HOUGHTON, Mich., Sept. 25, 2017 -- Goldstrike Data, a Michigan big data company announced results from its most recent predictive models to forecast university financial aid budgets for students. The budgeting models continue to be validated and combined results from the 2016 semesters and Fall 2017 enrollment numbers at Michigan Tech University (MTU) show that Goldstrike has reduced MTU's financial aid relative budgeting error from approximately 10% to less than 3% on average.
Goldstrike Data developed state-of-the-science financial aid budgeting algorithms leveraging individual student data to simulate the most likely budgeting outcomes, providing 4, 8, 12, and 16-month lead times.
"Each semester, universities manage millions of dollars in scholarship funds, grants, loans, and tuition revenue. The university must budget for each allocation and develop management plans accordingly, affecting enrollment, student success, university revenue and even university relations", said Goldstrike CEO, Ashley Kern.
"We are very pleased to see the validation results of our efforts over the past year with Michigan Tech, and know that Goldstrike helped drive nearly $7 million in savings for MTU", said Kern. "This will allow MTU to allocate funds much more efficiently."
Goldstrike has harnessed the power of predictive analytics to create financial aid budgeting efficiencies while increasing student success at MTU in other areas including student recruitment and retention. Results are actionable and University executives can use results with strong confidence in their top level business decisions.
More than ever, universities need to efficiently manage their budget, resources, marketing, and student success. One plentiful university resource is data, but universities are missing opportunities to leverage it.
"Most of the early commercial predictive analytics solutions which have entered the market over the past year or two are out of reach for many small and medium size universities", said Patrick Visser, Board Advisor and CCO of MTEC. "Goldstrike Data has solved this issue, and made predictive analytics accessible for all higher-ed institutions. The company is receiving a lot of attention and requests for information and proposals from colleges and universities in several states."
Goldstrike solutions are favorable to other commercially available options, because they are more economical and utilize internal automation which allows for more rapid implementation and scalability, while at the same time supporting current university processes rather than re-inventing them.
MTU Associate Vice President for Enrollment and University Relations, John Lehman, notes, "Ms. Kern and her team at Goldstrike are delivering services that are, in my mind, beyond promising. This will soon be the new normal in higher education and Goldstrike has gotten us well ahead of the curve."
About the Company: Goldstrike Data modules include targeted student recruitment, enrollment and revenue forecasting, targeted student interventions for retention, financial aid budgeting, targeted alumni outreach, and university brand and security awareness. The company develops and applies advanced machine learning algorithms in conjunction with statistical knowledge to solve big data challenges. Goldstrike is dedicated to improving higher education and promoting success of students through data driven strategies. The company was founded by Ashley Kern, and is supported by experts in data science and statistics alongside a team ofOracle database specialists, business analysts and subject matter experts.Goldstrike will be featured in the Crain's DetroitNovember 2017 issue.