How BI can help keep your education facility costs manageable.Back to blogs
How BI can help keep your education facility costs manageable.
Keeping the costs of running an educational facility as low as possible is essential for any academic institution wanting to stay within budget and maximize resources. Whether a public or private school, university, technical college, or other similar learning facilities, there are many different strategies at your disposal to help you keep your costs under control without sacrificing the quality of education. In this blog post, we will discuss some strategies for effectively managing institutional expenses and how EduViewz incorporated Business Intelligence as a potential solution.
Analyze Your Current Budget and Expenses.
The first step in controlling costs is determining what areas can be improved. For example, labor costs could be reduced through more efficient scheduling or better utilization of staff resources. You may also find that certain facilities, such as labs, halls, and classrooms, are underperforming and can be better put to use by identifying the occupation and utilization rate of those facilities as well as the value they bring or could bring to the institution. Determining these cost savings areas should then be incorporated into future budgets.
But how do you determine which areas need improvement?
This is where Business Intelligence (BI) comes into play. But what is BI? BI is a set of processes and technologies that allow collecting data from multiple sources, analyzing it, and then using the resulting insights and visualizations to make better decisions. It can help organizations identify areas where they could cut back on expenses without sacrificing the quality of their services. For educational purposes, this can include everything from staffing and student retention to managing facilities. An outcome of the usage of BI could be better facility management, which means using different facility types more effectively based on the occupation and utilization rate of a facility by a program or course.
How did EduViewz incorporate BI?
Through years of experience and knowledge of education and logistics, EduViewz turns institutional processes and performance into measurable visualization, providing valuable insights to institutions and allowing data-driven decisions to take place. In this example, EduViewz incorporates BI techniques to evaluate the financial aspects of space and facility costs.
As shown, it is possible to oversee that some available facilities can be underused. This means that costs can be higher than necessary, or institutions need to catch up on logistic revenues by either owning too many rooms and facilities or not taking advantage of their full potential; hence the efficiency and value of those spaces are lost. However, this can be avoided and optimized through BI, which can constantly monitor the use of the institution’s resources for a better outcome.
Business intelligence can be an incredible tool for managing educational facility expenses while simultaneously ensuring compliance with best-practice regulations across all areas of operation. Organizations can effectively reduce their operational costs by leveraging BI technology solutions without negatively impacting students’ learning experiences. If you have questions or want to know about EduViewz and its practical applications, don’t hesitate to reach out!
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