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1888 Press Release – The report finds that colleges and universities may be better prepared for automated payment solutions than other industries, but lag behind when it comes to front-end automation.

McLean, VA – Corcentric, a leading provider of Accounts Payable automation and electronic invoicing solutions, announced today that it has been featured in the recent Purchase to Pay in Higher Education Report from PayStream Advisors.

The report polled a group of higher education executives who participated in PayStream’s electronic invoicing and invoice workflow automation surveys and compared the findings to those of other industries who had taken part in earlier surveys.

Colleges and universities today, like most companies, are working to become more efficient through the introduction of automated solutions. Unlike most for-profit companies, however, institutes of higher learning, though they tend to have a centralized payment department, are highly decentralized when it comes to their purchasing and reporting structures. The result is a reliance on manual handling of paper invoices flowing in from a variety of departments and campuses, and this, in turn, often results in poor recordkeeping, slow payments to vendors, and missed discounts. Although they lag behind other industries in implementing workflow automation and e-invoicing, institutes of higher learning are demonstrably ahead of these same industries when it comes to electronic payments.

Among the findings of this report:• Only 17% see themselves as innovators making significant investments in automation as compared to 31% of those in other industries.• Yet 50% of educational institutions say they have adopted some advanced technology and are evaluating solutions as compared to 33% from other industries.• On the front end, colleges and universities are using or planning to use the following technologies: front-end imaging (42%) and OCR/automated data capture (33%).• When it comes to electronic payments, however, 83% of education executives said they are using or planning to use the technology in the next six months, and 75% said the same for P-cards.• For those institutions that have implemented e-invoicing, 71% identify increased on-time payments and increased ability to capture discounts as the primary benefits, compared to 32% and 36% respectively for other industries.• When asked to name their biggest challenge, 86% of colleges and universities identified supplier adoption as compared to 56% for other industries.

“What is clear from this report is that institutes of higher education have, in many cases, taken the initial steps toward invoice and workflow automation but are concerned and cautious about their next moves. However, when they take a closer look, these same institutions understand how implementing these processes will enable them to streamline their AP processes, track all invoices and documentation, and access valuable analytics tools to improve their departmental performance,” Said Rob DeVincent, Vice President of Product Development at Corcentric.

Traditional examinations have been the main means of evaluating pupils’ knowledge and comprehension for many years. Personalized feedback, flexibility, and practical skills evaluation have been significantly lacking due to their emphasis on definitions and memorization. To effectively represent students’ diverse talents, assessment methods must change as education progresses.

The Static Character of Customary Exams
Traditional paper tests use prepared questions that may not accurately assess a student’s comprehension or problem-solving skills. These tests’ static character restricts the evaluation to a small range and omits important facets of a student’s capability.

Generative AI: An Innovative Approach to Assessment
The revolutionary approach of generative artificial intelligence (generative AI) seems to solve the problems with traditional tests. In contrast to conventional techniques, Generative AI makes use of sophisticated algorithms to provide dynamic, adaptive tests that surpass simple memory.

Comprehensive Evaluation of Practical Skills
The capacity of Generative AI Assessment to assess practical skills is one of its main benefits. This method better assesses students’ practical skills by mimicking real-world situations and dynamically creating questions that demand knowledge. A comprehensive picture of a student’s skills is given by Generative AI tests, which include everything from coding tasks to situational problem-solving.

Adaptability and Personalization in Assessment
Conventional tests often use a one-size-fits-all approach, ignoring the differences in each student’s learning style and speed. Conversely, Generative AI Assessment adjusts to the unique skills of every learner. The technology dynamically tailors questions depending on replies to match student competency. This flexibility promotes a fair and more individualized assessment procedure.

Quick Feedback for Ongoing Development
The delay in feedback delivery is one of the main drawbacks of conventional tests. However, Generative AI Assessment provides immediate and thorough feedback. This lets teachers pinpoint certain areas that may need more attention, in addition to helping pupils quickly recognize their errors. Continuous improvement is facilitated and the learning process is enhanced by the real-time feedback loop.

Ethical Considerations and Fair Evaluation
A fair assessment procedure is guaranteed by Generative AI Assessment, which aims to reduce bias. Exams that are based on tradition may unintentionally favor certain learning styles or cultural backgrounds. Data-driven generative AI minimizes such prejudices, creating an inclusive evaluation environment that embraces variety and individual talents.

Preparing Students for the Real World
Critical thinking and flexibility are essential in a world that is changing quickly. Generative AI Assessment tests students’ knowledge application in dynamic scenarios to prepare them for real-world difficulties. Students gain from this in both their academic and professional endeavors, as it gives them the tools necessary to adapt to a rapidly changing work environment.

Conclusion
By solving the shortcomings of conventional tests, Generative AI Assessment offers a revolutionary step in student assessment. Looking forward, the incorporation of Generative AI Assessment has the potential to promote an educational system that is more equitable, inclusive, and productive.

Generative AI Assessment is more than simply a technology advancement; it’s a step toward a more comprehensive and responsive education system that enhances each student’s unique qualities.