Revolutionising Higher Education Planning with Anaplan
Navigating the complexities of university life—balancing budgets, planning projects, and preparing for an uncertain future—is a challenge familiar to students the world over. Yet, universities themselves face similar hurdles on a far grander scale.
The Current Landscape of Higher Education
Higher education institutions today are grappling with significant financial challenges. Changes in funding structures, stringent visa regulations affecting international student admissions, and a volatile global economic landscape have placed significant pressure on universities’ finance and planning teams.
Universities have faced increasing operational costs and changes in funding streams. There have been inflationary pressures on wages and the annual tuition fee cap has been frozen at £9,250 for three years, piling further pressures on higher education finance teams and shrinking already tight margins.
At the same time, student expectations have shifted in terms of the quality of teaching and the facilities on offer. Not only do students demand a higher standard of education but the growth of the international student market means universities are now having to compete with institutions from across the globe.
Balancing Student Numbers
In order to close the funding gap, many universities try to strike a balance between UK students and those enrolled from overseas that pay a higher fee per year.
The UK remains the second most popular global destination for international students, with over 605,130 international higher education students studying in the UK in the 2020/21 academic year (Commons Library). However, changing government regulations on visas have challenged the number of international students.
The ever-changing international student numbers and undergraduate vs postgraduate students, highlights the critical need for robust planning and resource management tools to handle diverse student needs such as accommodation, teaching facilities, resources and other financial dependencies effectively.
The importance of the accuracy of student planning cannot be overstated. Student planning often goes through an FP&A team and if the data analysis is wrong the whole income model of a university can be undermined and compromised.
Whilst Excel will always have a place in analysis and planning, the critical requirement is for a multi-dimensional planning tool that is capable of managing extremely large volumes of data as well as all the various complexities within that data.
The Anaplan Advantage
Leveraging comprehensive data analytics solutions can significantly improve planning and resource allocation. The ability to predict and respond to changes in enrollment, funding, and student needs enables institutions to navigate the complexities of modern higher education more effectively. This proactive strategy is essential for fostering a resilient and adaptable educational environment.
Anaplan stands out by integrating various facets of university management into a cohesive, transparent framework. This isn’t just about financial planning; it’s about aligning academic goals with financial realities, student admissions with resource allocation, and long-term strategic plans with immediate operational needs.
Sam Horne, Finance Director at the University of London leverages Anaplan to streamline their financial operations, particularly in strategic project funding and long-term financial planning. The platform’s real-time data processing allows for immediate updates and adjustments, providing a level of responsiveness that traditional spreadsheets simply cannot match.
Empowering Decision-Making with Data
We have seen firsthand how transforming data into actionable insights can empower educational institutions. Planning tools allow Finance and Planning teams to add other models over time. These can include student accommodation, resource projects, in-year cash-flow forecasting, balance sheets, capital projects and food, drink, and entertainment, and so on. If fully integrated planning is put into place, each model added to the system can add more value and encourage finance teams to become value creators rather than mere scorekeepers.
Shifting from a reactive stance to a proactive approach allows these institutions to anticipate future scenarios and plan accordingly. This shift is not merely advantageous; it is crucial in an era where financial sustainability is closely linked to an institution’s ability to adapt and innovate.
“With a tool like Anaplan, you can give stakeholders across the university so much insight that they’ve never had before. They’re much closer to their own numbers, and this visibility drives significant cultural shifts towards more financially disciplined approaches across the entire university,” noted Sam Horne from the University of London.
Real-World Applications
One of the key takeaways from our collaboration with the University of London was the tangible impact of connected planning on everyday operations. For instance, the finance team at the university now spends less time verifying data accuracy and more on strategic analysis and future planning. This shift not only boosts operational efficiency but also enhances strategic foresight.
The platform has also democratised data access across the university. Decision-makers at all levels can now access customised dashboards that provide insights relevant to their specific roles. This accessibility ensures that decisions are made based on a comprehensive understanding of data, fostering a more collaborative and informed campus environment.
Building a Future-Ready Campus
As higher education continues to evolve, the institutions that will thrive are those equipped to harness the power of their data to foster innovation and efficiency. Anaplan doesn’t just facilitate better planning; it builds ecosystems where data-driven insights become the cornerstone of all strategic initiatives.
“At Semper Analytics, our aim is always to unlock the full potential of your data. By partnering with us, institutions gain more than just access to Anaplan’s powerful platform; they gain a strategic ally dedicated to helping them make informed decisions and navigate the complexities of today’s educational landscape,” stated Stephen Pass.
For those interested in learning more about how connected planning can be implemented in your institution, please reach out. We are eager to help you begin this transformative journey towards a more integrated, insightful, and proactive future.
Explore insights from our recent webinar, “The Power of Connected Planning for Higher Education,” where Sam Horne from the University of London and I discussed how tools like Anaplan are revolutionising the sector.
About the Author
Stephen Pass, Sector Lead – Insurance & Professional Services
Stephen is a Sector Lead for Insurance and Professional Services at Sempre Analytics. Stephen brings with him a strong data and analytic background, having held positions in leading global companies such as Teradata and Lloyds Banking Group, this awarded him valuable international experience in enterprise level software and services sales strategy.
Stephen’s deep experience solving business problems helped the Banking and Insurance industry make the best of opportunities from digitalisation. His strategic approach in identifying and understanding the market direction from the customer needs, alliances and the competitive landscape enabled his clients to develop their data analytics roadmap to become more operationally efficient and truly data-driven.
