Leveraging spend with suppliers is key to your success
The challenge of attracting research partnerships, academics and students is squeezing higher education revenues, which predictably turns attention to the finance department to reduce costs.
The increase in construction projects and overseas partnerships are just two examples of the sector’s changing landscape that are exposing weaknesses in established payment controls - leading to higher risk of errors and fraud in supplier invoice processing.
“Vice-chancellors in Britain are united in the view that this is the most challenging time to run a university in modern history.” – The Guardian
Drivers that increase risk and fraud in education finance departments include;
- Commercialisation and the need to be financially self-sufficient
- Large joint ventures and construction projects
- The need to generate new revenue streams due to the dip in student numbers
- International expansion and more overseas suppliers
- Adopting new technologies to be more cost efficient
FISCAL solutions use forensics and artificial intelligence to check every transaction with a battery of tests that identify possible errors, compliance issues or fraud. Armed with this insight, manufacturers can protect their supply chain, safeguard working capital and reputations, drive cost efficiencies and protect margins.
Our education customers include
"Previously, we lacked the insight necessary to identify and remove the sources of supplier payment inefficiencies. FISCAL Technologies’ solution solved this problem for us."
Controller, University of Portsmouth
Over 15 years, FISCAL has built up an in-depth understanding and appreciation of how educational customers need to protect their organisational spend.
To find out how you too can benefit, contact FISCAL Technologies here to discuss a no-cost, no-risk demonstration of the protection enjoyed by over 250 organisations.
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Brochure: Transforming Financial Operations in Education
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