As universities attract students from across the globe, there is a need to:
- Evolve current business models and revenue streams
- Collaborate with one another across boundaries to foster healthy peer-competition
Changing expectations of students
Universities are under constant pressure to identify and retain students of the highest quality. But in today’s world, as students expect a desirable ROI, there is an additional onus on the institution to empower its students financially.
Changing economic realities
Universities are heavily dependent on the funding they receive from various entities. However, all aspects of the business are moving towards an outcome-based focus. Consequently, the funding too has turned into a performance-based activity, which demands universities to up their game.
Accelerated technology innovations
Technological advancements allow universities to enhance the levels of student engagement and empower them with innovative education delivery models, perhaps even heading towards a ‘no physical classroom’ concept. This could potentially put an end to the traditional methods of knowledge dissemination to students, making universities extremely asset-light.
University needs & expectations – What matters?
There are several key expectations that universities want to meet with their modernization strategies, which can be primarily classified into:
Student experience: Enable personalized experience, empowering students concerning financial stability, employability and success
Institutional performance: Enhance program quality and reputation and foster life-long learning, thereby creating differentiation in the market
Operational efficiency: Optimizing enrollment management and several other vital processes, leveraging insights about the market and students to enhance institutional development and fund-raising; ultimately resulting in excellence