Higher education institutions in the modern world are facing intense and rapidly increasing challenges, forcing institutions to rethink plans and find ways to improve processes. Issues today include increasing financial pressure, persistent uncertainty in relation to COVID-19, changes in enrollment, increasing competition, and higher expectations from students. The traditional economic models that universities have relied on in the past are no longer reliable, and institutions must be able to adapt while keeping both staff and students satisfied.
To improve business models, organizations can find value in harnessing new and innovative technologies such as those found through digital transformation. Slow and disconnected processes are no longer viable in the new norm of higher education. Using cloud solutions such as Workday for higher education will drive student success while reducing costs, helping universities rise to the challenge by remaining agile and adaptable.
Achieving Organizational Agility
Organizational agility is more than just being able to handle change, rather it is the ability to evolve, adapt, and take advantage of emerging opportunities. Embracing the benefits of digital transformation in higher education will allow institutions to connect processes across the organization and become more flexible than competitors. More than two-thirds, or (69%) of leaders in higher education, say their strategy for growth through digital innovation constantly evolves based on continual learning from organizational outcomes and students. The keys to organizational agility include continuous planning, fluid processes, accurate data, and real-time forecasting. Continuous planning leads to more dynamic and timely strategizing, and accurate measurement of key metrics enables more informed decision-making.
These keys to organizational agility can be achieved with tools such as Workday Adaptive Planning, offering collaborative and continuous planning across the organization. Adaptive planning helps upgrade and unify modeling, forecasting, and budgeting systems to help institutions more quickly make informed decisions. While COVID-19 accelerated the need for these abilities, the new virtual culture of higher education is here to stay.
The pandemic resulted in complete disruption of the higher education industry and demonstrated the importance of being agile, as organizations who were technologically ready to scale functions, move online, and make quicker decisions weathered the storm more successfully. As the industry begins to recover, adjust, and change yet again, institutions have a new understanding of the benefits that digital transformation provides.
Digital Transformation in Higher Education = The Key to Agility
Digital transformation services in education help deploy modern solutions to combat the issues facing institutions. With tools such as Workday for higher education, institutions can make data-driven decisions, quickly adapt to change, and keep students on track to graduation. Workday offers one holistic system across student, finance, HR, and planning that ensures student success and prepares higher education institutions to adapt when necessary.
Users have the ability to plan and forecast continuously, enabling strategic, data-driven decision-making. With mobile self-service and alerts for students, institutions can better serve students and improve retention rates. The student experience overall is advanced with improved management of admissions, advising, financial aid, and student records. The needs of students today are different than they were even five years ago and are still evolving, so it is crucial to keep students engaged while having the flexibility to adapt and change when needed.
While ensuring students have all the modern solutions and technological support necessary is a crucial piece to success, another important group for institutions to support is faculty and staff. With Workday for higher education, institutions can better care for those who work for them and ensure employees are engaged and satisfied. HR needs such as recruiting, payroll, talent management, and benefits are all managed in one unified, easy-to-access location. Upgraded talent management systems help institutions attract and retain staff while also ensuring they are equipped for success in their role.
The Future of Higher Education
Higher education’s competitive nature only amplifies the need for digital transformation and organizational agility. The restructuring of higher education resulting from the pandemic has led to the emergence of new institutions that offer innovative avenues for learning and getting a degree. Just as technology and modernization have transformed other industries, if higher education institutions can’t communicate and implement solutions organization-wide, organizational agility will never occur, and those who fail to adopt modern solutions will fall behind the competition.
Institutions may face challenges in implementing a digital transformation, such as difficulty in engaging the wider organization or working with troublesome legacy systems, but these can be overcome by selecting the right provider of digital transformation in higher education who knows how to alleviate these issues. The deployment of modern systems such as Workday for higher education provides institutions with the tools needed to adjust to the new normal and remain agile to the uncertainties that lie ahead.
To learn more about how our digital transformation services in education can help your institution achieve organizational agility, check out Collaborative Solutions’ Higher Education Industry page.
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