Automated Spend Management for Higher Education and K12 Schools

Key points

• Higher education institutions and K12 schools must comply with a variety of government laws, regulations, and oversight.
• Many schools have multiple outdated, on-premises legacy finance systems containing faculty, staff, and sometimes student spending data.
• Before this data can be used, it often must be manually combined in a spreadsheet, making it hard to see how money is spent and to review and control spend before it happens.
• Schools struggle to enforce spend policy compliance, spot data patterns hidden across channels or systems, and actively identify and mitigate spend fraud, abuse, and waste.
• The post recommends modernizing and automating to insert controls at the point of purchase, improve expense report accuracy, and use AI and machine learning to automatically review expense and receipt data.