Educational institutions have their hands full throughout the year with activities like admissions, recruitment, exams, etc. Managing all these resources in a time-bound manner requires the assistance of technology.
A cloud-based ERP software for managing these areas can streamline the functions and information under a single roof. Thus, providing you direct access to real-time data 24/7.
Need for an ERP System in Educational Institutions
Automation and integration are key components in an ERP. ERP helps educational institutions in managing both academic and administrative functions effectively in order to reduce manual efforts.
Data volumes are likely to increase in the upcoming years. Institutions should be ready for big data analytics and deriving logical insights from the data accumulated in years.
The best part of ERP implementation in an educational institution is that it can automate various operations - right from student admission to employee payroll, to accounts, recruitment, and more.
How Educational Institutions Can Benefit from an ERP System?
ERP solutions help to improve operational efficiency of educational institutions with its various features like:
• End-to-end access
• 24/7 access & 360-degree view of operations
• Data security
• CapEx and OpEx management
Easy Management of Institutional Operations
Educational institutions have complex admission processes. ERP helps to coordinate all the data related to admissions into a single system. This makes the admission process more easier as the reviewer gets a clear understanding. Thus, reducing the manual efforts behind the admission and saves time.
Automation of Day to Day Activities
ERP automates the day to day administrative activities of an educational institution. This includes filtering the data of students - such as fee details payment status, and outstanding dues. The software can also segregate the fees collected into various categories and assort them accordingly. For example - various fee components like tuition fees, lab, admission, etc can all be tracked and monitored regularly.
Having a cloud-based ERP software will help collect information from all the necessary sources. For growing educational institutions, a cloud-based ERP solution is ideal.
Educational organizations with branches in multiple countries often need to have a bird’s eye view of all their operations. Through a cloud-based ERP system, keeping track of various departments, teachers, staff, and students becomes seamless thus improving the overall efficiency of internal communication.
Cost-Effective and Time-Saving
Implementing ERP in your institution will boost your productivity. It will also help in reducing costs by cutting down by manual tasks like administration, payroll, fee collection, etc.
ERP Modules for Education Industry
Here we will discuss some of the key modules that every education ERP should have:
1. Student and Faculty Management
An efficient ERP system can manage essential operations of the education industry like managing student and faculty attendance, timetables, etc. Also, alerts and notifications can be sent to a department or person on a timely basis.
2. Hostel Management
For institutions offering hostels to students, hostel management can come off as a daunting task. But with the help of ERP software, the management can keep track of the capacity of various rooms in the hostel. The ERP software can always keep track of the occupancy levels and allot rooms to students in a logical way. Also, the system can record the entry and exit of students going in and out of the hostel.
3. Account Management
Almost all ERP solutions come with a built-in accounting module. Educational institutions can customize the module according to the needs of their business to accommodate features like payroll management, fee management, invoice generation, etc.
4. Inventory Management
Having control over inventory will reduce wastage. ERPs can keep tabs on all the assets purchases for the institution. These can be fixed assets like - computers, gym equipment, etc, or other perishable items. By keeping track of units and avoiding unwanted purchases, institutions can optimize their budgets.
NetSuite ERP for Education
Oracle Netsuite is the world’s leading cloud-based ERP solution for educational institutions. NetSuite is highly customizable and offers several advanced built-in tools that will simplify your operations worldwide.
Here we will discuss some of the core modules in NetSuite for education:
• All your financials can be tracked in a single system in real-time.
• Netsuite can automate various financial processes and reduce error.
• Role-based dashboards provide insights into the operational area.
• In-built reporting and accounting possibilities.
Reporting and Analytics
• Make decisions backed by business intelligence.
• Automate business processes.
• Create custom reports, KPIs (Key Performance Indicators), to monitor performance.
• All your business data in a single platform.
CRM (Customer Relationship Management)
• Improved visibility into sales and support.
• Build targeted marketing campaigns.
• Manage the entire customer lifecycle.
Budgeting and Forecasting
• Reporting made easy.
• 12-month forecasts to improve budget accuracy.
• Compare actual vs projections.
• Analyze financial trends and gain real-time visibility.
• Approval system for goods and services.
• Align with compliance and regulatory requirements.
• Schedule frequently purchased items and improve procurement.
Global Business Management
• Simplify currency, taxes, and other legal requirements locally, regionally, and globally with NetSuite.
• CRM that provides an in-depth insight into campaigns and forecasts.
• Save time with business automation and standardized processes.
Fundraising and Donor Management
• Improve pledge-to-payment with a complete donation cycle.
• Accept donations online and automate recurring payments.
• Automate membership billing and transactions.
Schedule your appointment with our experts today if you wish to harness the power of NetSuite ERP in your educational institution. We can also help you to upgrade your legacy enterprise technology software to a more powerful one.