From Data to Decisions: Activating Spend Insights for Immediate Impact

Terri Albertson - Ursinus College
Audra Kahr - Lafayette College

This panel discussion will explore the methodology and advantages of conducting a Strategic Spend Assessment from the perspective of Audra Kahr, Executive Vice President for Finance & Administration, Lafayette College, Terri Albertson, Vice President for Finance and Administration, Ursinus College, and Ryan McAfee, Director of Procurement Services - Pennsylvania College of Technology who have all participated in a Strategic Spend Assessment with E&I.

Participants will learn how to utilize spend data to reveal insights that can reduce costs, increase the share of spending under formal contracts, and enhance overall budget effectiveness. By adopting a data-driven procurement strategy, institutions can optimize resource allocation and foster long-term sustainability amidst ongoing financial challenges.

Learning Objectives

1. Discover how to leverage a Strategic Spend Assessment (SSA) to pinpoint specific opportunities for cost reduction within their procurement processes.
2. Pinpoint areas where supplier consolidation can be achieved by category, leading to increased spending on contracts and cost savings through the reduction of overhead tied to managing unnecessary suppliers.
3. Analyze spending patterns, so that institutions can effectively align their procurement strategies with their operational objectives, ensuring resource optimization.
4. Discuss insights gained from the assessment, CFOs and procurement teams will be empowered to make data-driven decisions that align with their institution’s financial priorities and constraints.

CPE Available

• 1 Credit: Finance