What is a Purchasing Consortium?
MISBO leverages the purchasing power of the all member schools to negotiate discounts beyond what individual members would typically realize. The purchasing "power" of MISBO comes from the members utilizing these contracts. By cooperatively working together we are able to maintain and even increase discounts and offerings with support of the program.
Many MISBO Consortium Partners may be vendors you already utilize, so purchasing through the MISBO contracts is an easy way to realize additional savings. Looking at the total offering and pricing discounts with each Consortium Partner is key; communicate with the MISBO office; share key school contacts that will allow MISBO to provide regular updates. Again, the power of cooperative purchasing is member utilization of the contracts, which drives additional discounts and services available to all members.
Best Practices and tips on how to get the most from your MISBO membership:
- Look at purchases your school makes in total. Consolidating those purchases will offer much greater savings than shopping individual items from many different vendors.
- If your school requires you to get multiple price quotes always make sure one of those is from an available MISBO Consortium Partner.
- Do not share MISBO pricing with non-MISBO vendors. This undermines the entire program and damages the relationships with the vendors and the benefits to other member schools.
- Be open to change where necessary by allowing potential new vendors to contact you and detail the MISBO program and potential savings.
- Communicate! Be sure anyone with purchasing authority at your school is aware of the school's MISBO membership. Schools are our members, anyone at your school has access to our contracts and can realize savings for your school and their budget.
- Be sure MISBO has the right contact information for the appropriate personnel at your school.
- Member Utilization is key - the more the contracts are used, the more our member schools benefit!
*MISBO derives approximately 50% of its operating budget revenue through fees collected primarily from vendors that participate in the purchasing consortium. Most vendors have agreed to pay MISBO a small percentage fee based upon their sales to member schools and these are reported and paid quarterly. A small number of vendors continue to be on a system where the school pays a small fee based upon the reported sales. Some of this is due to regulatory restrictions. School paid fees are invoiced twice a year in January and July. The fees vary by vendor.