Teesside University has announced a partnership with data analytics provider, MHR Analytics to support its financial modelling and fee planning.
Financial workforce planning software, powered by IBM Planning Analytics, will be implemented to save time and money spent on spreadsheet based tuition fee planning processes and focus on strategic growth across the academic departments.
Teesside is one of the many educational institutions turning to analytics to address a changing economy and ongoing developments in the sector.
The solution will enable the University’s finance team to visualise, test and predict various scenarios and revenues, and accurately break down data on student retention rates, course profitability and the impact of curriculum changes without the reliance on traditional spreadsheets.
Kendra Pink, Deputy Director of Finance at Teesside University said: “As an academic institution at the forefront of a constantly evolving sector, it is essential that our financial forecasting and fee planning processes are accurate and effective.
“Reducing time consuming admin by eliminating manual processes will allow our teams to be more strategic and remain dedicated to providing an excellent educational experience for all our students,” she said.
Nick Felton, MHR Analytics SVP said: “We’re pleased to welcome Teesside University to join the growing number of leading UK universities working with us. Competition for funding streams is fierce and student numbers are becoming more difficult to accurately predict, with universities coming under increasing regulatory pressure. Our planning analytics solutions allow universities to perform better in the face of the uncertainties and focus on their strengths, continuing to provide a world class education to students from across the UK and abroad.”
The ambitious North East University has around 20,000 students studying in the UK and overseas and employs nearly 2,500 people.