The Procurement Modernization team has made several improvements to simplify purchasing and processing of payments at UBC. Improvements introduced over the last month include the following:
- Raising the RFP threshold from $50,000 to $75,000 before requiring a competitive tender, supporting the movement towards a more streamlined process.
- Launching a campus-wide plan to consolidate to UBC VISA as the university’s standard credit card, outlining support for the phase-out of AMEX over the next 12 months.
- Introducing new visual tools for those currently using the Online Payment Tool (OPT) to improve user experience and implementing changes to allow the Financial Reviewer to make some updates without recycling the form to the initiator.
Over the past year the Financial Operations team has focused on reducing cycle times for processing transactions – for example, the turnaround time for complete purchase order (PO) requests has decreased by on average six days. The recycle rate due to missing or incorrect information is still over 40 per cent for PO requests received by Financial Operations; therefore, a focus of the Lean process reviews has been to collaborate with Faculties/Units to improve end-to-end processes.
Additional process improvements will be implemented at the end of January including:
- Launching a new ‘for vendors’ section on the Finance website to provide information and checklists to vendors.
- Implementing a streamlined employee versus contractor assessment.
- Clarifying new tolerance levels when the final invoices exceeds the PO value.
Communications regarding these process changes will be circulated at the end of January. To stay up-to-date, visit the Financial Operations website under Announcements or look out for emails from your Finance leads.
Get a full overview of the Procurement Modernization Project on the Finance website. If you have more questions about the project, please contact Trish Pekeles or Patrick Kavanagh.