Anyone in a senior leadership role in higher education will know that there are three little letters that are incredibly important when it comes to any conversations about a new technology solution. R-O-I.
So, how do you measure your return on investment? What does that look like? Well, we’re glad you asked. Of course, it’s not enough to simply introduce a fancy new technology solution. You need to prove the value of that technology solution, at regular intervals. If not, you run the risk of your product moving into the ‘at risk’ pile when budget conversations come into play.
In this blog, we outline some of the ways that a smart technology solution, like Gecko, can make your team of two feel like a team of 20.
Here are the highlights:
- Reduce administration work by 50%
- Increase enrollment by 3%
- Decrease the number of emails and calls
- Remove thousands (yes, thousands) of manual emails
- Increase student engagement
- Manage more applications… with the same number of staff
- Boost team morale
- Help your staff do their jobs better
- Answers thousands of queries from out of the office
01. Decrease in Other Communication Channels
How do you measure the impact of bringing in new technology? Well, one of the first things you can do is track whether the number of inquiries coming via your other communication channels (calls, emails, and in-person inquiries) decreases as the uptake of the new technology increases.
NYU School of Medicine saw a decrease of 15% in inquiries to their inbox after they introduced the Gecko chatbot and live chat module to their institution. Similarly, Arapahoe Community College saw a decrease in the number of calls they received after they introduced their chatbot. Kayce O’Brien, Director of Admissions at Arapahoe, explains…
“I was able to document that as the chatbot got smarter and as more people started to use it, our call volume went down. Chat conversations increased, call volume went down, and my team took a sigh of relief because they weren’t constantly answering the phones.”
02. Increase Team Morale
Answering the same questions over and over again would be challenging on any team. Any admissions teams probably has to answer some questions each week. How do I apply? Where can I get a prospectus? Where can I get more information about financial aid? For the student, it’s the first time. For the member of staff, it’s the hundredth time.
As Lamar University shared, having to answer those questions over and over again can be wearing on a team. With a chatbot you can intercept the easy stuff. You can still deliver a great service to students… while also boosting team morale and preventing your staff from having to pick up the phone and answer those questions over and over again.