With today's focus on compliance and government efficiency, we expect there to be a high level of scrutiny on financial aid processes and personnel costs at public higher education institutions. As such, we have identified 4 efficiency initiatives that institutions can kick-off to be ready.
Compliance is a significant focus by the current administration -- especially as it relates to the immigration status of students, financial aid being paid, and residency. As such, institutions will be tasked with proving that they are complying with the policies related to each of these areas.
In many organizations, the processes are manual for identifying the qualifications required, gathering the supporting information, and verifying it. Using automation and artificial intelligence to streamline the process and prove compliance can have a significant impact on how seriously the institution is taking the policies as well as reducing waste.
The student information system is arguably the most important system at an institution. It is the system of record for everything about the student, his status at the institution, his academic history, and where he is in his academic career. When transcripts are generated, they are generated directly from this system.
As such, if the quality of the information in the system about the student is inaccurate; it creates a series of problems for the institution:
In many organizations, much of this is handled manually as part of the admissions process (since this is where much of the data is captured about the student). A data quality efficiency initiative can be successful by ensuring the following:
Fraud in higher education can create a significant amount of waste -- which could represent as much as 5% of an institution's operating costs. We went into a bit of detail as to the techniques and impacts of fraud in the following article. To summarize, there are 3 ways in which bad actors conduct fraudulent activities to add to the institution's cost:
The gateway to all of these activities is the process by which a student applies to the institution. Implementing techniques to catch / prevent fraudulent activity using AI can significantly decrease the risk while minimizing the impact to both applicants and admissions processes.
Institutions spend a significant amount of time and effort attracting and onboarding new students. This is because the onboarding process requires a significant amount of information to be gathered and verified. Institutions can reduce the onboarding effort by 60%-80% by streamlining each of the key parts of the process:
Our solutions use each of these techniques to ensure that accurate information is captured and verified in a way that uses automation and artificial intelligence to minimize the amount of effort required by staff.