University of Maryland Deploys Spend Management Tools
The University of Maryland, College Park is rolling out a suite of spend management tools from cloud-based e-procurement provider ESM. The technology will help automate procurement, streamline sourcing and boost savings, according to a news announcement.
Features include:
- An online marketplace that guides users directly to negotiated contracts and approved vendors;
- An online contract repository for saving, searching and finding existing contracts and templates;
- A collaborative marketplace for streamlined solicitation and bidding; and
- Functionality for securing and managing diverse vendors, such as women-owned, minority-owned, small and veteran-owned businesses. (Reporting on these criteria is typically required to meet state and federal guidelines for grants and other funding.)
The deal with ESM allows other University of Maryland institutions to launch the tools as well.
The university has also partnered with Huron Consulting Group to help with the strategic transformation of its procurement initiatives, the announcement said. The consultancy will provide "on-site professional expertise related to procurement practices, business process transformation and change management during the implementation process."
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Rhea Kelly is editor in chief for Campus Technology, THE Journal, and Spaces4Learning. She can be reached at [email protected].