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Blog Posts

4 Ways Procurement Technology Improves Your Hotel Bottom Line

Achieving hotel profitability isn’t always an easy task. You pay big bucks for quality products and solutions to maintain your properties superior service and exceptional guest experience.

You spend days searching for the best brands to partner with and hours forecasting potential ROI.

But you don’t have to.

Keeping your hotel costs down is the key to a successful hotel. So, what can you do to improve your bottom line and increase your profits?

Invest in procurement technology.

Procurement technology simplifies the procurement process and can help you reduce your costs. It can increase efficiency and the speed of your procurement process, while ensuring inaccuracies are avoided and savings are maximized.

There are many benefits of using procurement technology. Let’s take a look at four ways procurement technology can be used to improve your bottom line:

1. Identify new savings opportunities

Unlock new levels of value and instant savings by tapping into the power of procurement technology. Using the data intelligence that technology provides, you can ensure accurate forecasting is achieved and discover new opportunities for savings you may not know about otherwise. Think of procurement technology as a one stop shop for access to suppliers and high-quality products your already purchasing that you could be saving money on.

2. Real-time visibility into your purchasing

Hospitality procurement departments often lack visibility into purchasing success factors such as pricing, distribution contracts, commodity benchmarks and leveraged buying. Procurement technology provides real-time visibility into your purchasing so you can make more informed business decisions. AI-driven procurement can provide you with product optimization, purchasing analytics and actionable data on how your spending is impacting your profitability.

3. Optimize food cost management

Knowing your food cost and staying up to date on your inventory can make all the difference in your hotel’s profitability. How do you know if you are over ordering or not ordering enough? How do you know what plates are making you money and which ones are costing you revenue? Are you spending hours trying to count inventory and place orders for more? Procurement technology gives you insight into your food cost management without all the manual data entry.

4. Streamline contracts

Ensure you are paying the correct prices, make corrections, and maximize the value of all your negotiated contracts. Procurement technology can provide your operation with detailed contract evaluations so you can streamline the contract lifecycle into an automated workflow minimizing errors and improve your profits. Let technology work for you and take your contract management to the next level that includes price auditing and impact analysis.

Procurement can be time consuming and labor intensive. An inefficient procurement process can lead to increased costs and decreased profits.

Ready to take the leap to power procurement savings? Sign up as a Source1 member for free today!

Blog PostsUncategorized

Splash Into Summer with Savings on These Hotel Programs

Summer is the perfect time to take a step back and put a little tlc into your hotel operation. Does the paint on the walls need a refresh? Does your lighting need to be replaced? Does your pool need a good cleaning?

Putting regular efforts into preventative and cosmetic maintenance increases overall guest satisfaction, cuts down on large last-minute expenditures and ultimately saves your staff time.

When guests leave happy and leave a positive review after their stay, it’s effective upkeep and preventive maintenance that play a role in their memorable experience.

Not only can Source1 help you give your operation a much-needed makeover, but we partner with popular brands to ensure our members are getting quality solutions for all their business needs.

As a Source1 member, you get exclusive savings on the following brands:

ACE Hardware

Sure you can have a plan to update your operations look, but where are you going to get the tools to carry out that plan? ACE Hardware has customized inventory solutions from top national brands that you can trust. They have products you can rely on such as paint, electrical, power tools, outdoor equipment, janitorial and sanitation, plumbing, HVAC, hardware and more! Even better, Source1 members get a 10% discount on their order. You can order products anytime, from anywhere. Multiple users can access one account with varying permission level so you can trust your staff to take care of the ordering.

Leslie’s Pools

Your pool is one of the amenities your guests look forward to when staying at your hotel. Reduce costs and increase your guests’ pool experience by leveraging our savings and discounts on pool services and solutions from Leslie’s Pools. And it’s not all about the pool. If you have fountains throughout your hotel, they have products to help you keep those cleaned and properly operating. As a Source1 member, you get discounted pricing on 1500 items and service programs from Leslie’s Pools.

A1 American

Pool season has arrived! And your guests don’t always pack towels with them for pool days. A1 American offers two types of towel solutions for your hotel operation. Their Value towel line includes classic towel options for hotels which prefer a low-cost alternative, but with the quality, durability, and softness of a midrange towel. For hotels looking for an upgraded softness and absorbency, their Deluxe towel line is perfect for that exclusive feel while maintaining a budget-friendly price.

Carrier

No matter hot or cold outside, you should always be checking on your HVAC system to ensure the inside of your hotel operation is properly climate controlled and set to a comfortable temperature for your guests. Comfort drives decision-making when it comes to choosing which hotel to stay at. Carrier provides reliable HVAC systems. Through advanced controls and digital solutions and services, Carrier optimizes buildings to protect the people inside, enabling continuous improvements to air quality and overall health while reducing energy costs.

Take the time to evaluate the areas in your hotel that could use an upgrade or maintenance. Sign-up as a Souce1 member today and take advantage of discounts and savings on products and solutions to keep your operation up to date.

Blog Posts

3 Ways to Incorporate Fries Into Your Hotel Food Menu

Did you know? Fries are on the Rise! According to Lamb Weston, there have been double-digit increases in fry orders with popular main dishes in the last year.

With 77% of consumers saying their satisfaction with a restaurant’s fries impacts their satisfaction with the restaurant overall, it’s time to elevate your fries and increase your guests check size.

Since fries are one of the most popular and profitable menu items, your guests will be delighted to see your room service menu includes a one-of-a-kind plate of fries. From shoestring to crinkle cut and even waffle shapes, there are many versatile fries to create the perfect dish.

Here are three ways you can incorporate fries into your hotel food menu:

1. Loaded Fries

loaded fries

Nothing’s better than a pile of fries topped with loads of ingredients. Poutine, chili and cheese, brisket and barbeque sauce – the possibilities are endless. Fries are a great base for any craveable plate.  In Q4 of 2021, Technomic reported that top trending ingredients for loaded fries included cilantro (25%), queso fresco (11%), and chorizo (7%).  Returning guests might even choose to stay at your hotel versus another just because your fries can’t be found anywhere else.

2. Comfort Food Mashups

waffle fries

Burritos are a great place to add fries. Haven’t you ever heard of adding fries into that chicken shawarma? Hey, don’t knock it till you try it. Some people even like mixing their sweet with their salty by dipping their fries into a milk shake – hello Wendy’s frosty and fries anyone? Consumers love experimenting with their foods and adding fries to dishes they normally wouldn’t be served in. Fries are considered to be a comfort food so add them to other menu items to create the ultimate mashup. Layer your famous burger with them or add them to your breakfast skillet in place of hash browns. You can even slide a scoop of ice cream in between two waffle fries to make the ultimate mini ice cream sandwiches. Fries give you the flexibility to have fun with your menu and take your comfort food recipes to the next level.

3. Leverage Food Holiday’s for LTOs

fries lto

National food holidays are a big part of consumer culture. #HashtagHolidays can be powerful ways to promote your menu. Leverage trending foods and foodie holidays to create a signature LTO that is sure to build a buzz. With 3 out of 4 consumers saying they’ll tell a friend about an LTO they love, offering fries at your hotel bar can help attract new guests and boost your bottom line. Take advantage of days dedicated to foods such as National Barbecue Day, National French Fry Day, National Gyro Day, National Bacon Day, and even National Donut Day – who said you couldn’t experiment with sweet fries?!

There’s no debating that Americans love fries—rating them one of their favorites across generations. So if you don’t have fries on your menu, you’re missing out on extra profits.

As a Source1 member, you get access to exclusive savings on french fry products from Lamb Weston so you can transform your basic french fries into an ooey gooey pile of flavor. Not yet a member? No problem! Join Source1 today!

Uncategorized

Gain Powerful Procurement Insights and Boost Profits with the Help of Data and Technology

Finding the best purchasing solutions for those memorable experiences can be time consuming and come at a high price. Operators are serious when it comes to their procurement process, selecting only the best suppliers to support their customized amenities and services. 

CONTINUE READING

ArticlesBlog PostsProcurement Services Companies

3 Core Benefits of Joining Source1

Running a hotel operation requires industry knowledge and expertise. As a Source1 member, you get access to exclusive savings opportunities, cutting-edge procurement technology and partnerships with popular brands that your operation uses every day.

These days, hospitality procurement departments are often short staffed and lack the visibility into purchasing success factors such as pricing, distribution contracts, commodity benchmarks and leveraged buying.

At Source1, we deliver purchasing visibility and thousands of ways to save on products and services including food, disposables, linens, maintenance supplies, and more.

Here are three of the core benefits of becoming a Source1 member to help you drive profitability with ease:

Access to Exclusive Rebates

Did you know the items you purchase everyday could be eligible for a CashBack rebate? Do you have the time to check each of those items for a rebate? Do you have time to claim those rebates and follow-up on those rebates? By partnering with Source1, you get access to over 350 manufacturers and 165,000+ line items.

Unlock instant savings by tapping into the power of Source1’s portfolio of rebate and deviation contracts. With no mandates and no minimums, Source1 aligns your current products and helps maximize your savings and purchasing value.

Cutting-Edge Technology

With the industry experiencing a labor shortage, operators are scrambling to find a way to automate as much of their operation as they can – especially in the purchasing process. With a hotel to run and a staff to manage, its hard to find the time to make sense of all your purchasing costs and know where your money is coming and going. What’s costing you money and what’s making you money?

From purchasing analytics, product optimization, inventory management, and contract utilization, you can trust technology to do the work in half the time. AI-driven procurement software can help you control purchasing costs, identify savings opportunities, and make sure you are getting the most value out of your contracts.

Source1 data and technology solutions provide you with visibility into your purchasing analytics, inventory management, and contract utilization so you can save time and make more efficient business decisions.

Cost Control and Sourcing for OS&E Procurement

OS&E typically includes things like administrative services, hotel amenities, linens, facilities, and maintenance services. Even your hotel restaurants and bars utilize OS&E such as supplies to cook with, serve with, and store food in. These day-to-day products and services can come at a high price.

When you partner with industry experts such as Source1, you expand your supplier pool and the task of procuring the items and services you need goes from hours to minutes. As a Source1 member, you can identify new partnerships with popular brands that offer OS&E solutions such as HD Supply, OTIS, Sherwin Williams, and Grainger.

At Source1, we partner with a trusted network of suppliers to bring you aggressive OS&E contracts, specialty luxury agreements and the best pricing on top quality products and services. We find you reduced pricing on OS&E items and services you’re already purchasing, customized supplier programs and ensure delivery of products that meet your specifications.

Maximize your rebates and savings, gain visibility into your purchasing, and expand your supplier pool of partnerships by becoming a Source1 member today for FREE!

Blog PostsUncategorized

Lead By Example with a More Diverse and Inclusive Supplier Network

The need for cultural progression is important, but when the pandemic hit the hospitality industry, the importance of supplier diversity shifted down the priority list. With a new year ahead, it’s the perfect time to approach your procurement in a new way and encourage supplier diversity throughout every area of your operation.

A diverse business is defined as any company that is at least 51% owned by one or more minorities. Supplier diversity is crucial to your commitment to inclusion and your procurement and purchasing teams have an opportunity to contribute to your companies’ overall D&I goals by partnering with more diverse businesses.

Partnering with more diverse suppliers fosters collaboration, drives company growth, and can boost your bottom line. Not only does a commitment like this benefit your customers, but it also improves brand reputation and supports your communities beyond just social gains.

No matter the size of your operation, you should create a D&I program to enhance your offerings and expand your supplier portfolio. Here are some steps your operation can take to create a more inclusive and diverse atmosphere and grow your relationships with suppliers:

Define Your Diversity Program

What are the reasons your company is interested in creating a D&I program? Do you have the staff support and manage the program? What is the scope of your new program? Do you have existing partnerships with any diverse suppliers? Your D&I program will be unique to your business. Defining your program, the mission of the initiative and who will run it are the first steps to starting a successful D&I program.

Join Diversity Organizations

By partnering with diverse organizations, you can add new vendors and extend your supplier diversity program. When suppliers see that your business is a part of a larger diverse network, they are more inclined to join forces with you. When you connect with organizations who value diversity and inclusion you are able to gain different perspectives and connect with like-minded groups who can help you bolster deeper partnerships. Not only does joining forces with diverse and inclusive organizations improve your brand reputation, but it also lets other suppliers know that your company is committed to diversity and inclusion, which can lead to future partnerships.

Embrace Procurement Technology

Once you’ve created your supplier diversity processes, you’ll want to evaluate how your new supplier relationships are creating value for both partners. Embracing procurement technology to assist with your supplier diversity efforts is key to making a true impact. By integrating procurement technology into your sourcing process, you can expand your pool of potential suppliers. Procurement technology opens a whole new world of diverse e-commerce partnerships and can help your business identify high quality products to source from more diverse brands. Once you integrate procurement technology with your new suppliers, you gain access to more diverse supplier data. Your new suppliers get a deeper dive into who is buying their products, how much they are buying and which products are big revenue drivers.

Launching a diversity and inclusion program doesn’t have to be hard when you are committed to growing your supplier networks. Defining your program, creating new partnerships, aligning with like-minded businesses, and embracing the power of technology are great steps to creating or improving your diverse and inclusive supplier relationships.

At Source1, we partner with many suppliers such as General Mills, Unilever, and PepsiCo, who all believe in more inclusive and diverse partnerships. When you become a Source1 member, you gain access to an alliance of suppliers who understand the importance of diversity and inclusion. We source products and services from many diverse businesses and are creating a supply chain network that values a more diverse pool of partnerships.

Blog PostsTech

Benefits of Using Technology to Manage Rising Hotel Food Cost

It can be hard to make sense of your purchasing costs without the right technology.

With the hospitality industry seeing price increases in all areas of business, there has never been a more necessary time for operators to consider utilizing technology to help manage rising hotel food cost.

A quick search will show there are many technology solutions to choose from when it comes to food cost management. However, by partnering with the right technology solution, you can expand your resource pool and gain key insights into your operation. This includes things like your hotel’s purchasing behavior, what’s working well, and, most importantly, what’s taking money away from your bottom line.

Here are some ways technology can help your staff with food cost management and navigate rising hotel food cost, so you can maintain guest standards and maximize profits.

Purchasing Analytics

By using spend management technology, you get real-time visibility into your purchasing. This provides actionable data on how your spending impacts your profitability.

With a clearer understanding of how much you are spending and where it’s all going, you can make more informed business decisions. Having the ability to see the “bigger picture” of your purchasing, helps identify what’s making you money and what’s costing you profits.

Inventory Management

Optimize your inventory with automated technology for more accurate forecasting and effective ordering.

Technology gives your back-of-house staff the tools to track in-house inventory levels and automatically adjust recipe costs so your chef can place more insightful orders. Source1 inventory technology streamlines the inventory process and alerts you when stocks are low, prompting easy re-orders and re-stocking.

Rebates and Deviated Pricing

Unlock instant savings on your ingredients by tapping into the power of Source1’s portfolio of rebate and deviation contracts.

With no mandates and no minimums, Source1 aligns your current products and helps maximize your savings on popular brands.

Contract Utilization

It’s hard to drive compliance across multiple properties.

Ensure you are paying the correct prices on all your ingredients, make corrections, and maximize the value of all your negotiated food and beverage contracts. Our contract management technology verifies invoice data and identifies over charges, correcting errors and reducing your costs.

Tackle Rising Hotel Food Cost by Partnering with Source1

Source1 technology solutions provide you with visibility into your purchasing analytics, inventory management, and contract utilization so you can maximize your food and beverage savings and make more efficient business decisions.

Our AI-driven procurement software recommends opportunities for new savings for your hotel operation. Maximize your contract value and tackle rising hotel food costs with the help of Source1 technology.

Get access to data driven results by joining Source1 today!