Higher Education Financial and Procurement Management Strategies in a Changing World

More than 2,500 years ago, the Greek philosopher Heraclitus remarked that “change is the only constant in life.” His words still ring true today, especially in the landscape of higher education. Higher ed has been hit with a wave of challenges, including dealing with flat or declining enrollment, rising costs, online alternatives, and shifting attitudes […]

Higher Ed Financial Procurement Meaning During Changing Times in Education

Higher education has been in the news a lot lately, but not always for positive reasons. The high cost of education and more than $1.7 trillion in student loan debt have many questioning the value of a college education. Enrollment has plateaued. For some colleges and universities, incoming freshman enrollments are in decline. Inflationary prices […]

The Ultimate Guide to Financial Services Procurement for Higher Education Institutions

It’s no secret. Colleges and universities today have significant financial concerns. Procurement teams are facing increased pressure to lower costs and create efficiencies to reduce overhead. Yet, teams must continue to provide the goods and services institutions need to function smoothly. It can often feel a bit overwhelming, especially when you consider additional requirements necessary […]

Financial Services Procurement: Resources for Higher Ed Procurement Professionals

With increasing budget constraints and a tight focus on cost control, procurement teams are being asked to take on an even bigger role in higher education. Besides buying goods, procurement teams are increasingly focusing on data analysis to ensure they are maximizing budgets and meeting diversity, sustainability, and other college and university initiatives. In this […]

Spend Analysis in Procurement: Strategic Sourcing and Cost Savings for Higher Education

Procurement in higher education is a multibillion-dollar enterprise. Every year, colleges and universities spend billions on goods and services, from cutting-edge technology to office supplies and food services. With today’s renewed emphasis on cost control amid increasing budget constraints, procurement teams can be leaders in reducing costs. One area that can produce significant savings is […]

The Strategic Connection Between Sourcing and Procurement and Why it Matters

If you’re working in education today, you know the challenge. You’re tasked with providing high-quality services and optimizing diminishing resources. With increasing budget constraints and the high price of goods and services, a strategic approach to sourcing and procurement is crucial. You can no longer just renew contracts or go to the same suppliers without […]

Supply Chain Secrets Higher Ed Procurement Officers Need to Know

Over the past year, supply chains have more or less stabilized with fewer disruptions and more available inventory. Still, costs remain high for goods and services and remain challenging for higher education institutions that are operating under budgetary constraints. How do schools improve supply chain procurement and reduce costs? By relying on their procurement teams, […]

Maximizing Value Despite Rising Costs: The Case for Educational Purchasing Cooperatives

There are two truths facing educational institutions when it comes to procurement. Costs have increased for nearly every category of goods and services. At the same time, there are significant budgetary constraints, resulting in renewed efforts to reduce expenditures. Procurement teams are on the front lines of maximizing value and ensuring dollars are spent wisely, […]

Generating Revenue by Optimizing Indirect Procurement in Higher Education

Indirect spending can account for 35% to 45% of an institution’s expenses, yet it often gets overlooked as a place to save money and generate revenue. McKinsey research shows that a focused approach to category management can reduce indirect costs by 10% to 15% with a fairly short turnaround. About eight in 10 organizations see […]

Uncovered Opportunities: How Category Management Adds Value to Higher Education Institutions

Colleges and universities today are looking for innovative solutions to control costs and create efficiencies when purchasing goods and services. By organizing procurement activities around specific categories of spending, category management in procurement enables academic institutions to leverage their buying power and create strategic relationships to drive greater value. What Is Category Management in Procurement? […]