FAMU Uses RevenueVision® to Capture All Vendor Payments and Improve Stewardship of Student Finances
Florida Agricultural and Mechanical University (FAMU) has been a partner of The Solution Design Group since 2012. During the partnership, FAMU has used RevenueVision® to manage more than 1,000 revenue- and expense-based contracts across Auxiliaries, Procurement, and Sponsored Research. In Auxiliaries, RevenueVision® is used to fully capture all vendor commission payments and sponsorships as well as optimize customer service delivery in dining, bookstore, laundry, drink and snack vending.
• Needed a central way to manage all contracts across Auxiliaries, Procurement, and Sponsored Research
• Needed a tool to track vendor financial revenue by category to be able suggest new dining, bookstore, laundry, and vending offerings
• Needed a way to validate and verify vendor commissions as well as track commissions by tender type and location across auxiliaries
• Needed a central repository of data and statistics to track health of auxiliaries business and answers question from the President and Board
• Used RevenueVision® to centralize management of activities, updates, terms and renewals for more than 1000 revenue- and expense-based contracts in Auxiliaries, Procurement, and Sponsored Research.
• Used financial tracking in RevenueVision® to be a good steward of students personal financial resources by identifying special offerings and marketing campaigns that encouraged students to fully spend up tp $261,000 in dining flex dollars and book vouchers that otherwise would remain unspent.
• Used RevenueVision® to identify vendor commission gaps worth about $30,000 annually from previously uncaptured vending revenue.
• Used RevenueVision® to track the health of the auxiliaries business, detect early issues with vendor financial health, and support the AVP in answering the “question of the day” from the President, Board, or other senior leaders.
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