Imagine being able to balance growth with fiscal responsibility—and meet stakeholder expectations. You can with Axiom EPM's solutions for higher education.
Colleges and universities today face significant hurdles. Front and center, there's the challenge of delivering a high-quality education to an increasingly diverse student body. Add to this public pressures to expand services, average families’ decreasing income and ability to afford tuition, and ever-changing legislative requirements. Further, as costs continue to rise, revenue sources from tuition, endowments, and public sources are more uncertain today than in the past.
The Center for American Progress found that the average university spends four to five dollars on overhead for each dollar spent on teaching, testing and research. Clearly, institutions need a more efficient way to control revenues—and costs.
Axiom EPM delivers an intuitive system that integrates with major ERP systems such as Ellucian (SunGard) Banner, Oracle PeopleSoft and other Oracle-based ERP Systems. Higher education finance teams are empowered with a streamlined and flexible budgeting and planning solution with robust reporting to support data-based decision making.
Axiom EPM enables institutions to:
- Manage financial budgeting, forecasting and salary planning at the individual or job class level
- Calculate contractual and merit wage increases, relying on the system to automatically apply them to budgeted dollars
- Track and monitor grant budgeting at the expenditure level according to long-term planning requirements
- Review fund balances
- Monitor overall institution trends and individual department profitability with ad hoc reporting
- Evaluate performance using what-if models around tuition pricing, attendance and net tuition per student assumptions
- Define and monitor key performance indicators (KPIs), including departmental budget variance analysis, FTE counts by job class, and student progression and retention rates
Find out more about our expert higher education solutions.