The Chronicle of Higher Education recently looked at the ways universities are seeking to cut costs through more evolved procurement strategies (as in, every department doesn't get to order its own copy paper from its own source).
Taking a page from the corporate buying playbook, schools are using time- and money-saving procurement software and negotiating exclusive deals with suppliers in order to reduce expenses. But this movement in centralized buying isn't just about cutting costs: As the University of California system's chief procurement officer puts it, "I look at purchasing as a revenue-generating organization."
Turning expense into revenue through intelligent procurement is a pretty neat idea. Of course, universities can deploy Virtual Payments Technology in concert with intelligent procurement to tap into an even greater revenue stream. In a fiercely competitive economic environment, universities certainly can't afford to walk away from a reliable, responsible source of additional revenue.
To read more about centralized buying in higher education, visit the Chronicle of Higher Education (login required).
To learn more about how Virtual Payments Technology helps streamline spending and generate revenue for both for- and non-profit organizations, check out our free ebook, An Introduction to Card-Based Virtual Payments Technology.