A Better Way to Benchmark: Business Intelligence for Independent Schools

Article by Mary Kay Markunas

Note: The timeline has been updated from the print edition.

NBOA began the ambitious process of developing a useful data collection platform in early 2016. Over a period of several months, a committee of business officers and other data experts fleshed out the requirements of a system that would provide independent schools with the most relevant data possible to understand their financial health. NBOA’s partner in this endeavor, Measuring Success, customized the platform and will assist with data analysis going forward.When the head of school or a board member asks a business officer for advice or input, the answer usually includes data — but which data? In the past, reliable sources have included NBOA’s annual surveys on school finances, the business office, compensation and staffing, and the endowment. In October, a new data collection platform called Business Intelligence for Independent Schools (BIIS) replaces and integrates data from almost all of these surveys (with the exception of the Commonfund Benchmarks Study). With BIIS, NBOA makes it far easier for schools both to contribute their data and to access the best financial benchmarks.

BIIS collects and analyzes a wide range of operational and compensation data from participating independent schools.

Operational Data

Compensation Data

Expected timeline for the BIIS platform:

October

BIIS opens for NBOA member schools to input new data. Schools are asked to provide information on approximately 115 items in the non-compensation data set. The compensation data set varies by school but includes more positions than in past NBOA studies; faculty compensation will be included in the future.

All data from past surveys, excluding the Commonfund Benchmarks Study, is already in the system; schools do not need to re-enter it.

The platform closes briefly for a period of data “scrubbing” to ensure consistency and integrity. Later that month, BIIS reopens for reporting. Business officers can generate a wide range of reports customized to their cohort groups and needs. Standard filters include region, type of school and enrollment. In addition, users can inquire if specific schools have participated and therefore if aggregate cohort data includes information from those schools. Business officers as well as other administrators at participating schools can access BIIS data.

NBOA is committed to refining and improving BIIS and the collected data. We are also developing relationships with other groups that collect independent school data, with the goal of streamlining business officers’ efforts inputting data and creating a truly useful platform of financial benchmarks for independent schools.

Click here to access the BIIS platform.

Mary Kay Markunas is NBOA’s senior manager, member resources and research.

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