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Supercharging student success with the power of Einstein intelligent insights
The higher education landscape is one that is highly competitive – every institution is focussed on Ranking, Recognition, Reputation and Revenue. There are many factors that contribute to these results, but of all the factors that affect the health and prosperity of higher education institutions, the most crucial and influential, by far, is student success. Higher education institutions have a vast amount of data. The evolution in technology, legislation, and culture are forcing institutions to innovate and embrace data-driven transformation.
Truly, higher education is all about student success – this is the one measure of accomplishment that really matters for every institution. A term that is often used in reference to student success is persistence. Persistence refers to the act of continuing towards an educational goal, such as earning a bachelor’s degree. In the context of this article, persistence is a measure of the student’s ongoing success and their qualification to continue to receive financial aid.
A lack of student success, or persistence, is critical to both the college and the student. For the student, a lack of persistence reduces the likelihood of reaching his or her educational goals, on time, and with little or no debt. For the college, students who do not persist will fail to qualify for ongoing financial aid, and current aid will need to be repaid to the government. Also, for private colleges, a 1% increase in retention equals $1M in revenue. Last, but not least, an increase in retention leads to improved college ranking
Most higher education institutions have a large and disparate technology stack that holds a wealth of data around the student life cycle, plus data not stored in systems. Actionable insight into this data is limited, at best, resulting in decreased student success, lost revenue, and reduced operational efficiency.
What are the opportunities? While there are many exciting opportunities to consider in the higher education space, we have initially focused upon the area of student success and persistence. There are three great opportunities in this respect:
If schools could identify warning signs for students before they failed to meet the criteria for persistence, the school could act proactively to assist the student.
If schools could predictively identify students at high risk of not persisting, based upon certain key characteristics of those students, then these students could be afforded an extra level of support right from the start.
If smart systems could suggest what actions might help a student to persist, the school would be much more effective and efficient in enabling student success.
At Visioneer360, we have built a student success solution, The Higher Education Insights App. Our solution utilises the power of Einstein Analytics and Discovery AI to build a game-changing augmented analytics app. Why Einstein Augmented Analytics? Three reasons:
Augmented analytics enables you to get tremendous value from big data without hiring a data science team.
– Augmented analytics provides powerful benefits for both student and college.
– Colleges who utilise this technology will lead the way in the higher education space.
– What is the impact of our Higher Education Insights App?
It gives the college a powerful tool that enables them to foster student success, Improving business efficiencies and Optimising financial performance. For the student, early intervention can make the difference between success and failure!
What is the best ROI for my marketing spend?
As a wealth management organisation dedicated to the medical community, we dedicated a considerable portion of our marketing spend and effort on hosting events at large metro hospitals as our key lead generation source.
Because we had not been tracking our lead pipeline, we didn’t know which specific hospitals were most effective in turning leads into conversions. As a consequence we didn’t know where to direct our marketing efforts and spend in order to optimise our ROI.
Building a dashboard from our existing data allowed us to clearly see which hospital events were our weakest and strongest lead sources, and where we needed to be allocating our marketing efforts and spend. We found that most of our conversions were coming from regional hospitals rather than metro, which is where we had originally been directing our marketing efforts.
Thanks to the condensed display of relevant data on the dashboard, we were able to easily present these findings to management, who in turn could make informed changes to our marketing and lead conversion efforts. This insight led to a shift in focus from metro to regional hospital events, resulting in a 3x increase of conversions over 2 years.
Along with supporting this key decision, our marketing dashboard allows us to manage our lead pipeline, marketing budget and ROI, and measure the performance of our communication.
How do I hold my team accountable for their performance
Our data wasn’t telling a complete story about our team and how they were performing. Data was stored on extensive spreadsheets that contained inaccurate, and largely outdated data on staff activity. Collating relevant and complete data detailing the activity of every team member would require time that management just didn’t have.
As a result, we had no way of knowing which team members were meeting sales targets and KPIs, and which members were underperforming. Importantly, it meant we couldn’t keep our team members accountable for their role responsibilities and performance.
By having all the data aggregated on one visually simplified dashboard, we were able to quickly track sales targets, activities and KPIs, as well as forecast team performance. We no longer had to work with incomplete and inaccurate data, and were able to have a much richer understanding about what activities were being carried out, and what performance metrics were being met or missed.
Importantly, we were able to keep each team member accountable for their job role and performance.
How do I ensure my patient’s are being properly cared for?
Having operations across several locations, it was extremely difficult to have an effective and efficient system to determine whether all our patients with chronic conditions had been placed onto an individual treatment plan.
The only way this would could be achieved was through a time-consuming, manual collation of data from all locations into a single report. This would not only take significant time and staff capacity which was not available, but it also increased the chances of inaccuracy and inconsistency of our reporting, and consequently of our patient care.
By having all the data aggregated into one place, we were able to see at a moment’s glance the number of patients with a chronic condition vs. the number of patient treatment plans currently active. These discrepancies that would have taken significant time and effort to spot manually were able to be instantly identified and acted upon.
By having our data from all our client locations on a simplified dashboard, we have been enabled to deliver more thorough and more effective patient care.
How do I know that my advisers are delivering quality service in line with fee structure?
The financial services industry is transforming, with a significant focus on the quality and service provided to clients in return for a transparent fee structure. Transparency and accountability are paramount in every aspect of the service delivery.
Data and reporting on individual advisor activity were stored on extensive spreadsheets that contained largely inaccurate and outdated data. This process did not allow management to have a systematic or accurate monitoring of compliance of the various financial advisors.
The compliance dashboard made compliance monitoring significantly easier and more effective. The dashboard aggregated the activity of every financial advisor, tracking measures such as the number of reviews completed by client per adviser, alerts for any overdue reviews and a record of the services offered through the Fee Disclosure Statement.
By replacing our extensive spreadsheets with a single dashboard, we are now able to ensure the effective and ongoing monitoring of compliance across the organisation.
How can I effectively monitor BDM performance across different company silos?
As a multi-national insurance company, we needed to be able to track and compare BDM performance of employees across different countries and different functions. Our manual system of data collection and reporting didn’t allow management to have a centralised view of overall BDM performance within the organisation.
The manual system also meant that data was often We could use this data to make informed strategic decision-making at a fraction of the time and effort it would have taken had the data been collated manually.
The executive dashboard enabled instant access to key performance metrics across the entire organisation. Real-time data of every country, function or individual was aggregated into simple graphics that allowed for easy analysis and comparison.
The dashboard allowed both a big picture overview of the data, as well deep down into specific regions and employee activity. We could use this data to make informed strategic decision-making at a fraction of the time and effort it would have taken had the data been collated manually.