2024 Procurement Trends: Strategic Partnerships and Purchasing for Higher Education Professionals
Busy procurement professionals in higher education rarely have the time or resources to accomplish everything they are asked to do. Amid the need to do more with less and increasing budget constraints, procurement teams are also dealing with supplier volatility, inflationary pricing, new commitments to sustainability and diversity, and staying on top of procurement trends. […]
Procurement Sourcing Trends to Help Higher Education Leaders Excel in Today’s Market
The procurement model has not changed significantly in recent memory, yet the landscape has changed dramatically. Teams are working remotely or in hybrid arrangements. Global unrest continues to cause supply chain concerns. Labor struggles are disrupting a broad section of industries. These trends all play a part in an evolving procurement workflow. Yet, procurement sourcing […]
Higher Education Procurement Contracts: What Are They, Negotiation, and Other Tips
The procurement process in higher education involves navigating complex negotiations to secure the best contracts with suppliers. From sourcing and vetting vendors to drafting agreements, procurement teams must balance policies, relationships, and budgets to meet institutional needs effectively. This requires strategic planning, research, collaboration, and creative problem-solving to reach mutually beneficial deals. Navigating the complexities […]
Why It’s Important for Higher Education Professionals to Know What Is a Procurement Contract
Procurement teams spend significant time sourcing suppliers, negotiating terms, and ensuring contracts comply with internal guidelines. After a purchase, time is devoted to ensuring vendors fulfill their agreements. It takes time and skill to manage the procurement process, craft contracts, and work with suppliers to achieve increasingly stringent higher education requirements for contracts and procurement. […]
Contract Negotiation in Procurement Process: Successfully Land the Contract You Want
Being unprepared for contract negotiation in the procurement process is asking for trouble down the road. However, with some strategic planning and relationship building, you can set up your procurement contracts for success. Here are some key considerations to keep in mind before you start the negotiation. Understand What Success Looks Like Before negotiating, […]
Types of Procurement in Education: Key Tips for Smart Sourcing
With today’s rising prices and emphasis on cost reduction amid budget constraints, schools are looking for more efficient ways to manage all types of procurement activities. Once seen as more of an administrative function, procurement teams are now regarded as a valuable asset within institutions to help optimize spending and control costs. A key to […]
Higher Education Procurement Contracts: Creating Win-Win Agreements Between Buyer and Supplier
Much of procurement in higher education involves requests for proposals with stringent rules and regulations that match institutional policies. While areas like competitive sourcing, supplier diversity, equal opportunity, and fairness may not be negotiable, there are other areas where flexibility can produce better outcomes for both buyers and sellers. A McKinsey study across multiple sectors […]
How Do Education eProcurement Systems Work?
Schools and universities typically spend as much as 25% to 35% of their operating budgets on goods and services. Whether you’re overseeing a large procurement team or handling purchasing locally, the need for an efficient system to navigate procurement and secure the best deals is paramount. An eProcurement system is a digital platform designed to […]
Key Trends in Education eProcurement
Collectively, public and private universities in the U.S. spend about $600 billion annually on goods and services. Public elementary and secondary schools spend another $870 billion. With more than $1.5 trillion in purchases each year, many institutions struggle to control spending or fail to take advantage of consolidation and cooperative purchasing to lower costs. Now […]
Different Types of Education eProcurement Solutions and Who They Benefit
Despite the billions of dollars that are spent in the education sector each year, a surprising number of transactions still take place manually. This can be labor intensive and cost you valuable time and money. eProcurement solutions can streamline the procurement process, enabling you to more effectively manage and consolidate your spending and make more […]
