Authored by Mark Bramwell, CIO of SaÏd Business School and Director of Strategic Digital Partnerships at University of Oxford
Then came Covid and as we know, everyone was affected. But for Retail and Higher Education, lockdown was a major disruptor and game changer. Online shopping sales in the UK rose to a record 33.9% of all retail spending in 2020 according to the Office of National Statistics and online learning transformed the lives of students and faculty overnight; both in the UK and globally.
The comparisons don’t end there. Retail and Higher Education are amongst the sectors facing some of the biggest post Covid financial challenges. Online shopping has closed many bricks and mortar stores, threatening the future of the high street. Whilst reducing international student numbers, availability of accommodation, catering and conferencing revenue along with increased operating costs against a back drop of fixed tuition fees, has accelerated a looming crisis in UK University funding.
Not surprisingly, Retailers and Higher Education institutions facing similar challenges think about similar solutions.
Retail businesses have long understood the value of customer-centricity, loyalty and service excellence in differentiating themselves from competitors. To measure performance and enhance customer experience, retailers build 360-degree customer views based on data reflecting individuals’ interactions, preferences and purchasing history. Companies then get a holistic view of customer likes and dislikes. So, decisions about service, offerings and investments for the future are firmly founded on data and insights.
Future looking Business Schools and Universities, increasingly recognise their students as VIP “customers”, with increasing choices about where, when and how to learn. Like Retailers, Higher Education institutions need to understand their “customers” better, to attract them and to build long-term lifelong learning relationships, brand loyalty, ambassadorship and reputation.
Like retailers many are now developing 360-degree customer views that puts learner experience central, inclusive of first course enquiry, to recruitment, admission, throughout academic studies, to graduation and alumni status.
The good news is that younger generations are not just willing to communicate about their student experience, they expect to do it. They’ve grown up in a world where feedback is everywhere, and it’s instantaneous.
There are many great analytical tools to help Business Schools and Universities evaluate the data they gather. CAE Labs-powered Network Intelligence solution for example helps analyse data and identify actionable insights to make better-informed decisions.
Over time and with enough data, Higher Education institutions can build maps of the journeys their students go through from application to graduation. Understanding those journeys will inform the future student experience, and better support, encourage and enable graduates to be future ambassadors, supporters, coaches, mentors and even donors.
In return, through continuous improvement, Business Schools and Universities should also get invaluable insights to improve operational and financial management through more efficient business processes.
SaÏd Business School has a great tradition for cross-sector innovation, utilising advanced technologies to solve generic business challenges. Many of the same challenges in 360-degree thinking are faced by retailers, Higher Education and other sectors.
In response, the Business School and University is proud to be an early adopter of the latest AI, AR, VR and Digital technologies. It understands the value and importance of data in addressing student, faculty, research and professional services staff needs, and measuring and enhancing educational impact. With this, it looks to enable and empower its people with the latest digital capabilities so they can continue to deliver world-leading teaching and innovation and best equip and prepare its students with the digital skills they will need in the workplace.
Maybe it’s time to declare an interest. Despite its seeming irrelevance to my new job in 2015, I did in fact work for a high street retail company for 16 years before I joined SaÏd Business School!
Although I didn’t appreciate the benefit immediately, I have become certain that a rich background of cross sector experience is increasingly vital for CIOs. More than being just technology experts today we need to be multi-skilled business and change leaders, able to work alongside senior executives in all departments to ensure aims are understood and requirements delivered.
We must also recognise the converging interests and common experience between different sectors. We have to be ready to learn their lessons and reach out for processes and solutions that were once alien but could now determine the success of our own organisations.
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