3 ways for educational institutions to cut costs using technology

It will be a cliché and, to be more accurate, repetitive to say COVID-19 has adversely impacted many educational institutions. We, through our blogs, have also pointed it out on several occasions. In general, the struggles faced by students have been often documented so have the complications faced by institutions with disruptions and immediacy with which they had to offer online education. But one factor which warrants better coverage is talking about the way forward for educational institutions in financial terms. 

As we’ve witnessed in the news, there have been redundancies in several institutions across the world including in the reputed universities. Many institutions are also bracing for an uncertain future, their immediate concern being a potential lull in the upcoming admission season. So, we wanted to come up with a blog that would help educational institutions cut costs not only temporarily but also in the future. 

So, here are the three ways for educational institutions to cut costs using technology.

Go paperless – studies suggest that schools spend between $30k – $50 a year

This isn’t one of those strategies which is new or just restricted to educational institutions. Going paperless helps cut costs for almost every business. But the sheer impact financially in terms of opting for digital over paper is often underestimated. In fact, according to educators in Australia, going paperless has helped schools save a whopping $30,000 to $50,000 per year. It should be noted that sophisticated technology available for institutions can help them do pretty much every task without having to use papers — right from applications to even attending examinations.   

Provide hybrid class/ blended learning – in some cases, savings improved by more than 50%

While some argue that online learning is the way forward for educational institutions, some also argue that it would never be able to match face-to-face lectures. But common perception by education experts is that both the claims may be true, and false. They say this because of the coexistence of both, in the form of blended learning and hybrid classrooms. The financial significance of it isn’t something new as it has, even in the past, shown a significant positive impact. In fact, according to Getting Smart, a comparison of the hybrid class to two models of traditional teaching estimated savings starting from 36% to as much as 57%. Even for providing effective blended learning, technological solutions in the form of software like the Learning Management System could be instrumental. 

Using ROI Calculator

While this might not be a direct option like the other two, using an ROI calculator is one of the most effective indirect contributors to cut costs. In fact, it is considered as one of the best ways to reduce redundancies in addition to increasing employee productivity, enhancing revenue streams, and more. But having said this, a general or a basic online ROI calculator will not be best suited for educational institutions. Instead, ROI calculators, specifically made for such institutions would do the trick.  

 

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