How Colleges Can Fight the Bain Prediction of Financial Unsustainability
ARLINGTON, Va., Aug. 9, 2012 /PRNewswire/ — Despite a recent Bain & Company study warning that one-third of US colleges are in danger of becoming financially unsustainable, collaborative prioritization software is being used by some colleges to make better operational decisions, get buy-in on contentious choices, and make the best use of increasingly limited financial resources.
According to “The Financially Sustainable University,” a collaboration between global firms Bain & Company and Sterling Partners, “A growing percentage of our colleges and universities are in real financial trouble.” Left unchecked, the study contended, the current trend will lead to “a higher education system that will no longer be able to meet the diverse needs of the US student population in 20 years.”
Colleges and universities looking to achieve efficiencies, must “start farthest from the core of teaching and research,” the study notes.
The study’s findings are old news to some leaders in higher education. University of Delaware President Patrick Harker, in commentaries published by both University Business and Converge magazines, acknowledged that higher education costs are outpacing the rate of inflation. He noted the need to control operational costs without sacrificing academics. Collaborative prioritization software, he said, appropriately allocates resources to projects, facilities, programs and people.
The Bain study claims that university departments and units seem not to collaborate effectively “because they don’t understand one another’s objectives, priorities and needs.”
With collaborative decision making software, Harker wrote in University Business, “We are confident that everyone’s needs are addressed fairly, with a system that dramatically saves time and allows us to make the best use of our limited budget dollars.”
Among the leading providers of collaborative decision making software is Decision Lens. The company’s Web-enabled products use mathematical principles first developed to aid the US in nuclear non-proliferation discussions. In recent years, Decision Lens software has been used by the federal government, private industry – and even for player selection by the Green Bay Packers in their 2010 Superbowl victory.
“For many organizations, making complicated corporate financial decisions can seem like comparing apples and oranges,” said Decision Lens CEO John Saaty. “Decision Lens can actually do that – compare vastly different types of decision criteria, weigh the importance of each, and play out ‘what-if’ scenarios so that everyone with a stake in the decision can be confident that their position has been heard and considered.”
“With this software approach to budget priorities,” Saaty noted, “universities can tackle their financial problems head-on, and face the future on more sustainable footing.”
About Decision Lens
Decision Lens (@DecisionLens) develops progressive decision-making software solutions that allow organizations to make complex decisions more effectively and efficiently. Our collaborative software platform structures decisions, quantifies intangible factors, and evaluates choices that enable organizations to reach their goals.
Decision Lens improves the speed and quality of decision making, maximizes returns, and provides accountability and transparency for how decisions are made.
For more information contact Decision Lens at 703-399-2100 or visit http://www.decisionlens.com/contact.
SOURCE Decision Lens