How Budget Changes Are Impacting Higher Education Research Funding
Sweeping changes to research funding and federal support are dramatically reshaping the education research funding landscape. Federal sources currently account for 55% of total higher education research funding. Of that, the Department of Health and Human Services (HHS), including the National Institutes of Health (NIH), is the largest contributor. This support has long served as […]
Securing Funding for Research in Higher Education: What Works and What Doesn’t
What a difference a few years (and an election) can make. In FY 2023, U.S. colleges and universities reached a milestone in research and development (R&D) investment. An 11.2% year-over-year increase pushed funding for higher education research to $108.8 billion — the largest since 2003. No more. NIH funding cuts, caps on indirect research costs, […]
How Purchasing Cooperatives Streamline Higher Ed Procurement
New threats to federal funding mechanisms, on top of rising cuts and unstable enrollment, are changing how academic institutions have to operate. Funding caps on critical grants. Research dollars cut. Threats to endowments and other funding. The result is a significant strain on budgets, which is increasingly difficult to overcome and forcing significant challenges across […]
Higher Ed Procurement & Research Funding: Overlooked Strategies to Maximize Your Budget
If you were to consult the magic 8-ball about the future of research funding in higher education, it might say “Outlook uncertain” or “Reply hazy, try again later.” As if the demographic cliff, state funding challenges, and rising operational costs weren’t enough, government funding for research, a vital revenue source for many institutions, is facing […]
How Cooperative Buying Supports Innovation in Higher Ed Research
Federal research funding is facing significant disruption, with proposed policy changes from the current administration threatening to reduce or eliminate support for vital programs. One major move is capping indirect costs from the National Institutes of Health (NIH) at 15%—a move that represents nearly a 50% decrease from the current average for many research institutions. […]
Procurement Technology vs. Manual Processes: Which Saves More Time and Money?
Procurement teams in higher education face mounting pressure to do more with less. Budgets are tighter than ever, and there’s an increasing demand to cut costs. The job has become more challenging and the need more urgent. Most academic institutions use a two-pronged approach: find innovative ways to save money on goods and services and […]
How to Implement Strategic Procurement for Maximum Cost Savings in Education
Traditionally, much of higher ed procurement has been reactive. Individual departments source what they need (when they need it), often without considering volume discounts, existing contracts, or compliance requirements. This fragmented approach leads to inefficiencies and overspending. Strategic procurement, on the other hand, enables institutions to look at the big picture, consolidating spend, optimizing contracts, […]
How Procurement Software Solutions Improve Efficiency and Cost Control
The pressure to increase efficiency and control costs, without sacrificing quality, is increasing by the day. Rising costs, shrinking budgets, uncertainty about enrollment, and government policy changes have made the job of procurement and finance leaders even more difficult. Colleges and universities can no longer afford inefficient procurement. Modernizing your procurement management system and finding […]
The Benefits of Online Procurement Software for Higher Education Institutions of All Sizes
Do more with less has been the mantra for years, but it’s taken on new meaning for procurement teams these days. They’re now dealing with significant budget cutbacks in many areas and a shift in the approach to spending. Every line item is under the microscope these days as procurement and finance teams are looking […]
How Procurement Technology Can Add Value to Educational Institutions Beyond Cost Savings
In higher education procurement, cost savings have long been the primary metric of success. With increasingly tight budgets and rising operational costs, identifying ways to stretch every dollar remains critically important. However, education procurement leaders must deliver on more than just financial savings. Thanks to advances in procurement technology, higher education institutions can now view […]