UM System Receives Best Practices Award
The University of Missouri System was honored for its business efficiencies on October 1 by the Central Association of College and University Business Officers (CACUBO).
CACUBO presented its 2012 Best Practices Award to the UM System during its annual meeting in Tucson, Ariz. The winning submission titled “Travel and Expense – The Road to a Streamlined & Efficient Implementation” showcased the system’s successful process to remove manual and inefficient steps in its travel reimbursement process, identified aspects of its policies that encouraged inefficiency, and reevaluated the approval process surrounding the travel reimbursement voucher.
As part of the system’s Operational Excellence Initiative, new travel policies were introduced in July 2011 to automate travel and expense approval processes, reduce administrative voucher preparation time and expedite reimbursements. The efficiencies are expected to reduce costs to process travel reimbursements by at least $1.5 million annually.
CACUBO created the Best Practices Award Program as part of its effort to create better, more efficient, and customer-friendly business practices within its membership institutions.
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