In a continuing effort to streamline administrative costs and become more operationally efficient, the threshold for required use of the NC State electronic MarketPlace for supply purchases is moving from $250 to $1000.
Since the start of this initiative in 2017, we have processed 19,230 fewer supply vouchers! This allowed us to save more than $ 1.1 million. The MarketPlace offers up to an additional 6% discount beyond our contract pricing, free shipping and no sales tax on orders. In addition, the use of MarketPlace streamlines the procurement process with pre-approval on all orders and automated reconciliation.
Effective July 1, 2020, version 2.0 of our initiative goes into effect allowing us to further reduce the number of vouchers processed by 4200. This will give us an additional cost savings of approximately $ 233,000. When a voucher request is entered for a supply purchase below the $1000 threshold a Financial System warning message will display and the initiator will be required to submit a reason that the MarketPlace or a PCard was not used to make the purchase.
Please see the 3D memo from the Associate Vice Chancellor for Finance and University Treasurer in support of the Shop the MarketPlace First initiative.
