Struggling to Control Spend? Let’s Change That.

Higher Ed Finance Procurement Strategy: A Strategic Guide for NACUBO Institutions

Executive Summary

The NACUBO Annual Meeting brings together the most influential financial leaders in higher education — CFOs, controllers, and budget officers — to discuss the future of university finance, policy, and operations. As the cost of education continues to rise and fiscal scrutiny intensifies, colleges and universities are under growing pressure to reduce expenditures, manage risk, and demonstrate financial discipline.

Procurement, often overlooked, is emerging as a powerful lever to help institutions meet these challenges. Yet many universities still rely on fragmented, manual systems that hinder visibility and accountability.

This guide explores the most common procurement challenges for NACUBO institutions and offers a modern, strategic approach to Source-to-Pay (S2P) — empowering finance leaders to drive cost savings, improve spend transparency, and support institutional sustainability.

Table of Contents

1. Introduction: Procurement’s Strategic Role in Financial Leadership
2. Key Procurement Challenges Facing NACUBO Institutions
   How to Improve Procurement Efficiency and Budget Control
3. Why NACUBO Institutions Need a Modern Source-to-Pay Solution
4. How Unimarket Supports Higher Ed Financial Leaders
5. Conclusion: Strategic Takeaways for Finance Executives
6. Next Steps: Meet Unimarket at NACUBO 2025

Introduction: Procurement’s Strategic Role in Financial Leadership

University finance leaders today are navigating a complex environment: rising costs, shrinking margins, increased regulatory scrutiny, and growing demands for transparency.

Procurement has traditionally been treated as an operational function — but its role is changing. Strategic procurement can directly support: 

• Budget discipline
• Spend visibility
• Risk reduction
• Sustainability initiatives

For CFOs and financial leadership teams, the question is no longer if procurement can drive value, but how to unlock its full potential.

Key Procurement Challenges Facing NACUBO Institutions

1. Fragmented Spend Visibility

Universities often lack a centralized view of purchasing across departments, making it difficult to:

• Monitor spend against budget in real-time
• Identify cost-saving opportunities
• Analyze vendor performance and contract utilization

2. Decentralized Purchasing & Maverick Spend

Without strict controls, departments often bypass procurement policies:

• Unapproved vendors and shadow contracts
• Budget overruns and audit exposure
• Duplicated purchases and lost negotiating leverage

3. Contract Risk & Compliance Gaps

Managing contracts across dozens (or hundreds) of vendors without a centralized system results in:

• Missed renewals and unfavorable terms
• Compliance violations tied to grant funding or public accountability
• Exposure to liability and reputational risk

4. Siloed ERP & Finance Integrations

While most institutions have robust ERP systems (Workday, Oracle, Ellucian), procurement workflows often remain disconnected:

• Manual invoice approvals and delays
• Inaccurate or delayed financial reporting
• Difficulty enforcing spend policies across systems

How to Improve Procurement Efficiency and Budget Control

1. Centralize Procurement Oversight

• Consolidate contracts and vendors into a unified procurement platform
• Standardize purchasing policies across departments
• Establish financial oversight and audit trails at every step

2. Automate Procure-to-Pay Workflows

• Streamline approvals to reduce cycle time and labor costs
• Eliminate manual paperwork and data entry
• Accelerate purchasing while maintaining compliance

3. Strengthen Policy Enforcement & Audit Readiness

• Enforce vendor controls and budget thresholds automatically
• Ensure grant and restricted fund compliance
• Enable documentation and reporting for internal and external audits

4. Connect Procurement with Finance and ERP

• Real-time data sharing with finance systems
• Better forecasting, reconciliation, and cash flow management
• One source of truth for purchasing, payments, and budget data 

Why NACUBO Institutions Need a Modern Source-to-Pay Solution

A modern S2P platform offers more than efficiency — it enables finance teams to lead institutional transformation:

• Gain total visibility into spend and contract obligations
• Reduce costs by consolidating vendors and leveraging volume
• Improve governance, compliance, and audit readiness
• Support sustainability, DEI, and supplier diversity initiatives
• Improve stakeholder experience with intuitive tools and faster service

The ability to connect procurement, finance, and strategy in one platform creates measurable impact — from budget certainty to mission alignment.

How Unimarket Supports Higher Ed Financial Leaders

Unimarket helps higher education institutions achieve clarity, control, and impact through:

• Purpose-built Source-to-Pay solutions designed for the unique needs of colleges and universities
• Seamless ERP integrations with Workday, Oracle, Ellucian Banner & Colleague
• Real-time spend analytics and dashboards tailored for finance and budget leaders
• Centralized contract and supplier management to reduce costs and risk
• Sustainability and compliance tools to support strategic goals

Our platform is trusted by finance and procurement leaders who want visibility, accountability, and results — not complexity.

Conclusion: Strategic Takeaways for Finance Executives

Procurement is no longer just a back-office task — it’s a lever for financial leadership. To remain competitive and fiscally resilient, NACUBO institutions must:

• Modernize procurement operations with automation and control
• Gain real-time visibility into spend and compliance
• Eliminate silos between finance, procurement, and departmental buyers
• Drive measurable ROI across budgets, grants, and strategic initiatives

Procurement transformation isn’t about adding another system — it’s about empowering your finance office to lead with data, discipline, and strategic foresight.
 

Next Steps: Meet Unimarket at NACUBO 2025

Unimarket will be on-site at NACUBO 2025 to connect with finance leaders who want to explore a smarter, more strategic approach to procurement.

📍 Visit us at Booth 1727

📅 Schedule a private consultation: unimarket.com/company/book-a-demo

📧 Reach out anytime: [email protected]

We’ll show you how Unimarket helps colleges and universities:

• Control spend and eliminate budget waste
• Integrate procurement with finance and ERP
• Build a procurement function that supports financial strategy and institutional priorities

Let’s talk about how we can help your finance team lead with clarity, control, and impact.

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