Auxiliary Services Problems & Solutions
Tuition alone cannot meet the financial realities of many higher education institutions.
RevenueVision® helps maximize revenue and reduce costs in your auxiliary services and business operations with a very strong return on investment.
As colleges and universities face increasing pressure to reduce tuition rates and fee increases, they are turning to their business and auxiliary services for greater contributions. RevenueVision® is helping colleges and universities dramatically increase revenue and reduce the cost of auxiliary services by providing sophisticated data analytics, a centralized repository of all operational and financial data, and complex operational reporting capabilities. With a return on investment that can reach seven figures on an annual basis, the RevenueVision® auxiliary revenue management platform can pay for itself within weeks of deployment.
Your data will outlive your providers
Take back ownership of your auxiliary service data with RevenueVision® and track historical, current, and forecasted data, regardless of the provider.
The tracking of operational and financial data for auxiliary services that is typically not included in your ERP or financial system (e.g. sales by retail dining operation) has historically been tracked, if at all, in off-line spreadsheets based on vendor provided files. Often, this data is lost or kept in paper files that are rapidly going out of date.
Many vendors offer customers the option to look at their data in a spreadsheet, and in some cases an online analysis tool. The reality of the situation is that data belongs to your organization and has tremendous operational and historical value.
Because RevenueVision® can be used for nearly any type of financial or operational statistical data and supports the merging of datasets from different sources, our higher education partners can upload data into RevenueVision® from other campus systems, such as student card systems or point of sale systems, and vendor provided files and use that data for comparison purposes regardless of provider. This allows you to see how new concepts and providers are performing in comparison to previous operations to ensure that the most effective management and operational processes are being put in place, all accessible in one easy-to-use auxiliary revenue management platform. RevenueVision® optimizes operations for greater student satisfaction and financial stewardship.
Higher education administrative costs have risen 61% in the last two decades.
RevenueVision® helps to reduce labor hours for auxiliary services in higher education, allowing for more strategic thinking and planning.
RevenueVision® dramatically reduces the time you spend managing auxiliary operations in a number of ways:
- Centralizes all your auxiliary information in one location
- Provides alert notifications of important events before they happen
- automates the validation of commission payments
- creates invoices and chargebacks
- analyzes and measure productivity
These time savings are significant and will allow your auxiliaries staff to spend more time on strategic initiatives and less time inputting and massaging data. Several RevenueVision® campus partners have been able to consolidate positions due to attrition and retirements resulting in labor savings approaching 30%