Baker Tilly's Insights on the Intentional AI and Data Analytics in Higher Education

Authored by Dave DuVarney, Jordan Anderson

This article provides key takeaways from Baker Tilly's panel discussion on AI at the 2024 Association of Governing Boards of Universities and Colleges (AGB) 2024 National Conference on Trusteeship (NCT).

NORTHAMPTON, MA / ACCESSWIRE / May 9, 2024 / With expenditures for artificial intelligence (AI) by schools globally expected to grow from $2.13 billion in 2022 to $25.77 billion in 2030, AI in higher education is becoming increasingly more prevalent across all departments with the push towards a data-driven future. With institutions collecting, curating and leveraging data at scale to streamline processes, enhance decision-making and operate effectively, the imperative of being data-driven is expected to become not only foundational, but also a competitive advantage for higher education institutions.

Embracing data-driven approaches, including the integration of AI, will be paramount for making decisions at scale across institutions' extensive datasets as they continue to compete for relevance and strive to maintain an optimal student population composition. In the age of AI, it's critical for board members to have the knowledge to ask the right questions and make informed decisions on AI opportunities.

How AI and data analytics are reshaping higher education

From enrollment fluctuations to heightened competition and evolving student needs, colleges and universities are grappling with a variety of challenges that demand innovative solutions, such as:

• Enrollment declines: Institutions are facing difficulties in maintaining consistent and sustainable enrollment numbers. Colleges and universities must adapt their recruitment and retention strategies to attract and retain students effectively
• Workforce gaps: Employers and taxpayers are seeking better alignment between credentials and degrees provided by higher education and the skills required to support quality of life within a region (e.g., healthcare, high growth industries)
• Increased competition: With the expansion of online education and the globalization of higher education, institutions face heightened competition from both traditional and non-traditional competitors. This increased competition requires institutions to differentiate themselves by offering unique programs, specialized services and innovative learning experiences
• Expanding student needs: Today's students are diverse across multiple factors and therefore have diverse needs ranging from hours of availability to attend classes and academic support needs to career readiness resources and mental health services. Institutions must cater to these varying and increasing needs by providing comprehensive support systems and personalized services

Leveraging AI and data analytics presents a transformative opportunity for colleges and universities to address these challenges to improve decision-making, optimize operational resources, enhance student outcomes and maintain their competitive edge.