Higher Education Budget Reduction Strategies
Colleges and universities are under constant pressure to stay under budget. Here are several higher education budget reduction strategies to help keep costs under control.
Scrutinize Your Procurement Processes
Many higher-education institutions are cutting costs by optimizing their procurement processes. Rather than relying on traditional bidding methods for supplies and services, schools are using technology to streamline the process and guarantee the best price. Vendors and service providers place bids online and purchasing staff can manage the entire process via an easy to use dashboard.
Reduce Energy Consumption
Energy costs make up a major portion of every college and university’s budget. Fortunately, energy cost reduction is another area where technology can help pinpoint inefficiencies in both usage and spending. For example, after examining usage patterns, it could be possible to schedule night classes in one building to stop from having to pay for lightening and climate control expenses in several buildings.
Keep Students Happy
Attracting students to your college or university is an expensive, time-consuming endeavor. Therefore, once you get students to your institution, it’s in your best interest to keep them happy so they stay put. One way to accomplish this is to help students achieve academically in any and every way possible. Many students now expect professors to provide digital versions of lecture and class materials to reinforce lectures. In fact, research shows that in addition to improving student satisfaction, providing these digital materials also improved student performance.
Monitor Print and Copy Expenses
Although it might seem like a minor issue, print and copy costs can snowball into a major expense. That’s why fiscally savvy colleges and universities have systems in place to monitor printing expenditure and paper usage to find overspending before it becomes a problem. In addition, some institutions choose to bring in expense reduction consultants to find additional savings on print and copy expenses.
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