How Unit4 helps Higher Education streamline financial processes to focus on strategy
Strategic analysis is often the cherry on the top of optimal operations, allowing organizations to analyze performance and make plans for the future, or even model specific scenarios to mitigate future risk, as well as a necessary process to deal with the unpredictable.
But many teams, especially those in pressed industries like Higher Education, will struggle to find the time for this kind of high-level analysis and planning.
Unit4 helps automate repetitive tasks such as student number revenue planning, monitoring capital expenditure, cashflow planning, or analyzing staffing and teaching costs.
Keep reading this blog to learn how Unit4 ERP and FP&A is giving Higher Education teams their time back.
Why a legacy approach affects productivity and gets in the way of strategy
Higher Education institutions often grapple with a myriad of manual administrative tasks that are both time-consuming and susceptible to human error. Legacy data management approaches can lead to fragmented workloads, significantly reducing the time available for teams to review and analyze performance data.
Take manual data entry as an example: the finance team at an institution might need to navigate multiple applications for various processes, share files containing student finance data, and frequently input this data manually. In the worst cases, they may even have to rely on paper-based filing systems.
With 28 full-time employees dedicating 60 hours each month to manual or administrative tasks, even a modest 25% boost in efficiency could save an organization $8,000. The potential benefits of leveraging Cloud solutions could far exceed this.
A recent report of nearly 500 accountants highlights a growing issue of increasing accounting errors, driven by excessive workloads and reliance on outdated systems.
Gartner reveals that 73% of accountants have faced heavier workloads due to new regulations in the past three years, while 82% report heightened demands from economic volatility – this highlights the growing need for more agile workflows.
This trend is evident in flawed audits, which rose to 6% in 2022, up from 5% in 2021. Additionally, 59% of accountants admit to making multiple errors monthly, underscoring the urgent need for modern solutions. These pressures are expected to persist and highlight issues other departments beyond accounting face with manual tasks.
This impacts not only productivity and strategic potential but also employee satisfaction. The issue of disengagement is evident, as Gallup reports that two-thirds of the global workforce feels disconnected, resulting in an estimated $7 trillion in lost productivity each year.
How ERP automates manual tasks
Automation within ERP systems has advanced significantly, moving beyond basic macros and scripts to sophisticated machine learning. By incorporating AI and machine learning, these systems become a single source of the truth and can now analyze data, recognize patterns, adapt over time, and even make predictions to enhance decision-making.
Unit4’s approach to Intelligent Automation focuses on empowering employees by shifting their efforts from repetitive manual tasks to strategic, value-driven activities. This enables staff to apply critical thinking and creativity where it truly matters, enhancing both operational efficiency and institutional outcomes.
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How has Unit4 helped other institutions utilize automation to refocus on strategy?
Unit4 FP&A streamlines the workload involved in financial planning and analysis, making it easier than ever to manage complex processes. By providing a high-value, integrated solution with a low total cost of ownership, it eliminates the need for excessive reliance on spreadsheets.
This allows teams to consolidate financial data more efficiently and integrate strategy seamlessly with day-to-day operations. The automation capabilities save significant time freeing up resources to focus on higher-value tasks.
With a single source of truth, Unit4 FP&A delivers consistent, accurate, and collaborative planning, helping organizations make agile, data-driven decisions even in uncertain conditions.
Logan University’s story
Logan University is a private institute focused on chiropractic and health science education. They were reliant on a standalone, legacy ERP platform that meant data silos and wasted time.
A switch to Unit4’s Cloud ERP has allowed them to automate resource planning and cut out the manual work required to maintain their information system. As a growing university, they needed upgraded capabilities to increase automation and efficiencies.
They have now shifted away from time-consuming manual and paper-based processes to an agile, flexible, and automated system, providing an even more exceptional student experience. The recent move to Unit4’s ERP has seen them achieve a 20% increase in productivity and a 20% reduction in IT costs.
We had outgrown the capabilities of the platform, and it wasn’t user friendly. Purchase order requisitions, invoices, and other processes remained paper-based, and that didn’t work for us. We wanted to drive an even more exceptional student experience – and that demanded a more agile, flexible, and automated system. We also wanted to be in the cloud.
Rick DeCaro, Director of IT, Logan University
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FH Campus Wien’s story
FH Campus Wien is Austria’s largest university of applied sciences, and they have been working with Unit4 FP&A since 2013 and continued to grow. The university wanted to replace an existing Excel-based system that was plagued with inflexible processes, data silos, and a lack of data security with a single source of truth.
The university’s existing system was complex - there was no way of ensuring data was accurate and no way of identifying errors when transferring or editing figures. They looked for a solution capable of automatically importing data from previous systems allowing precise, transparent planning.
After a brief selection process, we found Unit4 FP&A. What impressed us then and still does today was the fact that the solution is capable of evolving in line with our situation. We deliberately chose a tool that doesn’t limit us in any way but is highly scalable and, therefore, future-proof. Unit4 is our single source of truth.
Horst Rode, CFO & Managing Director, FH Campus Wien
Birmingham Metropolitan University’s story
Birmingham Metropolitan University supports almost 18,000 students across ten campuses and was formed in 2009 following the merger of two local colleges. As the institution grew, it became more difficult for the finance team to manage a unified finance ledger.
Slow approval and procurement processes and challenges managing budget spend meant a change had to come. They needed a system that would enable them to work smarter and would put data at the center of management reporting and decision-making.
BMet deployed Unit4 ERP Financials to create a connected, automated finance system across the entire university. Timely, accurate financial data has led to transparent, informed, and faster decision-making.
Through automation of finance processes, BMet’s finance team can focus more on strategy and less on routine transaction processing. They have transformed their reporting capabilities, increased their agility, and benefit from rapid, transparent procurement.
Thanks to Unit4, we have complete visibility and control over each capital project: the schedule, resources invoiced, and cost versus budget. Armed with this insight, BMet can maximize return on investment, build a college that is fit for the future, and ultimately improve education outcomes.
Fiona Yardley, Finance Director, BMet.
How Unit4 can you focus on financial strategy
Unit4 ERP simplifies financial management for Higher Education institutions by automating manual tasks like data entry and administrative processes, allowing finance teams to focus on strategic drivers and goals that drive institutional growth.
Unit4 FP&A is designed to streamline financial processes for Higher Education institutions, enabling them to work smarter and strategically. When empowered with financial planning and analysis, Higher Education can make strategic and data-led decisions.
With real-time insights and a single source of truth, Unit4 enhances decision-making, improves operational efficiency, and empowers institutions to allocate resources strategically, ensuring a smarter, more agile approach to financial management. Talk to sales or see a demo today.
