Info-Tech data indicates that 18% of higher education institutions are planning to update core management software over the next 24 months. To attain this goal, IT leaders must understand both how ERP software for the education market differs from other industries and who the major vendors are.
ERP for Education: Not Your Normal ERP
ERP solutions for the education market are commonly referred to as education administrative suites. They contain many features in common with ERP applications for other industries, notably:
- Financial management modules, including general ledger, accounts payable, and accounts receivable.
- Fixed asset management for tracking physical assets and materials.
- Purchasing and inventory control modules.
- Human resource management modules for managing employee information and compensation.
The education market also has unique requirements that aren't typically addressed by ERP solutions intended for other industries:
- Student information management modules are crucial for managing enrollment, class registration, transcripts, and financial aid.
- Facilities management modules are also important for addressing the complex scheduling requirements of many institutions.
- Grants management tools are particularly valuable for research institutions that must manage a large number of grants from different agencies, each with its own conditions and requirements.
- Endowment management modules are particularly relevant for institutions that rely on donations from different stakeholders.
