NC State University Finance and Procurement present their spend analytics initiatives at the Treasury Institute for Higher Education, SACUBO and NACUBO conferences
North Carolina State University and Spikes Cavell presented a session on how spend analysis changed their organization and how others can simply, and quickly, do the same. A synopsis of the presentation is available below as well as a link to download the presentation material:
With pressures on tuition, investment earnings, state appropriations for public universities, and other revenue sources, a big source of potential savings comes from the ability to analyze spending data. The increasing use of electronic payment methods is providing a window into data analytics that didn’t exist before. This session will explore the concept of spending analytics, how a major research university is incorporating data analytics in procurement into its business decisions and practices, and how other institutions can use similar tools that incorporate data-driven tools into spending decisions.
NC State contracted with Spikes Cavell Analytics to initiate a 3 year spend analytics program with the goals using data to create better interactions with their departments to look for common suppliers, become more efficient by transitioning procurement and payment to PCards and their MarketPlace, and identifying collaborative opportunities with other institutions.