The situation when the number of the students and the popularity of the engineering education in general and IT education in particular is not increasing dramatically due to the fact that there exists an opinion that engineering education is complex and time-consuming from one side and that the graduates are not sufficiently prepared for the industry from another, requires the University to perform a series of actions that can improve the current situation. One of the areas for improvement is the quality of the study programs in the sense of their suitability to ‘customers’, namely Students and Industry. Previous research shows that the knowledge requirements monitoring system and the processes behind it can improve the quality of the study programs, e.g. the results of the Value Network Analysis demonstrate that the Monitoring System can give additional value to both the University and the Industry. Developing a monitoring system prototype requires narrowing the gap between industry and university and introduces new ways of industry-university cooperation.