4 Major Dividends of University Spend Visibility

Increased compliance, greater efficiency, accurate planning, and faculty and student safety.

Colleges and universities have many unique spend management challenges, but one of the largest is adapting to a recent seismic shift in user-initiated spend: a significant amount of spend that has traditionally been under the organisation’s control is now in the hands of faculty and staff.

The way faculty and staff make purchases and interact with suppliers has changed. But many finance departments, especially those in consensus-driven, tradition-bound
institutions, are struggling to make their manual, paper-based travel, expense and
accounts payable processes keep pace.

To effectively manage spend, you must have visibility of it. But the spend that’s initiated by your faculty and staff is not as obvious as a line item in your budget. It will continue to expand as more funds are spent across more categories, using more methods to order and pay.

The good news is that there is a better way. In this ebook, we examine the top 4 benefits your institution can gain from a completely connected spend management solution and greater visibility into spend.