4 ways universities can reduce spending

Reflect and review year-on-year

Universities are under increasing pressures year-on-year to reduce their expenditure. With cuts to government funding and university applications decreasing by 6%, its’s now more important than ever that Universities reflect on their spending habits, and review areas in which costs can be saved.

However, how do Higher Education establishments ensure that cutting costs doesn’t result in lower quality education? How can Universities leverage technology in a way that bring long-term benefits?

1. Online Education and Hybrid Learning

There are multiple costs involved with hosting lectures. A single 1 hour lecture incurs costs such as electrical and heating costs, powering student laptops through the network, and costs to the lecturer. Each student will attend an average of 14 hours of lectures per week – equating to 56 hours per month. By reducing this down to 12 hours per work, Universities can save the costs of powering 96 hours’ worth of lectures per year.

Through various apps such as Teachable, Skillshare and Learnworlds, students can virtually attend their lectures online, and access the teaching material as and whenever they need.

2. Streamline your business processes

Administration is one of the highest costs to any organisation, yet one with an effective alternative. If people are used to process forms and information repetitively, consider doing this electronically where it requires little to no human intervention.

3. Leverage technology

We are living through an ongoing digital revolution. Students expect their education to deliver a digital experience in line with the one they have in their leisure. It is important to ensure that Universities explore all options for the best possible deal on technical solutions. Read thoroughly through each bid Universities receive in response to their tender.

Additionally, seeking out the best warranty and service deals will save any University money should devices or a network go wrong.

4. Go paperless!

Going paperless doesn’t just save costs, it helps to save and neuter the environment. Universities are being encouraged to “embrace the digital reality which we ourselves are responsible for leading at the University.”

University students may pay for their printing, but consider all of the other associated costs: services, delivery, and mailing, storage, processing, disposing, and recycling. Copier and printer supplies alone amount to a huge expenditure.

By going paperless, and avoiding printing where possible, your University could save up to £25,000 per annum. Digital communications, such as emails and online portals, will reduce overall costs of printed communications and help to save the environment.