This post is a continuation of a series of Twokin Consulting articles on how higher education institutions need to challenge the status quo using innovative ideas for reducing costs, increasing revenues, and improving campus operations.
Twokin Consulting Estimate of Implementation Difficulty
Twokin Consulting Estimate of Implementation Timeline
Short Time Frame (1 month to 3 months)
Twokin Consulting Estimate of Direct Financial Impact
Twokin Consulting Estimate of Campus Controversy it will Generate
Will be seen at a positive
Another quick innovation ideas. A purchasing card (also known as a p-card or procurement card) is a type of credit card that is used by the college to make purchases for goods and services. These cards are typically issued to employees who are authorized to make purchases on behalf of the organization, and they are often used for small-dollar, day-to-day expenses such as office supplies, travel expenses, memberships, event registrations, and other business-related expenses. Twokin Consulting would suggest explore using a vendor who offers some revenue sharing or financial incentives back to the university.
Purchasing cards are typically issued by a financial institution, and they are often linked to the organization's existing credit account. They usually have a specific credit limit, and the cardholder is responsible for ensuring that all purchases made with the card follow the organization's policies and procedures.
Talk with you existing financial vendor and explore others to review what types of incentives are available. Even a 1 percent return can be sizeable.
Twokin Consulting specializes in helping supporting colleges, universities, and nonprofit organizations in brainstorming strategies and ideas for improving operations.