New Mexico State University has been a RevenueVision® subscriber for just under a year starting in March 2017, but is already using the platform to significantly change the efficiency of its auxiliary organization. A comprehensive Auxiliaries Department with housing, dining services, golf course, parking, bookstore, storage, and a retail merchant network, NMSU is using RevenueVision® to scale its auxiliary reach while managing headcount reductions coming from several staff retirements.
- Four (4) staff members retiring over the next three years is creating a need for centralization of contract and financial information and increased staff efficiencies
- Current invoicing process is very labor intensive and requires three manual steps to pull a report, confirm payments amounts, and issue a check
- Scaling the merchant network to respond to interest from two national chains could also double manual work on invoicing
- Needed to increase confidence in revenue and operations through systematic collection and analysis
- On track to reduce auxiliary finance staffing costs by ~20% by 2020 by rationalizing roles and putting into place a change of duties to allow the replacement of a senior-level accountant with a lower level position.
- Automating invoicing process to reduce labor costs, efficiently scale merchants participating in the Aggie Cash program, and target a ~30% increase in AggieCash administrative fee income to Auxiliaries by 2020.
- Using RevenueVision® to support the AVP of Auxiliary Services with real-time data on how each business line is doing to help answer the “question of the day” that comes up from the President, Board, or other senior leaders
To read the complete success story, download the PDF below.