Dive Brief:
- Higher education decision-making has long been founded in shared governance marked by institutional dialogue, but a new report outlines a model that relies on institutional performance to make data-informed financial decisions.
- "Evolving Higher Education Business Models: Leading with Data to Deliver Results" advocates data transparency so decision-makers at all levels of the institution have the information they need to make the right choices and monitor the return on investment.
- Key to developing a performance-based model is identifying agreed-upon metrics from which to judge institutional progress, and giving people access to the information they need to assess them.
Dive Insight:
Though higher education researchers have long led the world in analyzing data, colleges and universities have been slower to adapt their business models to a digital world. Colleges and universities collect reams of data, but just in the last few years have they begun creating analytics programs with which to use them.
At many institutions, the need to “do more with less” has precipitated more strategic decision-making. The recent push for accountability based on student outcomes has encouraged other institutions to develop predictive models and tailor student support programs to what has worked in the past. Ivy Tech, in Indiana, has used its analytical power to improve its financial aid system and track faculty outcomes, among other initiatives.