We Asked, You Answered. The State of Higher Ed Finance.
2 min Read
What if you had the power to know what your colleagues and even competition were thinking? Knowing how others in your field feel about the same challenges that you face can be enlightening. We all know thought in a vacuum isn't as impactful as the idea that both can survive and thrive within a financial ecosystem. In the spirit of this, we canvassed Higher Ed Finance pros to get their thoughts and feelings on particulars like do they use spreadsheets in their modeling process, as well as broader subjects like how you feel about the long-term health of your institution.
While we share some of our findings here, you’ll have to catch all the data in the complete infographic.
Here’s a look at some of our findings.
Financial modeling takes most teams quite a while.
The timeline for adjusting financial projects was dominated by responders claiming it would take over a week, with a controlling share at 52%. Even beyond that, 29% of responders said it would take over a month to adjust their projects. Only 8% said it could be done in less than twenty-four hours. Where do you fall on this scale? Would it take quite a while to update even a few figures in your projections? If the answer is yes then you might benefit from switching up your process. We have a great article coming up on how to digitally transform your financial planning and analysis, which could save you some valuable time and hopefully bump you up into the same category of folks who’d only take a day.
Long-term decision-making shakes the industry’s confidence.
We know you have a very comprehensive process. What institution could exist without one? Regardless of how thorough Higher Ed Finance is only 46% are just confident enough in their long-term decision making. A bit more surprising than this is 37% of responders fell into the category of “Not enough or below”. As a final note, only half of the responders said they were able to accurately plan as far out as 2-5 years.
Want to see the full report?
While this information might be a bit worrying, don’t fret! We outline a few ideas in our infographic that give you a few ideas on steps to take to counter some of these statistics.
See what Synario can do for you
We started Synario for the same reason many of our clients started using it: we were tired of struggling with spreadsheets and their shortcomings. We needed a solution that was dynamic, adaptable, and promoted cross-team collaboration.
To answer this need, we created Synario: the agile modeling software organizations rely on to forecast and visualize their financial futures.
Are you ready to see for yourself what Synario can do for you?