How much money is your educational institution leaving on the table?
Our world changed dramatically with the onset of the COVID-19 pandemic. As this paper was being written, the UAE Ministry of Education tweeted the closure of schools and universities to curb the spread of the virus.
Institutions scrambled to execute Crisis Management plans, including activating distance learning channels where available. Those lacking distance learning capabilities had to tap into their emergency funds to buy and set up the necessary tools, and to train their staff. They had to complete this huge undertaking in a few short weeks and their jobs were not made any easier by the hordes of angry parents demanding information about everything from their children’s exams to changes in spring break schedules.
Schools and universities were expected to deliver the same quality of education using new distance learning channels while managing social, health and operational challenges created by the pandemic.
Whether it is the threat of a global pandemic, political unrest, market turbulence, climate change, or disruptive technology we must recognize that our environment will continue to be highly volatile. Despite increasing demand for high-quality education for a growing population, the education sector is not immune to the impact of volatility and uncertainty beyond the COVID-19 pandemic.
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"As a result of these unprecedented operational and cash flow challenges, the vast majority of educational institutions need to turn towards sustainable cost optimization. With resources already overstretched to meet the demands of a volatile environment, administrative staff may not have the capacity or the expertise to manage all costs and suppliers effectively."