Investing in new technology can be a hard sell at many institutions of higher education. You don’t have to look far to find critics who feel too much money has been invested for the lackluster results achieved. Technology has definitely changed how higher education looks, but has it lived up to the exciting promise so many imbued it with?
While some administrations have certainly fallen victim to shiny object syndrome and invested in solutions that didn’t pay off, technology has never been a comprehensive solution on its own. What technology you choose and how you use it are the most important factors in what results you’ll get. If you invest in a technology that really does pay off, it can help you make back the money you spent.
A Return on Your Investment
Purchasing ExamSoft for the students at your college requires an investment, and finding room in the budget is never easy. We get it. You should know, though, that several of our past clients have seen a significant return on that investment that goes far beyond the cost.
Many institutions of higher education are finding themselves part of the growing trend of falling graduation rates. As you know, there’s a direct line between your graduation rates and your profits—when students stop paying tuition, your school brings in less money.
It’s a little dry to talk about dropouts in those terms. The financial costs are far from the only problem that results when your students don’t stick with your program until graduation day. Nonetheless, those costs are considerable.
Touro College of Osteopathic Medicine in New York brought its retention rates up with the help of ExamSoft to the tune of $2.2 million in savings. Would you like to hear that number again? $2.2 million.
Think of the difference that would make in your budget.
Every institution is different, but you can manage comparable savings by using ExamSoft’s assessment data to improve retention rates. To find out what that number could look like for you, use our ROI calculator. Simply plug in:
- How many students you have enrolled now.
- How much you charge each student annually for tuition.
- How much you spend on recruiting each candidate.
- Your current retention rate.
- Your desired increase in retention rates. (Note: In our experience, many ExamSoft clients see about a 4 percent increase, so go with that if you’re not sure what to use.)
Once you do the math, justifying an investment in ExamSoft doesn’t seem all that difficult.
Of course, you have to remember that just purchasing the product won’t work wonders. The schools that see the biggest benefits from ExamSoft fully commit to a culture of assessment. If you put in the work, both your students and your bottom line will see the benefits.