Everyone knows that cost of college education is escalating and becoming quite a burden for families and students. Determining how to get that piece of parchment can be an economic challenge that many are finding it difficult to achieve.
Several years ago I had the opportunity to speak with someone in the procurement area at a large university. They were putting a strategic sourcing team together and implementing the supporting technology. It was refreshing to hear that the goal was to reduce overall costs and try to mitigate some of the tuition increases for students.
When I did a search on “strategic sourcing in universities “, it was encouraging to see how many had teams and processes in place. For example, Boston University has posted almost $6M in savings since 2012. They have information publicly available on who are the current suppliers, what are the procedures used in procurement and who to contact on their procurement team.
The blog this week is from Strategic Sourceror, “How are Universities using Spend Management Assets”. It begins by acknowledging the challenges faced by the colleges and universities and then reviews some of the areas benefiting them and the students through spend management.
The article highlights the importance of putting a process in place that can be used across the disciplines and departments whether it is for meal planning, housing, or the research labs. There is also the use of technology to support the process. Many of the universities have SciQuest to fill that requirement.
Do you have any exposure to procurement in the educational field, either as a student, employee or suppler? What have you found for trends in this area? How does it apply to other businesses you are involved with?
Share your thoughts by commenting below or tweeting us @BuyersMeetPoint.