Business View Magazine - Mar 2024

Efficient inventory management practices, including bulk ordering and automated replenishment systems, ensure optimal stock levels while minimizing waste. When stock dips below the equilibrium, more inventory is reordered to keep it at that baseline, and while it does seem like a tedious process, the university uses several software platforms to streamline the process. “We use Banner [by] Ellucian, that’s where we keep all of our purchase orders and reports we can pull from. The warehouse uses Famis for warehouse management, that’s how they keep track of their inventory,” Glasco says. Additionally, the institution uses an AI software called Concur-Detect by Oversight, which handles 100% of the audits that it routinely conducts. This software’s capabilities have proven to be so effective that from its very first use, it managed to identify errors that have already saved A-State thousands of dollars. The integration of technology enhances decision- making and audit processes, driving efficiency and accountability across the supply chain. However, even with efficient practices already being leveraged, there is still a degree of preparation that needs to occur in case of any unexpected or disruptive variables. Fortunately, A-State isn’t lacking in how it mitigates potential risks. Inherent to its operations, the university maintains robust risk management strategies, bolstered by comprehensive business continuity plans tailored to various scenarios, including natural disasters and pandemics. “Our university has a business continuity plan for each department. We’ve got one set for multiple types of disasters,” Glasco states, explaining that the university has several memorandums of understanding (MOUs) with key suppliers in case of emergencies like stock shortages, natural disasters, and even pandemics. Proactive measures like these multiple-use 117 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 03 ARKANSAS STATE UNIVERSI TY