At this year’s Adaptive Live event, I attended a session entitled Education: Adaptive Best Practices. A panel of three Adaptive Insight’s customers representing their respective institutions shared their experiences with the group. They related how smoothly their implementations went and enjoyed the fact they did not have to commit significant resources to the project. There was a general consensus that they felt well-connected with their implementation teams even though projects were managed remotely. Weekly meetings were key in facilitating open communication, milestone updates and system reviews.
The session provided a Q&A period that allowed prospective customers to ask questions about moving forward with Adaptive Insights. The panel spoke highly about their implementation teams and how they helped them through the process. They related how Cloud skepticism had been eliminated internally through their project success. They also mentioned they were able to reduce IT overheads and expenditures – a big plus for university IT departments that are already overstretched. Another big takeaway from the panel was the ability to easily train their users on the Adaptive system as it is very intuitive. They spoke to an evolution of trust with Adaptive that allowed them to expand their deployments and add new users. They expressed a growing confidence with each new budget cycle and each new rolling forecast. Lastly, the panel raved about the amount of time that was saved with Adaptive reporting. Updating and formatting reports was reduced from weeks to mere days.
As an Adaptive implementation specialist, I have personally found that Adaptive is a perfect fit for Higher Education budgeting and planning. Enrollment models can be built according to your requirements, whether you want it at a high level or more detailed at the semester or program level. Multi-year forecasting is a necessity in Higher Education and very easy to do in Adaptive. For example, you could do a five-year outlook with various growth assumptions for student enrollment and tuition revenues. Assumptions can be easily updated allowing for quick insight into how the changes affect your bottom line. Extending the enrollment model, you can then create a Room and Board revenue forecast, as well as a financial aid model. Furthermore, endowment models can be built and maintained in Adaptive. You are able to roll forward your endowment value using a specified rate of return, all the while including spending and gift additions. You are able to calculate the permissible spend rate for the year which will drive the amount of spending you are allowed each year.
As you can see, Adaptive truly is a great, comprehensive solution for Higher Education. At CMC, we have a growing list of university customers. Indeed, we are now the Number 1 Adaptive Partner for Higher Education. Contact us today to learn how we can take budgeting and planning to a new level at your institution!