The 2024 NACUBO Annual Meeting in Chicago was a significant gathering for higher education financial leaders, offering valuable insights and innovative strategies to improve institutional financial operations. Three main themes emerged from the conference: leveraging AI in finance and procurement, effective change management in financial system transformations, and adopting a relational approach to shared services.
Leveraging AI to Drive Down Costs of Procurement and Finance Operations
One of the standout sessions focused on how generative AI can enhance procurement and finance operations. Speakers from Purdue University, including Zachary Cox, Whitney Beutel, and Kristi Mickle, along with Doug Freud from SAP, shared real-world examples of AI integration. They discussed how AI re-focuses staff efforts from mundane tasks to more strategic initiatives, improves processes, and provides significant cost savings. Key takeaways included:
- Identifying AI integration processes from peer institutions.
- Planning partnerships with stakeholders.
- Applying best practices for AI project development.
Change Management Best Practices in Financial System Transformation
Another critical theme was effective change management during financial system transformations. Panelists from Michigan State University, University of Notre Dame, and TruEd Consulting provided actionable strategies and insights from their experiences. They emphasized the importance of stakeholder engagement, communication tactics, and aligning transformations with institutional goals. Learning objectives included:
- Understanding drivers behind financial system transformations.
- Utilizing change management strategies for campus-wide adoption.
- Applying real-world insights to guide implementation.
A Relational-Based Approach to Transformational Shared Services
Ohio University presented on their successful transition to a centralized model for shared business services. By prioritizing strong relationships, collaboration, and customer service, they navigated transformational changes effectively. Panelists, including Kelly Broughton, Heather Krugman, Wendy Merb-Brown, Sylvia Mickunas, and Beth Novak, highlighted strategies for improving business services through technology and personal relationships. Key points included:
- Developing strategies for centralizing operational business services.
- Enhancing customer service and employee satisfaction.
- Selecting technology for centralizing functions.
Nimbello's Role in Streamlining AP Processes for Higher Education
Nimbello, proud sponsor of the NACUBO 2024 Annual Meeting, showcased how their AP automation solution can benefit universities. By leveraging Nimbello's technology, educational institutions can automate tedious accounts payable processes, reduce manual errors, and improve financial control and visibility. This automation aligns well with the themes discussed at NACUBO, providing higher education institutions with the tools needed to enhance efficiency and effectiveness in financial operations.
For more information on how Nimbello can support your institution like they are doing for other NACUBO member schools like University of Virginia, Notre Dame, University of Chicago, Northwestern, and more - reach out today.