blog series, we’ll uncover the key value drivers that modern budgeting and planning software has to offer higher-ed leaders. We’ll also map out how these leaders can begin or accelerate the journey to conquering complexity and empowering their teams to lead at speed.
While accuracy, transparency, and consistency are the backbone of accounting and financial operations, adding speed and agility is what ultimately separates the institutions that deliver consistent value from those that struggle.
And as the two-year mark of the COVID-19 pandemic flies by, speed and agility have never been more important for leaders in higher education.
These leaders have been repeatedly forced to adjust daily operations. But they now face another obstacle: reconciling visions, plans, and budgets with a historic disruption that has created dips in enrollment, leading to a critical loss in revenue (see Figure 1).
Chart: Natalie Schwartz/Higher Ed Drive, Source: National Student Clearinghouse Research Center
Those revenue losses naturally put pressure on the Finance team. And while pressure is nothing new to financial leaders in higher ed, COVID-19 and its complexities have undermined many institutions to the point where they’re no longer trying to balance budgets through cuts and efficiencies. Instead, schools must rethink and restructure their business models.
Board members, presidents, and deans – all of whom carry huge responsibilities – are thus demanding more consistent and timely data inform their decisions.
Accounting and Finance teams must therefore modernize to streamline processes, unify outputs and empower leadership with the information needed to not only make key decisions but also pivot when necessary. After all, the total economic and operational impacts of the pandemic are not yet known, but one thing is certain: complexity and the rapid pace of change are the new normal.
Over the next few weeks, we’ll be laying out why higher-ed leaders need a modern, platform-based approach to planning, budgeting, and forecasting. We’ll also cover how to speed reporting and analysis cycles – and we’ll lay out the roadmap to show you how to make that a reality.
OneStream has empowered hundreds of organizations (including dozens in the public sector) to unleash the power of Accounting and Finance by unifying planning, budgeting, forecasting, reporting, and analytics through a single, extensible solution (see Figure 2). This solution is delivered via a cloud platform designed to evolve and scale with your institution.
Why should you care? Well, here are just a few of the key benefits you get with OneStream’s budgeting and planning software:
While you may not yet be a customer, we appreciate your work in the public sector and value your opinion – and we’d love to explore opportunities where we can move forward together. At OneStream, our mission is simple: “Every customer is a reference, one success at a time.”
For more information, download the Higher Education Solution Brief. Want to continue the discussion? Have any questions? Contact us, and one of our experts will reach out to you ASAP.