University Business - February 2011 - (Page 22)

Timely, Targeted and Totally Yours for viewpoint 3. Invest in technology infrastructure Colleges must invest more in technology infrastructure if they wish to deliver what new students are demanding: online and hybrid learning. For-profit colleges understandably spend more than 10 percent of their operating budget on technology infrastructure; in contrast, a traditional college spends less than 3 percent. Without investing adequately in this area, traditional colleges don’t stand a chance at capturing their fair share of the adult market or the respect of traditional students. 4. Innovate the curriculum Traditional colleges have had a tough time balancing the dual goals of education: preparing students for professional careers and creating critical thinkers. Most for-profit colleges are biased toward professional development, so they will quickly create new courses to match current employer needs. We believe traditional colleges have a competitive advantage in creating critical thinking skills. At the same time, they should follow their for-profit counterparts for ideas on modernizing their professional curricula. Traditional colleges’ timeless liberal arts courses do an excellent job teaching important critical thinking skills. These classes need to stay intact. The structure should be modified, however, to quickly adapt the rest of the courses—those designed to provide practical knowledge. Preparing students for degrees in medicine, education, engineering, design, business, media, and more means teaching them how to use current technologies. 5. Go beyond conventional metrics Metrics such as student achievement, student-to-faculty ratio, faculty load, and brand exposure have long been the measure of excellence at traditional colleges. For-profit schools, however, have supplemented conventional metrics with new performance metrics. By understanding cost-per-lead, revenue-perstudent and profit margins, for-profit colleges are quickly measuring their operational performance and making go or no-go decisions. Today’s economic reality means traditional colleges can no longer make decisions without considering the impact on the bottom line. 6. Create an agile culture Traditional colleges tend to move slowly because of organizational hierarchies, consensus-based decision making, and academic traditions. For-profit colleges have organized themselves to become more agile by eliminating some hierarchies, making fact-based decisions, and creating autocratic democracies. Traditional colleges must follow suit. 7. Excel at customer service For-profit colleges tend to treat students like customers. They have created enrollment counselors, financial counselors, concierge services, and policies to serve students on a timely basis. Classes are often scheduled to accommodate students’ needs, rather than the convenience of professors. With the proliferation of ranking and rating websites such as studentsreview .com, ratemyprofessors.com, and ratemycollegedorm.com, traditional colleges with good service can make substantial gains in reputation. ConClusion Back in 1997, legendary management consultant Peter Drucker made this statement: “Thirty years from now, the big university campuses will be relics. Universities won’t survive. ... Higher education is in deep crisis.” If institutions implement these suggestions, they can prevent Drucker’s prediction from becoming a reality. universitybusiness.com Free Get your subscription for University Business Digital Edition. and insights of University Business! Have your associates request a free DIGITAL subscription. www.UniversityBusiness.com/DigitalMag Share the valuable ideas 22 | February 2011 3/20/09 11:55:18 AM UB Digital Edition 3rd.indd 1 http://www.studentreview.com http://www.ratemycollegedorm.com http://www.ratemyprofessors.com http://www.studentreview.com http://www.ratemycollegedorm.com http://www.UniversityBusiness.com/DigitalMag http://www.universitybusiness.com

Table of Contents for the Digital Edition of University Business - February 2011

University Business - February 2011
Table of Contents
Editor’s Note
College Index
Company Index
Advisory Board
Behind the News
Viewpoint
Internet Technology
Say it With Signage
A Bursar’s Best Friend
The Lease Piece
Don’t Stop Thinking About the Future
Say it With Signage
Independent Outlook
What’s New
End Note

University Business - February 2011