How many times has your program been denied something useful due to budget concerns? Budget is a concern in all areas of higher education, but for many of the smaller, more focused grad programs it can seem like you get more of the pressure to produce specific learning outcomes with less of the money.
When you’re considering a new tech product, you can’t get distracted by all the great benefits it can provide. You have to think about what that price tag means for your budget. But you also have to remember that the price tag itself doesn’t tell the whole story. If the value the product provides helps save money over time, those calculations change.
Three Ways Examsoft Helps You Save
Many of Examsoft’s clients have found that the cost of the product is largely, or even entirely, offset by several areas of savings they realize by using it.
1) You save on staffing time.
People are one of the biggest costs of any business. Every hour a faculty or staff member spends on an unnecessary task costs the program money.
At the University of Texas Health System’s School of Dentistry, they found that using Examsoft meant faculty spent 34% less time administering exams. When they calculated the difference in time spent helping students in remediation, they found the detailed data on student performance brought the time needed to help students down by 40%.
That extra time frees up people to focus on more productive tasks that benefit your students more directly, which then plays a role in the second way you save.
2) You save through student retention.
How much of your budget is funded by student tuition? Probably a lot. If students drop out, you lose money. You want students to complete your program successfully. Not just because that’s a marker of the educational success of your program, but also because it’s how you pay the bills.
Examsoft provides useful information to faculty that allows them to better track how students are doing and provide exactly the help they need. That means less students fall behind without someone noticing and stepping in, which means higher retention rates.
Using Examsoft, Touro College in New York was able to bring their dropout rate down from 8% to 2%. When factoring in all the associated costs of a dropout, they realized that comes to $2.1 million a year in savings.
3) You save on exam costs.
Office supplies are such a normal, everyday business expense that we all get used not to thinking about the costs they add. The fact is, the paper, printer ink, bubble sheets and other resources required for pen-and-paper testing add up.
You’re probably not saving as much as you think by foregoing the cost of the technology for computer-based testing.
You’ve heard the phrase “You have to spend money to make money.” That may often seem like a too-convenient mantra for anyone trying to make a sale, but there’s something to it. Examsoft was created for the value it provides to educational programs. It’s only through the feedback from our customers that we’ve learned that in some cases it can actually help programs end up with more money in their budgets at the end of the year.
Be sure to look at the big picture of how Examsoft will affect your budget before writing it off. For more details on what it can do for your particular program, get in touch and let us walk you through it.