The SAP Concur Community-Centric Approach to Financial Efficiency in Higher Education

Achieving financial efficiency is important for any institution to thrive. With recent industry challenges, such as staffing issues, and managing a disconnected travel and spend landscape, SAP Concur is here to keep your institution running smoothly. Our solution offers practical strategies and a supportive community to overcome these obstacles, with approximately 700 schools already benefiting from our innovative solutions and the SAP Concur community. 

In this blog, we’ll talk about financial efficiency in higher education, exploring practical approaches to tackle the challenges ahead. From achieving stability to unlocking the potential of technology solutions, we aim to equip institutions with the tools they need to create a successful financial future. 

Collaborative Strategies for Future Success 

Collaboration and engagement within the higher education community play a significant role in maximizing financial efficiency. Explore the following collaborative strategies from SAP Concur: 

1. Industry Engagement: SAP Concur is dedicated to learning from higher education leaders. We believe learning from education leaders is at the core of our success. We foster collaboration through the Concur Higher Ed Leadership Forum (CHELF) and the Concur Higher Ed Advisory Board (CHEAB). These vibrant communities enable schools to engage in meaningful conversations with one another and discuss top-of-mind challenges the community is facing. Our firm belief is that higher education institutions can thrive when they learn from one another, and we learn and grow by listening. 
2. Sharing Best Practices: Platforms for sharing ideas and experiences help finance, travel, accounting, and auditing professionals exchange knowledge and learn from each other. SAP Concur supports and sponsors various events in higher education, including the National Association of College and University Business Officers (NACUBO) conference, as well as all regional CUBO events, NAEP, SCTEM, CCBO, and others across the nation. These events provide valuable opportunities for learning and collaboration. 

Our commitment to supporting higher education institutions remains a top priority. SAP Concur has over 300 members participating in our SAP Concur higher education community platform where SAP Concur and higher education institutions work together to improve financial efficiency and simplify operations. For more information on how it can benefit your institution, you can find more details here. 

The Future of Higher Ed: Charting a Path to Financial Stability 

Higher education institutions must navigate the following challenges: 

1. Instability: Finally, a new school year begins with a return to normal operations! After a period of instability, higher education institutions are aiming for stability, and this stability necessitates a thorough reevaluation of budget priorities. SAP Concur has solutions that make the efficient allocation of resources simpler and an inventory of back-office solutions that will keep your school on a path to continued success.  
2. Staffing Woes: Institutions face challenges because of retirements and the need to fill vacancies left by departing personnel. 43 percent of back-office teams “...are managing three or more new responsibilities as a result…” of staff shortages. With hundreds of vendors to manage and a shrinking staff, managing your institution’s accounts payable (AP) processes can be difficult. SAP Concur can help you simplify your process.  

Unlocking Efficiency with ERP Solutions 

Maximizing the power of your school’s enterprise resource planning (ERP) solutions can significantly improve your financial process efficiency by delivering a holistic view of your institutional spend across an often-splintered landscape. Consider the following strategies: 

1. Using ERP Solutions: Institutions should optimize ERP systems to simplify operations, automate workflows, and improve financial visibility. By implementing comprehensive ERP solutions like travel, expense, and invoice platforms, institutions can manage vendor relationships, automate accounts payable processes, and gain better control over financial transactions. Whatever your current ERP is, watch this short video, to learn more about how your ERP enables your institution to receive the best financial insight. 
2. Getting Value from ERP Investments: Institutions need to align their ERP implementation with their long-term financial goals. Learning from the experience and insights of Higher Ed peers who have successfully automated and simplified their financial processes can be valuable. See how the University of Alabama, George Washington, Penn State, Bridgewater State, and others went from a “completely paper-based” invoice and expense process to SAP Concur solutions. Explore our Higher Ed case studies here. 

Finding a Path to Financial Efficiency in Higher Education 

Enhancing financial efficiency in higher education requires a focused and pragmatic approach. SAP Concur is here to help take the strain off institutions by helping them optimize their AP processes, travel operations, and policy compliance. By using technology, engaging in industry networks, and sharing best practices, institutions can maximize financial efficiency and lay a solid foundation for long-term success. 

To learn more about how we can help your institution navigate financial challenges, visit our Higher Ed home page. Connect with industry professionals, access valuable resources, and actively participate in knowledge-sharing within the higher education community. Together, we can navigate the road ahead and prepare our institutions for a prosperous future.