Send: From Cost Center to Cash Cow: Maximizing Revenue

Send: From Cost Center to Cash Cow: Maximizing Revenue Streams in the Registrar’s Of<ice Michael L. Rendon University Registrar & Director of Veterans Affairs • 
• 
• 
TAMUCC is a Public University is one of the 11 independent campuses in the Texas A&M system Located in South Texas on the Gulf of Mexico and is the only U.S. Campus that inhabits its own Island (Ward Island) 12,0000 student population 4 Key Points • 
• 
• 
• 
Understanding the Problem Ready, Set, Goal: Setting your Goals Results Milestones Understanding the Problem is Half of the Solution •  Process mapping all our processes and identiRied what could be improved. •  Revenue Stream non-­‐existent •  Cost per transcript -­‐ $5.75 (excluding expedited services) Understanding the Problem is Half of the Solution (continued) •  Lost productivity & paper transcript requests •  Turn around expectations •  Lack of good analytics Ready, Set, Goal •  Customized solutions –  Security needs of TAMUCC IT department –  One of the Rirst schools in Texas to use an e-­‐transcript solution (NOT EDI) •  Provide a method to accept transcript orders 24/7/365, collect payment, and send PDF transcripts as well as paper transcripts •  Monitor and track requests Ready, Set, Goal (continued) • 
• 
• 
• 
Improve overall customer experience Better manage overtaxed resources The ability to collect and analyze data Getting our campus on board • 
• 
• 
• 
Social media Posters and post cards to students and alumni Consulted with Student Advisory Board Interviews with Campus Newspaper & Student Government Association Results •  Return on Investment •  Return on Investment achieved in 5 months! •  Gained back stafRing equivalent to 1 FTE ($25,000/year) •  Improved Customer Service –  No more paper requests, lost faxes –  Student Request Tracking –  Allows students to request and pay for expedited shipping for paper requests Pricing Strategy •  Socialization Factor –  Culture •  Pricing for: –  PDF eTranscripts –  Paper Transcripts –  To increase adoption rate of eTranscripts, we charge more for paper than eTranscripts. Milestones •  Generated about $350,000 in sales in 4 years •  2014 ProRit: $41,557-­‐ 28% of total revenue •  Analytics –  Ability to measure –revenue, order & document volume, pdf vs. paper and more! Milestones •  More students are choosing electronic delivery vs. overnight option –  24/7 availability •  Remarkable turn around time-­‐ before noon requests goes out same day •  Better customer experience •  Reclaiming rescources Analytics • 
• 
• 
• 
• 
Revenue Ability to Measure Top PDF Destinations Top Paper Destinations PDF vs. Paper Analysis • 
• 
• 
• 
Order Volume Document Volumes Order Status Document Tracker Analytics 20000.
18000.
16000.
14000.
12000.
Orders.Processed.
10000.
.Revenue.Received..
8000.
6000.
4000.
2000.
0.
January. February.
March.
April.
May.
June.
July.
August. September. October. November.December.
Orders&Processed&
6000.
5000.
4000.
3000.
Series1.
2000.
July..
December.
October.
November.
September.
July.
August.
May.
June.
1000.
0.
July..
&Revenue&Received&&
7000.
April.
6038
3040
3188
3727
4836
5351
4266
5264
3282
3396
3241
3484
1179
50292
March.
$....18,953
$......9,268
$......6,752
$......9,275
$....14,888
$....11,499
$....12,333
$....16,679
$....10,626
$....10,444
$......9,597
$......9,899
$......3,713
$..143,926
January.
January
February
March
April
May
June
July
August
September
October
November
December
July.
TOTAL
Order&Processes&vs&Revenue&Received&&
Monthly&Average&
&&Revenue& Orders&
Received&& Processed
February.
Month
.$20,000..
.$18,000..
.$16,000..
.$14,000..
.$12,000..
.$10,000..
.$8,000..
.$6,000..
.$4,000..
.$2,000..
.$J..
.Revenue.Received..
Analytics Year
2011
2012
2013
2014
2015
Order(Processes(vs(Revenue(Received((
YearlyAverage(
Orders( ((Revenue(
Processed Received((
6913
13504
13913
14463
1499
50292
$))))21,362
$))))39,031
$))))37,017
$))))41,557
$))))))4,690
$))143,656
60000)
40000)
Orders)Processed)
20000)
)Revenue)Received))
0)
2011)
2012)
2013)
2014)
(Revenue(Received((
Orders(Processed(
)$45,000))
16000)
)$40,000))
14000)
)$35,000))
12000)
)$30,000))
10000)
)$25,000))
8000)
Series1)
6000)
)Revenue)Received))
)$20,000))
)$15,000))
4000)
)$10,000))
2000)
)$5,000))
0)
2011)
2012)
2013)
2014)
)$-))
2011)
2012)
2013)
2014)
Recap •  Understanding the Problem •  Ready, Set, Goal: Setting your Goals –  Customized Solutions –  Ability to measure •  Results –  Self Sustaining Revenue Stream –  Gained Back StafRing –  Better Customer Experience Questions? Michael L. Rendón [email protected]