A Guide to Procurement in Higher Education
Last updated: January 13, 2021
Procurement is the process of obtaining goods or services from an external source through strategic purchasing decisions such as a cost-benefit analysis. This process ensures that buyers acquire resources at the best prices according to quality, quantity, location and time, minimizing risks and bringing stakeholders the greatest benefit.
Procurement in higher education is essential for alleviating financial pressure and securing assets in a calculated and methodical manner. College procurement services help universities generate cost savings through consolidation and spending efficiency, helping them obtain supplies at the fairest prices in the most timely manner.
Dryden Group offers procurement services for universities looking to save money in indirect commodities. We embrace a hands-on approach for contract creation and renegotiation, helping clients erode spend programs and develop cost-effective solutions. At Dryden Group, your bottom line is our top priority.
What and How Universities Buy
Collectively, public and private universities spend approximately $600 billion a year on goods and services. Many universities spend money to back research, academic and public service programs. They also use funds to support enterprises such as operations and maintenance, food services, bookstore management and student housing. Additionally, colleges buy material goods, including furniture, medical supplies, science equipment and chemicals, books and building construction, maintenance and repair services.
Today, many universities face the challenge of mitigating risks while identifying the best suppliers and strategic partners. In response to the recent demands of higher education in the United States, many colleges have shifted their focus. Today, higher education strives to improve cost efficiency, containment and productivity while implementing financial enhancement measures in a more innovative and entrepreneurial way. As a result, universities have turned to procurement in higher education.
The Benefits of Procurement in Higher Education
College procurement services have been revolutionary for savings and strategic spending. Procurement methods offer many significant benefits to universities when it comes to financing:
- Drive savings
- Cut costs
- Create a revenue stream
- Direct buyers to preferred vendors
- Locate lower costs for goods and services
- Improve spend visibility
- Reduce time and labor for purchase approvals
- Provide global buying capabilities
- Promote better operational performance
- Enhance process efficiency
With these benefits, higher education establishments can control their spending and optimize financial processes to further goals. By implementing procurement technologies and services, universities ensure that their stakeholders are purchasing products effectively and efficiently for the greatest value.
When your university books procurement services, you can maximize performance and create growth opportunities by taking hold of data-driven strategies. You can even take advantage of procurement counseling to gain important insights on cost-efficient practices and resources to use in your spending.
Schedule College Procurement Services at Dryden Group For professional and informed college procurement services, choose Dryden Group. For over 15 years, we've worked with some of the largest companies and organizations, optimizing their procurement processes and initiating success. We use our industry expertise to help save clients money in indirect commodities, no matter how much they spend. Our indirect spend program uses analytics and market intelligence to create powerful solutions for our clients.
Contact us to get started with our procurement services or give us a call at 610-644-0990 today.