A solid analytics strategy will answer important questions for a business such as:
|1. How do we achieve short-term business goals?|
|2. How can we reduce recurring costs of data input, analysis of information, and reporting?|
|3. How can our organization implement Predictive Analytics to identify and solve operational problems, save money through process automation and workflow, improve overall business and portfolio performance, and improve our business’ finances?|
APA has been answering these questions since 2013. We do build fully automated systems for customers using a phased approach as shown in Table – 1 below. However, APA’s modular design permits us to help clients as they need assistance. It also keeps our pricing affordable. Most clients add capabilities as their budgets allow. APA specializes in assisting our customers where they are, by collecting, aggregating, analyzing, and acting on the inferences and information that the data reports.
How APA’s Strategies are Different
Every institution is different.
Rather than providing a full menu of products to each client, we provide what you need. APA connects to all third-party systems, and we know that the needs of an institution will vary depending on the current IT capabilities the school already has. In Higher Education for example, some institutions have a full ERP system such as Banner or Peoplesoft. While these systems have some data analytics capabilities, graphical visualizations of the specific information your team of student financial services experts needs may not be what these companies are offering. APA provides access to what an instutions needs and we don’t attempt to replace a school’s underlying Banner or Peoplesoft system.
Flexibility – It’s How APA Works
APA has a confident team of experts that can walk any school through the simplest process to connect to us. We also have a full menu of reports, KPIs, and higher education research trends and white papers that we share with our customers. Pick and choose from the following:
|1. Enrollment management|
|2. Compliance management|
|3. Ad hoc reporting for trends analysis|
|4. Full system including compliance modules|
|5. Payment plan evaluations|
|6. Campaign messages and student tier analysis|
|7. In-house collections module|
|8. Third-party collection agency module|
|9. Third-party agency performance scoring|
|10. Law firm performance scoring|
|11. Student Reserve Account Analysis|
Better Reporting Through
APA connects directly to an institution’s data source. In some cases, we’ve connected to 20 different sources of data which provides clients with a 360-degree view of how students are doing at an institution from recruitment to graduation, and from enrollment to retention.
In addition to providing information about institutional data, APA also engages with institutions to perform research on selected areas of concern or interest. For example, after COVID-19 institutions found that enrollments were headed into a downward trend. There were multiple reasons that could cause this reduction, but through our analysis one we identified that companies were not fully back to normal and as a result, there was a reduction in funds available for parental financial assistance.
Further research identified that sources of lenders were just as prevalent as they were prior to COVID-19. Could this be right?
Digging further, we learned that sources of funds remained available, but because of a greater potential for losses assumed by the lenders, the credit requirements were now stricter. If a parent wanted to provide the student with $10,000 toward the gap between government financing and the true cost of tuition the parent’s lender changed their loan qualification guidelines.
As a result, parents began to research other alternative funding sources to help their children stay in school and graduate. Additionally, the volume and interest in payment plans is growing. In fact, APA just introduced a new Payment Plan Analytics tool that schools can use to evaluate the likelihood that a student will complete payments under the plan.