Level Up Spend Management to Exercise Fiscal Responsibility and Minimize Waste for Education
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This article provides best practices for spend management in education, emphasizing the importance of digitalization and automation for fiscal responsibility and waste minimization, relevant for suppliers and the industry.
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- SAP Concur BlogLevel Up Spend Management to Exercise Fiscal Responsibility and Minimize Waste for Education
SAP Concur article targets higher education and K-12 school districts, emphasizing assessment of pandemic-era digital fixes. Spend management platforms provide real-time visibility, budget control, and improved employee experience. Data shows T&E spend violation rate skyrocketed 292% from 2019 to 2020. Median loss of occupational fraud in education is $56,000. Adopting integrated platforms can save $777,000 annually on travel and expense reporting, increase compliant reports by 65%, and reduce errors by 52%.