Higher education institutes are under constant pressure to provide top-notch educational services while keeping costs low.
One way to achieve both of these goals is through the use of shared services. Shared services can help institutions save money and improve efficiency.
Here are six ways how shared services help institutes of higher education.
Shared services refer to a business practice that consolidates certain organizational functions. This can include things like human resources, IT systems, and financial management, though the specific functions that are shared may vary from organization to organization.
The main goal of shared services in higher education is to streamline operations and cut costs by delivering a higher level of service at a lower price.
For example, implementing a single system for all HR functions across an organization will help eliminate redundancies and make information more easily accessible to administrators.
- Better Data Management
- Scalability
- Improved Compliance
- Improved Quality
- Promoting Collaboration Among Faculty Members
- Improve Efficiency
1. Better Data Management
Maintaining effective data management systems is essential for a variety of reasons. These systems track student and faculty performance, measure institutional progress, and stratify teaching methods to best meet students’ individual learning needs.
However, these processes can be complex and time-consuming if they are not consolidated and streamlined using shared services programs.
By centralizing data management efforts in one centralized location, institutions can better manage their resources, allocate staff more effectively, and provide better student services.
Furthermore, it helps to improve the overall transparency and efficacy of educational institutions by enhancing accountability among faculty and administrators.
Organizations can collect, store, and analyze data from multiple departments with a centralized system simultaneously. This allows decision-makers to make more informed decisions based on accurate information, from student retention rates to marketing initiatives.
2. Scalability
When an organization grows, it often needs to add more employees and resources. This can be costly and time-consuming if the organization tries to do everything independently.
However, by partnering with other organizations, they can take advantage of the existing infrastructure and resources that are already in place. This can help them save time and money as they grow.
It can also help organizations cope with sudden growth spurts. For example, if an organization experiences a surge in demand for its products or services, it may need to hire additional staff or increase production quickly.
By partnering with other organizations, it can access the resources it needs to cope with this sudden growth. This ensures that an organization always has access to the tools it needs to stay competitive in today’s rapidly-changing educational landscape.
3. Improved Compliance
In addition to boosting efficiency and accuracy, shared services also help institutions manage compliance requirements more effectively and efficiently.
All relevant regulations are collected into one central location with automated reporting features built right in, so there is less risk of non-compliance due to errors or missed deadlines.
This saves time and money while minimizing organizational risk exposure in human resources, financial reporting, IT infrastructure maintenance, procurement processes, accounting functions, etc.
4. Improved Quality
Shared services are increasingly becoming an integral part of higher education institutions. By sharing resources and services across departments, colleges and universities can significantly improve the overall quality of their programs.
That is because it gives businesses and organizations access to a broader range of expertise and capabilities, allowing them to provide better support for students and faculty.
Additionally, by utilizing shared services, institutions can optimize their use of limited financial resources and focus on their core mission of educating students rather than getting caught up in administrative tasks like record keeping or data management.
5. Promoting Collaboration Among Faculty Members
It helps promote collaboration between faculty members who may not typically work together. For example, shared libraries allow academics in different fields to share books, journals, articles, datasets, etc., enabling more cross-disciplinary research projects.
And IT platforms that facilitate discussions or data sharing among faculty members can promote interdepartmental connections that may not have otherwise been possible. By bridging these gaps between various groups on campus and providing flexible tools for extending knowledge beyond traditional boundaries.
It also encourages more innovative research. Schools can foster a culture that encourages out-of-the-box thinking through effective department coordination. Allowing them to stay ahead of the curve as new ideas and technologies emerge in higher education.
6. Improve Efficiency
When each organization has its own separate resources and processes, there is a lot of duplication and redundancy. This can lead to wasted time and money.
By consolidating resources and processes, shared services can help reduce or eliminate this duplication, leading to more efficient operations. It also helps improve efficiency by standardizing processes.
This can lead to reduced training costs, as employees only need to be trained on one set of processes instead of multiple sets.
Standardization can also improve quality, as it helps ensure everyone follows the same procedures and guidelines.
Plus, when multiple organizations pool their resources and processes together, they can often achieve cost savings. That is because they can spread the costs across a larger number of users, leading to lower costs per person.
There are many benefits that institutes can enjoy by using shared services. However, it’s essential to choose the right service provider. Institutes should research and choose a provider that meets their specific needs.