Modernizing and streamlining back-office operations

The move to the SaaS isn’t purely led by cost reduction, as Cloud-based ERP opens the door to a world of capabilities that enable Higher Education institutions to boost productivity, reimagine time-consuming processes, and take control of their operations.

For most institutions, the drive to adopt cost-reducing solutions is paired with a desire to modernize core operations. When processes and administrative systems are optimized with Cloud ERP, institutions can focus their time and energy on their core goal: providing student value.

Lets look at some of the key capabilities to focus on…

_{User experience}

Beyond automation, several Cloud-enabled capabilities make the back-office user experience easier. From reduced security concerns to employee self-service, the enablement of hybrid working conditions, and more, Cloud ERP systems will provide a more flexible and productive user experience.

This is not just useful to retain modern talent, but prospective talent will have modern expectations that institutions have user-optimized systems and digital capabilities to boot, enabling them to focus on a better student experience, rather than manual data processing, repetitive data entry, multiple spreadsheet consolidation and more.

_{Automation and AI}

AI, automation, and machine learning are growing in demand across many industries to empower users, reduce manual data tasks, reduce errors, and boost productivity.

Deloitte concurs: “By using AI to carry out everyday business tasks, institutions can unlock opportunities to reduce costs and increase efficiency. Rule-based and routine activities and processes are ideal for AI assistance, enabling staff to reallocate time for more creative, specialized, and personal tasks that positively impact the institution.”

Automated workflows in finance enable you to drive efficiencies and refine tasks that confine and fatigue your best talent, reduce risk of error and uncontrolled maverick spend.

AI can process large quantities of data, identify unexpected change in invoicing routines or data handling and highlight anomalies – giving your people time back to focus on delivering value to your students, by optimizing your operations, identifying areas to save costs and increasing your income streams.

_{System interoperability}

Higher Education is generating more data than ever, requiring multiple systems and applications in a legacy approach. Yet, those with modern and extensible systems that can create bespoke solutions to new reporting and compliance requirements will disrupt those still using rigid systems.

Whether that’s creating a new reporting workflow to adapt to changing compliance reporting measures, or simply enabling users to extend their systems with low-code tools. Extensibility is the key to the continuation and optimization of the operations and processes that the Cloud enables.

Modern SaaS back-office systems rely on the integration of external applications with your core ERP to make day-to-day operations comprehensive and easy, removing troublesome processes such as data transfer, using multiple versions of truth, and more.

Many vendors offer an easier integration process with partner solutions or an extension of functionality with low-code tools. However, the flow of data can be managed more easily in the Cloud’s digital systems through APIs (Application Programming Interfaces).

APIs are the mediator that enables one application to communicate with another, it ensures that ERP can utilize data from your external systems easily, removing the need for time-consuming data processes.

Unit4 Platfom

_{Advanced reporting capabilities to manage compliance}

Both globally and locally, statutory and compliance reporting has become more complex and wide ranging.

As the concept of Environmental, Social, and Governance (ESG) reporting is gaining traction globally, its adoption is still limited to what can be gathered locally by each organization. Currently, many institutions are prioritizing operational challenges such as financial sustainability above implementing ESG practices.

Institutions are at risk of reduced funding and face resource constraints due to the lack of ESG reporting capability. However, protecting organizational reputation is paramount, as it directly impacts public image and ultimately student numbers, and statutory reporting such as diversity, equity, and inclusion reporting shouldn’t be ignored.

IFRS16 lease accounting is arguably the most significant change to reporting in over 30 years, and institutions need to have a strategy to meet this accounting standard to ensure their organization is not disrupted by failure to comply. Those still using legacy systems will struggle with ongoing IFRS16 management, creating yet more manual work for internal finance teams.