Former Centenary University President David P. Haney reminds us that it is not always easy for educational institutions to identify problems. “First, we often jump to potential solutions before defining the key issue. For example, ‘Our enrollment is too low’ does not state a problem. Increasing enrollment is a solution to different potential problems, such as unused capacity or most commonly an operational deficit. Increasing enrollment may be a solution to a deficit, but it may also drive up the discount rate and create additional expenses, so it may not be the appropriate solution, or it may need to be considered in concert with other solutions.”
Predictive analytics can help you identify details about the underlying problems faced by your admissions and enrollment teams. Perhaps there is a conversion bottleneck in your enrollment funnel and you don’t know why. Determine which factors are at play and make adjustments based on the significant variables that will improve conversion rates at the specified stage. Maybe your tuition discounting is out of control. What-if scenarios enable you to be intentional in your institutional aid offers by helping you understand which prospects it would be inefficient to offer additional aid to.
Using data insights to reveal the actual issues beneath the symptoms will keep you from wasting valuable resources combating macro issues like shifting demographics that persist regardless. Learn more about our predictive analytics solutions for enrollment management.