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.
- Optimising financial performance.
- For the student, early intervention can make the difference between success and failure!
One thing is clear. While everyone’s focussed on Ranking, Recognition, Reputation and Revenue, only a select few will be willing to challenge the status-quo. It’s the institutions that are willing to invest is leveraging technology and data to deliver timely and actionable insights that influence admission decisions and drive persistence, that will win, in an increasingly competitive market place.