INDIANAPOLIS–The Advisory Board Company has announced that it has awarded top honors across healthcare and education fields to Ivy Tech Community College of Indiana for its use of data-driven analytics and relationship-building to negotiate and develop best in class strategic sourcing agreements.
Ivy Tech began participating in ABC’s University Spend Collaborative two years ago and leverages its Spend Compass data analytics technology to identify opportunities where the College could save money by better understanding market prices for goods and services.
The top honors award, which began in 2009, is given out twice year. This year, more than 500 case studies were entered into the competition.
“Knowledge of the range between average and highly competitive market prices that other institutions pay for a given item is key to ensuring that prices suppliers charge Ivy Tech are highly competitive,” said Jim Hudson, Chief Procurement Officer for Ivy Tech.
Ivy Tech has put strong emphasis on reducing the cost of goods and services as a necessary means to create funds to upgrade computer systems, hire professors and add facilities. Procurement savings garnered since 2008 through the use of strong procurement strategies, principles and tools like Spend Compass exceed $40 million.
In lauding Ivy Tech for their efforts, Noah Rosenberg, Managing Director at the Education Advisory Board, pointed out that “many college and university business offices shy away from going after supply costs because they can’t see how they’re ever going to change end-user behavior. Given their success at getting staff across 24 separate campuses to agree to a common approach to sourcing office supplies, Jim and his team demonstrate just how powerful a data-driven approach can be in getting faculty and staff to align their buying preferences.”
The Advisory Board is a global research, technology and consulting firm with headquarters in Washington, D.C. that helps hospitals and universities better serve patients and students by providing research, performance improvement, leadership training and implementation support.
Ivy Tech Community College is the state’s largest public postsecondary institution and the nation’s largest singly accredited statewide community college system serving nearly 200,000 students annually. Ivy Tech has campuses throughout Indiana. It serves as the state’s engine of workforce development, offering affordable degree programs and training that are aligned with the needs of its community along with courses and programs that transfer to other colleges and universities in Indiana. It is accredited by the Higher Learning Commission and a member of the North Central Association.