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Introduction

To better understand the issues surrounding the financial close in US higher education institutions, Ovum developed the Ovum Higher Education Finance Survey, in which we interviewed 100 business leaders in the sector about their current challenges.

Highlights

  • According to Ovum's Higher Education Finance Survey, only 28% of business officers were strongly satisfied with their close-and-reporting processes.

Features and Benefits

  • Assesses how robotic process automation can improve the financial close process
  • Evaluates the current state of the financial close across US higher ed institutions

Key questions answered

  • How can CIOs work with their institutional staff to improve the financial close process?
  • How did one institution eliminate errors and increase efficiency through RPA?

Table of contents

Summary

  • Catalyst
  • Ovum view
  • Key messages

Recommendations

  • Recommendations for institutions
  • Recommendations for vendors

The financial close in higher education presents significant operational challenges

  • Institutions take an average of four days to complete a month-end close
  • High levels of inefficiency prevent a fast, reliable close

Automation can enhance the close process and deliver meaningful outcomes

  • Automation is key to an accelerated, more efficient, and accurate financial close
  • Case in point: How Gonzaga University optimized its financial close with automation

Appendix

  • Methodology
  • Further reading
  • Author