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If your school is looking for a way to improve efficiency while cutting spending, consider whether your school is employing purpose-driven technology that addresses the whole school’s needs.
According to the 2023 Trends and Insights into the State of Schools Report, school administrators are exploring ways to increase efficiency through technology integration and investing in cloud-based solutions. Sixty-eight percent of respondents expect to increase their investment in technology in 2023, with more than nine in 10 hoping to move their current technology to a more secure cloud and invest in improved processes.
Educational institutions that rely on technology not built for schools or technology that wastes staff time generating reports or importing or exporting data are limiting efficiency and ballooning expenses.
Business office leaders should consider whether their current technology helps their school work efficiently or contributes to inefficiency. Just as other school leaders look to invest in technology, there are benefits to schools in examining their current software and ensuring the systems contribute to every part of the school ecosystem beyond just tuition management and student information.
Consider if upgrading technology would make sense. Investing in purpose-driven technology allows school leaders to focus on students and families and allows a school to achieve more for its teachers, staff, parents, students, and community.
A barrier that may be preventing schools from modernizing their technology is the level of perceived effort it takes to switch vendors, translate data, and re-educate staff. Investing in a software company with products that span every part of the school ecosystem can eliminate these challenges, as the right company will have a team of experts dedicated to helping schools exceed.
Let’s explore how purpose-driven technology built for schools can improve efficiency.
Why Invest in Data-Driven Technology
Data is the backbone of any business office. When schools leverage the correct data, it engages stakeholders—including parents, teachers, department heads, board members, and donors—and keeps them informed of school-wide performance.
An often-overlooked area that influences all school operations is accounting technology. The right technology improves data collection and evaluation and creates insights faster. Using technology from one provider centralizes the data across all the systems in a school’s ecosystem. It allows for more insightful discussions internally and with stakeholders without having to navigate multiple programs and reduces errors associated with manual operations.
A robust accounting software that understands school needs, like MIP Fund Accounting by Momentive Software, can help business offices streamline financial reporting for the whole school ecosystem by quickly incorporating data from other school-focused systems. Integrated accounting software also makes reporting and forecasting more complete with at-a-glance, up-to-date metrics while pulling historical cost and compensation data for comprehensive reporting to help your school improve efficiency.
Accounting software also improves routine accounting events like audits, closing the books monthly, and annually, and other accounting workflows like AP approvals, purchase orders and requisitions. By centralizing all your information in one system, your accounting team can complete tasks in less time, and prevent errors associated with manual entry.
Better Reporting
- Empowers stakeholders with more data, like identifying gaps in program support or initiatives that could enhance school revenue, like investing in technology, offering programs and services to families, or capital improvements
- Better reporting also pinpoints fundraising, donation, or endowment opportunities
Tuition Management and Admissions Data
- Easily import or export tuition revenue data to track the financial performance of admissions
- Use admissions data to provide insights into tuition management and influence school budgets
Increased Analysis
- Track an unlimited number of funds, projects, locations, and more with relevant reports while demonstrating a commitment to fiscal responsibility
- The right software also mitigates risks within a school through internal controls and a complete audit trail
- Facilitate more robust internal control, like controlling and monitoring user permissions.
How Data-driven Technology Builds Relationships
MIP helps organizations accomplish their mission. Investing in purpose-driven technology allows school leaders to focus on students and families and allows a school to achieve more for its teachers, staff, parents, students, and community.
A complete system can help a school’s business office, increase efficiency, and, most importantly, save time importing and exporting third-party or self-generated data. Consolidating the number of technology systems could also save on IT and potential costs related to outsourcing administrative functions.
Complete systems can simplify and extend operational capacity and highlight a commitment to effectively managing tuition, fundraising, budgeting, and financial aid.
The Benefits of a Complete Data-Driven Ecosystem
For schools, the flexibility of having purpose-driven technology options means that schools can find the best solutions that fit their needs.
Connected solutions, like those from Momentive Software, mean that business offices can choose solutions that reduce complexity, lower costs, and improve engagement. They decrease pain points and increase efficiency.
With 50-plus years of experience, Momentive Software is the leader in school-focused, mission-driven technology. MIP is part of the Momentive Software’ line of integrated solutions. We offer a suite of products that make developing and managing your school’s assets easier. Meet:
- CampusPay: our campus-wide payment system, makes online payments easy, efficient, and parent-friendly across your entire school system
- Diamond Mind: the most accessible procurement process manager that also lowers costs
- Ravenna: a highly configurable admission CRM, designed by admission experts for admission experts
- TADS: a cloud-based, full-service solution for school administrators that gives schools tools to delight their community of families, students and staff and complete control in the way they charge, collect, and manage school fees
- BigSIS: a cloud-based, all-in-one student information system supporting every stage of the student lifecycle that streamlines processes and saves time
- GiveSmart: our industry-leading fundraising and donor management software, allows you to host fundraising campaigns and events, offer multiple payment options, and foster an engaged donor community
Want to learn more? Schedule time to explore MIP Fund Accounting and the entire school ecosystem portfolio of Momentive Software.
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