Top 10 problems solved by Infor SunSystems Cloud in Education.
Problem #5: Restricted Financial Transparency
This is the fifth in a series of blogs highlighting ten of the most common challenges faced by finance teams in the education sector. In this blog, we highlight problems arising from restricted financial transparency in education.
The challenge
Restricted financial transparency in the education sector refers to limited visibility into how funds are allocated, spent, and managed by an organisation. This lack of transparency acts as a brake on efficiency. It also undermines stakeholder trust, which in turn may limit scope for future funding.
Fixing the problem is straightforward; it involves investing in robust financial systems. But for many organisations, that is easier said than done. The FE sector, as an example, has a number of challenges that make change difficult for them:
Complexity
The modern educational institution is likely to be made up of multiple campuses and entities. It is also likely to be managing multiple funding streams for apprenticeships, adult education, grants, and so on. This complexity places considerable strain on systems for financial management and reporting.
Decentralised Structures
The decentralised nature of many educational organisations has led to an increasing need for systems that support decentralisation of function and self-service. Gone are the days of the departmental finance system, operating in isolation from other departments.
Budget Constraints
Money is a problem. When funding is limited, investment in systems has tended to take a back seat. Staff and curriculum support are, after all, bound to be deemed a higher priority.
Legacy Systems
Legacy systems persist in many organisations and some of these older systems struggle with changing needs and complexity. The problem is compounded as the skills needed to support these systems decline. Legacy systems increase the likelihood of full system change. And full system change is likely to be more expensive than “make do and mend”.
How SunSystems Cloud improves financial transparency in education
Sooner or later all organisations get to a point where “make do and mend” won’t suffice and system change is necessary. Choose SunSystems Cloud from LAKE and you will wish you had done so sooner.
Firstly, SunSystems Cloud is made for managing complexity. Its multi-dimensional ledger lets you track spend by department, faculty, campus, project, or funding source with ease. Funds can be aligned to priorities like teaching quality, student services, and research instead of being hidden in aggregated budgets.
Secondly, SunSystems Cloud is ideally suited to the needs of organisations spread across campuses and group organisations. It includes all the workflow and self-service capability you would expect from a modern financial management system.
SunSystems Cloud is, as its name implies, a Cloud service enabling secure connection from anywhere you wish. This makes it ideal for decentralised organisations and hybrid working. The system enables you to retain centralised control of permissions; each user is granted access to features and data appropriate for their area of responsibility.
Thirdly, SunSystems Cloud can help reduce the total cost of system ownership.
Costly server infrastructure and associated support is replaced by a single, secure Cloud login.
Access to the system is via a Software as a Service (SaaS) subscription. This lowers the cost of getting started with your new solution.
Invest in SunSystems Cloud and you will also reap the benefits of efficiency gains such as those described in our previous blog regarding purchase and procurement control. Efficiency gains are an important element in the business case justifying your investment.
Take the next step
These are just some of the ways that Infor SunSystems Cloud from LAKE could help your organisation. To find out more, please download a copy of our SunSystems Cloud Beginner’s Guide – Education.
In the next blog in this series, we focus on audit trail and accountability gaps.
By Jon Isherwood