For institutions to thrive in today’s higher education market they need to be student-focused and business-minded, which includes making decisions beyond data and including applied analytics. Although running an institution like a business can be defined in a variety of ways, I believe an important aspect of running a campus like a business is using processes, technology and data to make informed decisions for student success and the institution’s bottom line.
For analytics to be useful, it must take into account data from multiple sources to be both descriptive and predictive, and visualized in alternative methods for deeper insights. To do this, every day, we see more clients taking advantage of the analytics capabilities in CampusNexus Student, which leverages Microsoft Power BI. The ability to use forecasting, visualizations and trends is now within reach of daily users, without needing a deep technical skillset.
Over the last couple of months, we have seen a record number of clients interested in and implementing the analytics capabilities. With analytics, our clients are using data to make decisions on right-fit students in the enrollment process; student retention scoring and prescriptive actions; budget forecasts; course projections and more. With continued advancements in artificial intelligence, predictive analytics has evolved systems from simply gathered and collected data into true systems of intelligence.
When developing our next generation system of intelligence, CampusNexus Engage, analytics was high on our requirements list. In addition to the analytics provided through Microsoft, we also partner with Discourse Analytics to provide clients with a range of analytics tools and capabilities. You can read more about how Discourse Analytics used prescriptive analytics and personalized approaches to improve college retention rates at a small private college in New England in the Forbes article, Leveraging the Predictive-To-Prescriptive Analytics Paradigm Shift in Higher Education.
The way institutions use data and analytics to enable student success is just getting started. The future is full of opportunities to use big data to engage students and other institution constituents.