CONCORD, Mass., Jan. 7, 2021 /PRNewswire/ -- Gray Associates today announces new benchmarking software that gives colleges and universities detailed norms for cost and margin, so they can make smarter decisions on sections, courses and programs to start, stop, sustain, or grow.
Gray is a nationally-recognized software and consulting firm focused on helping colleges and universities to evaluate programs, courses and costs using comprehensive market data on student demand, employer needs, and academic economics. This helps schools adjust to change, improve program portfolios, and deliver on their missions while ensuring long-term financial health.
"When making program and course decisions, it has been a challenge for colleges and universities to find good data and to balance mission, margins, and markets. Now, colleges also need to stem the tide of red ink caused by long-term financial issues and the impact of COVID. With the addition of our new Program Economics and Benchmarking services, we can help colleges set the right balance between margins and mission, while addressing market opportunities offered by students and employers. Our data reveals high-margin growth opportunities that really help colleges close budget gaps," said Bob Atkins, CEO of Gray Associates.
Gray's new benchmarking service offers institutional, program, course, and section data and analysis. Institutional benchmarking uses IPEDS (Integrated Postsecondary Education Data System) data to compare high-level indicators, such as cost per student and student faculty ratios. The new benchmarks for Academic Economics, are much more granular. Participating institutions will be able determine their own revenue, cost and margin–down to the section level. They will also be able to compare their performance to dozens of other institutions who participate in the benchmarking service.
The new benchmarking software and analysis will be FREE to institutions who use Gray's program economic analysis. Click here to learn more.
Gray understands that data, no matter how broad or detailed, is not all that is needed to make sound decisions about academic programs and courses. Instead, Gray has been the leader in facilitating workshops that bring together faculty and administrators, open a data-informed dialog, and bring the institution's judgement to bear on these vital decisions.
The result is revenue growth, cost reduction, and a closer working relationship among faculty and administrators. The new benchmarking data will not only allow schools to make better program decisions, but also to identify opportunities to improve efficiency at the course level. Gray's data, software, and facilitation enable institutions to achieve growth, improve efficiency, and better serve their communities.
About Gray Associates
Gray Associates offers the best-available data, software, and facilitated processes to help colleges and universities make data-informed decisions on academic programs and courses. Gray's market analysis software integrates data on student demand, employer needs, and competitive intensity for the precise market served by each institution. Gray's program economics and benchmarking services enable schools to identify opportunities for margin improvement and growth. Faculty and administrative leaders use the software to score, rank, and evaluate programs in a collaborative process that builds consensus on programs to start, stop, sustain, or grow. With Gray's tools and processes, institutions identify paths to increase enrollment, revenue, and efficiency, while investing in their mission and strengthening relationships among faculty and administrators.
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SOURCE Gray Associates