The idiom “knowledge is power” is frequently attributed to Sir Francis Bacon sometime in the late 1500s and is generally thought to mean that the more one knows, the more one can control events. But it’s been over 400 years. Does it mean anything different in a 21st century awash in data?
You are likely already drowning in a torrent of information. Does it make you feel powerful? For many, their inability to quickly access the right information, among a mass of other data, leaves them feeling powerless.
For instance, if asked exactly how many past due student accounts you have right this minute, would you be able to answer? Or would that require some digging? Additionally, if we asked you what has been done to get those past due accounts back on track, would it take you hours or days to figure it out?
When it comes to data, it’s not just what you view but when you view it that counts. Even the most compelling business insight is useless if it’s based on stale data or you need to go to many sources to get the data.
The right business tool can convert reams of data into a goldmine. Consider that for every student who falls behind on their tuition and fees, there are at least two others who were also past due but were able to bring their account current. The ability to identify and contact the right students at the right moment is crucial.
Further, what if the data shows that a student is having trouble making their tuition payments? That knowledge would allow steps to be implemented to promote better financial knowledge and awareness and outline solutions, such as a payment plan, to get them back on track. Real-time insights allow universities to make more informed and intelligent business decisions.
Timely data is like a compass that can help you make adjustments and correct your course. It can help you spot trends you might otherwise have missed. Now that knowledge is power.