Dear Syntellis!
COVID-19 has totally derailed our efforts to work toward our university strategic plan. Especially amid the continued uncertainty, how can we get back on track?
- Frazzled in Finance
Dear Frazzled,
By using Syntellis’ Axiom™ Budgeting & Forecasting and Axiom™ Long-Range Planning, a typical higher education institution with $500 million in annual revenue, $500 million in operating expenses, and compensation expenses of $335 million would see a payback in 5.8 months and generate a return on investment (ROI) of 334% over three years.
Using Syntellis’ Axiom™ Budgeting & Forecasting and Axiom™ Long-Range Planning, a typical higher education institution with $200 million in annual revenue, $200 million in operating expenses, and compensation expenses of $135 million would see a payback in 8.2 months and generate a return on investment (ROI) of 257% over three years.
Axiom™ Budgeting & Forecasting helps institutions shorten their budget cycles, avoid going over budget, reduce salary expenses, and plan for their financial futures despite changing internal and external drivers.
A third-party analysis shows that a typical institution with $200 million in annual revenue generates a return on investment (ROI) of 262% over 3 years and a payback in 7.8 months with Axiom Budgeting & Forecasting by increasing efficiencies and improving financial performance with budgeting, reporting, and labor planning. An institution with $1 billion in annual revenue generates an ROI of 334%, or $4.6 million, over 3 years and a payback in 5 months.
Through close examination of operational and financial results, a typical Axiom Budgeting and Forecasting implementation increases efficiencies and improves financial performance by:
These reductions result in significant short- and long-term cost savings for colleges and universities.
Want to improve your budgeting and labor planning processes? Learn more about Axiom Budgeting & Forecasting.
"With Axiom Budgeting & Forecasting, the data is compiled instantaneously. We can pull last year’s budget, make changes, run a process and the budget is created automatically. We now have approval workflows in a central location, which gives us compliance and auditing confidence."
– Financial Systems Director at a public 4-year university
Hear how other Axiom clients are navigating the challenges of COVID-19. Listen to this interactive discussion to learn from your peers about their current challenges, plans, successes, and setbacks.
Note: Kaufman Hall Software is now Syntellis Performance Solutions
CHICAGO, Ill. – November 27, 2018 – Kaufman Hall today reconfirmed its commitment to helping leaders and financial professionals at colleges and universities gain new insights and improve their financial planning capabilities with the announcement of a new partnership agreement with Ellucian.
