Strategic Sourcing For Educational Institutions
Rampant federal and state education funding cuts and increased requirements and regulations introduced by the Higher Education Opportunity Act of 2008 have resulted in increased education budget cuts, higher operational educational expenses and ultimately less resources to pay for the people, technology, equipment and resources needed to keep educational institutions running smoothly.
The increasing price sensitivity of future students, evident by the backlash received in reaction to tuition hikes, has forced college and university financial leaders to use alternative methods to relieve their budgets. Often, the first place administrative educational leaders focus is the budgets for all procured goods and services.
This increased focus on higher education’s procurement departments has left already understaffed purchasing departments with a massive burden to undertake multiple strategic sourcing initiatives, without the resources to get to them all properly.
Source One can leverage high education buying power, its cost reduction resources, and strategic sourcing best practices to help educational institutions battle the financial pressure of minimal education funding.
Whether you represent a college, university, vocational, technical or specialty school; are non-profit, for-profit, private, state or a public school, we can help.
Source One’s strategic sourcing methods allow higher education institutions already running lean to become more efficient and produce cost-savings in their purchasing departments. We help reduce current reliance on tuition hikes by examining higher education budgets to find hard-dollar savings. Our sourcing professionals will work as an extension of purchasing departments in charge of higher education spending to analyze current spending habits, evaluate savings opportunities, implement supplier agreements, and audit invoices after savings are achieved.
Through our proven strategic sourcing process, we are able to obtain an average of 18% savings across all categories we source. A small sampling of spend categories in which we have reduced higher education spending include:
- Medical, Property, Liability Insurance
- Books and Printed Materials
- Drug Screening
- Maintenance, Building, Janitorial and MRO Supplies
- Copiers, Printers and Office Equipment
- Advertising and Marketing
- Telecommunications, including local, long distance, data networks and wireless
- Call Centers
- Student Record Retention Systems
- University Specific Software and Enterprise Software Licensing and Maintenance
- Recruiting Expenses
- Temp Labor and Contract Labor Staffing
- Legal Expenses
- and More!
Source One works in tandem with your educational institution’s in-house staff. Your experienced staff, combined with our decades of experience and market intelligence databases work together to achieve the maximum amount of savings possible in your higher education spend.
Customized Solutions For Every Educational Institution
Successful Sourcing Initiatives
Leading institutions and companies have looked to strategic sourcing to help them remain on top. Source One has successfully worked with both clients and suppliers to maximize buying potential and achieve best-in-class pricing. Our cross-industry experience provides us with market intelligence outside of the higher education space and allows us to leverage that information into savings opportunities.
Strategic Sourcing Testimonials
Low Risk, No Budget Solutions
Source One understands that finding a budget to pay for a consulting firm can be difficult for any college or university. We make an effort to understand the unique business goals of each of our clients and we are able to adjust our fee structure based on your needs. The most popular method that we are engaged on is a contingency-based strategic sourcing initiative; in which Source One is only compensated for a percentage of hard dollar savings after they are actually achieved.
Contingency Based Strategic Sourcing
Free Industry News
Our sourcing experts author a monthly newsletter where they share their knowledge and expertise on a wide variety of subjects. Subscribe to receive this valuable piece of industry news today. We also publish one of the leading procurement and strategic sourcing daily publications, “The Strategic Sourceror”.
Our Blog and News Site: The Strategic Sourceror