In the increasingly dynamic world of higher education it is becoming more and more important to be able to measure finance performance. The greater level of detail with which you're measuring that performance, the more effectively you will be able to make decisions to impact the strategic direction of your organization. This quick start template developed by the Spaulding Ridge team is aimed at providing the framework from which to measure profitability at your institution at the lowest level of granularity - the class level. This then aggregates into courses, classes, departments, programs, etc. The objective of a higher education institution is to better serve and educate their constituents - understanding the financial impact of decisions only furthers that cause.
Review the statement of activities for the entire institution, a department, or course level. Designed for use by the provost or CFO down to departmental budget managers
Review class detail that can be loaded from previous years or outside source systems. See financial detail by course or class and identify areas to expand or potentially contract
Look at individual class sections, their timing, and determine the attributes of financially successful classes
With Anaplan's flexible metadata management, add or delete class sections on the fly to review the impact on course level financials
Change the allocation methodology using a series of industry standard options to customize for your institution. Once methodology is chosen, apply to prior years to see proforma views of your institution to drive transparency with each college and department
Profitability View at Every Level of your Institution
This model is designed to give users a view of the profitability of all levels of your institution from a consolidated executive view all the way down to each individual class section. This gives users the ability to drill into each number to see what drives revenue and cost at each level
Identify under performing areas of your institution
Leveraging out of the box logic, the Spaulding Ridge class profitability template will facilitate highlighting under performing departments, courses, and ultimately classes. With identifying, in part through allocations, the under performing areas of the organization the user is enabled to take action.
Plan your course catalog and class schedule
When classes are identified as under performing users can run scenarios to understand what removing that class would do to enrollment and profitability. Similarly, users can create a scenario in which they add classes and see the effect.
Allocation Methodology and Pro Forma Results
Through years of higher education modeling expertise, the Spaulding Ridge team has incorporated plug and play metadata management and industry standard allocation methodology for driving profitability metrics throughout the model.
Higher Education Quick Start Template
As mentioned, the model gives users the ability to see their entire financial position of the institution. In order to do this, all departmental, college, and allocation details are included. This app, and Spaulding Ridge's experience in Higher Education, makes it easy to quickly load your institution detail from your ERP system(s) (Banner, Peoplesoft etc.) so you can see what this means for your institution
Spaulding Ridge offers executive-level, practical advice to scale your business. Stated simply, we deliver best-in-cloud advisory and IT services. Anaplan is one of the key tenants of our best in cloud strategy and the SR team has some of the most experienced Anaplanners on the market.