Is your institution planning to invest in education ERP? As one of the key decision-makers, you would like to know how it can help save long-term costs.
Yes, the school management software considerably reduced expenditures. Let’s see how the system helps cutting-down on the need for many resources.
1)Transparency in the admission process helps attract more students
Almost every government worldwide urges educational institutions to make the admission process transparent. No matter how many classes your school offers, the ERP handles the entire admission journey. It has online admission and digital payment modules. The software easily integrates with existing admission management systems, websites, and payment gateways. The school management system has form processing capabilities. Thus, the software reduces the efforts required from your trainee enrollment team. They can approve or reject applications. Prospects get immediate intimation via email or text. With ERP, you can even let students book online career counseling before choosing subjects. Also, the system shares the prospects’ data with your students’ councilors’ team. Trainees from disadvantaged backgrounds can check the availability of reserved admission seats online. As a result, students and parents have accurate information about the institution. Making crucial admission-related decisions becomes a piece of cake.Now, think about how much your school can save on advertising and marketing. All that you need to do is simplify online admission with school ERP.
2)Cost of paper
Several case studies have proved how going paperless alone helps save a fortune. But, the amount spent on paper and printing often makes it in the list for overlooked expenses.On average, schools in the US use 32 billion sheets each year. They spend $1.6 billion on paper. Every institution’s average annual expenditure on paper is set to be around $16,000.Basically, creating digital school records instead of physical documents can help save money.
3)Audit and documentation costs for financial records
Every school handles a vast amount of financial data. And yes, maintaining records for economic activities as per government guidelines is crucial. Even a single error in records results in extra costs during auditing. But, of course, that’s not what any given organization wants. Your school can achieve producibility, accountability, and efficiency. It happens by streamlining balance sheets, income statements, banking, and financial accounting systems. As a result, you can generate various reports within seconds. And this makes the auditor’s job easy during auditing. No matter if it’s the data about receivables, payables, payroll, donations, and government grants. ERP ensures you have access to the institution’s financial position.
4)Expenditure associated with data entry errors
Some schools still have legacy systems that combine software and spreadsheets for data storage. Therefore, tracking information remains time-consuming and difficult for administrators. Plus, human errors or data entry mishaps in spreadsheets cost a lot in terms of time and money. Wrong data gets distributed everywhere, and administrators spend endless time rectifying things. All the stakeholders end up suffering.Digital online school ERP takes care of students’ registration, enrollment, and assigning classes. In addition, automation in forms processing, handling payment, and other transactions helps reduce errors. Education ERP’s user-friendly dashboard makes data gathering and analysis easy. Overall, you save time, money and offer a great experience to your team, students and parents.
5)No need to invest in devices for remote workers
Modern school management systems are accessible via mobile apps. Staffers can access the software while working from home. So, the school does not need to invest in laptops or other devices for remote working staff. Such ERP solutions have proved a boon for the education sector since 2020. As a result, schools have moved to a hybrid teaching model.
Organizing desks, classrooms, projectors, and question-answer sheets for classroom-based exams can cost a lot.The ERP integrates with a learning management system, online quiz, and exam management software. Combining these software helped schools organize online exams smoothly during the pandemic. You can conduct objective type, para-based, subjective, and audio video-based exams online. Some systems even take care of exam evaluation based on ML capabilities.
7)Considerable reduction in the cost of ownership
Every school has LMS, TMS, accounting system, attendance and online admission-related software. Your institution has an in-house IT team or relies on vendors for support and upgrades. Costs associated with both are enormous. On the other side, you can let experts design an education ERP with all the required modules. Plus, it also integrates with your existing software. You won’t have to “buy” it and then maintain tremendous on-premise hardware. You can subscribe to education ERP web and mobile apps as a SaaS product.
Most modern education ERP programs are cloud-based. Thus, the cloud service provider handles spending on infrastructure and upgradation.
To sum it up, with cloud-based education ERP, you can save the total ownership cost in the form of:
1)Regular maintenance expenditure
2)Costs associated with security solutions
3)Salaries on IT staff
4)On-premise hardware costs
6)Space required for the hardware
Is the opposition towards automation justified?
Schools, colleges, and universities can save a lot with education management software. Yet, technology cannot completely replace humans. Instead, it can make their job easy. Human oversight is always required, even for super-smart AI systems.
Put simply, automation won’t replace humans. Instead, it will help the trainer focus more on crucial decision-making and teaching. They can perform other challenging activities. Let automation take care of dull, repetitive tasks. The school management must elaborate on these benefits to the workforce.
Education ERPs are perfect for schools of all sizes. If you need a software vendor who can offer a tailored system to meet your school needs, contact team MyEdu. We have developed apps for public and private schools. They are saving a fortune in operating costs.