Using a Digital Dashboard to Track Your Key Performance

National Association of Student Financial Aid Administrators

The following is a presentation The following is a presentation prepared for NASFAA’s 2006 prepared for NASFAA’s 2006

Conference in Seattle, WAConference in Seattle, WAJuly 5-8, 2006July 5-8, 2006

National Association of Student Financial Aid Administrators

Using a Digital Dashboard to Track Using a Digital Dashboard to Track your Key Performance Indicatorsyour Key Performance Indicators

Leonard Gude, Director, Financial Aid University of South Florida

Doug LevyAssociate Director, Financial AidUniversity of Michigan

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What is a Digital Dashboard?

A dashboard style display of office metrics and key performance indicators (KPIs)

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Designing your DashboardStep 1 - What data elements are important?

Suggested Metrics and Key Performance Indicators (KPIs)

ProcessingFASFAA’s receivedStudents evaluatedStudents packagedStudents selected for verificationStudents verifiedLoan requests receivedLoan requests processedSummer applications receivedSummer applications processedDocuments receivedCommunications sent (e-mail, paper)Calls received/ average wait timeCounter visits/ average wait timeWalk-in appointments/ average wait timeScheduled appointments/ average wait time

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Designing your Dashboard (continued)Step 1 - What data elements are important?

Suggested Metrics and Key Performance Indicators (KPIs)

Funds Management

Current Year (Offered/Budgeted/Disbursed)Federal Pell GrantFSEOGState GrantInstitutional grantFederal Stafford/Direct LoanFederal Perkins LoanInstitutional LoanFederal PLUS LoanOther loansFederal Work-StudyMajor state and institutional scholarship programs

Prior Years comparisons (Historical)FederalStateInstitutionalEndowedOtherPercent of all funds need-basedPercent of institutional funds need-basedDisbursements by month (chart)

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Designing your Dashboard (continued)

Step 1 - What data elements are important?

Suggested Metrics and Key Performance Indicators (KPIs)

Outcomes (last two years)

EnrollmentUndergraduate enrollmentPercentage receiving aidPercentage receiving Federal Pell GrantsPercentage receiving state merit awards

Graduate EnrollmentPercentage receiving aidPercentage receiving assistantships

New FreshmenPercentage receiving need-based aidAverage need-based awardAverage merit-based awardAid applicant yield vs. yield on non-applicantsInstitutional discount rate

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Designing your Dashboard (continued)

Step 1 - What data elements are important?

Suggested Metrics and Key Performance Indicators (KPIs)

Default ManagementFederal Stafford/Direct Loan default rateFederal Perkins Loan default rateAverage indebtedness Number of federal audit findings and dollar amountNumber of state audit findings and dollar amount

AdministrationApplicants per staff memberStudents per staff memberCost per recipientCost as a percentage of dollars administeredStaff turnoverCounselor turnover

Customer ServiceOverall ratingRating compared to other administrative offices

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Designing your Dashboard (continued)

Step 1 - What data elements are important?

Others??????

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Designing your Dashboard (continued)

Step 2 – How often does the data need to be updated?– Instantly? – Hourly?– Daily?– Weekly?– Monthly?– Annually?

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Designing your Dashboard (continued)

Step 3 – Where is the data coming from?– URL on the internet? – Live from Student Information System?– Data Warehouse?– Office Server?– Spreadsheet on Desktop PC?– Paper Report?

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Designing your Dashboard (continued)

Step 4 – How do I update it?– Live interface (RSS, XML, URL)? – Batch processes?– Manual data entry?

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Designing your Dashboard (continued)Step 5 – How should they be displayed? Example: Excel

www.usf.edu/excellence/dashboard%20concept.htm

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Designing your Dashboard (continued)Step 5 – How should they be displayed? Example: Crystal Xcelcius

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Designing your Dashboard (continued)Step 5 – How should they be displayed? Example: Fusion Charts

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Designing your Dashboard (continued)Step 5 – How should they be displayed?Source: New Mexico State University Office of Financial Aid

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Choosing Dashboard Software

• Check to see what your institution is using

• Products to consider: – Excel– Crystal Xcelcius– Fusion Charts– Others? (Do a web search on “dashboard”)

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Display the Right Data

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Display the Right Data

• What is important?– Brainstorm– Keep “must know” items– Trim out “nice to have” items

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Start Small

• Initially develop with Excel

• Link to (or use) what your institution has

• Add technology as it becomes available

• Expand over time as you discover what you need and what works best for you

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Questions?

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