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Category: Blog Posts

hotel supply chain technology
Blog PostsUncategorized

Top 4 Reasons to Use Hotel Supply Chain Technology

Hotel supply chain technology plays a crucial role in streamlining hotel operations, by enabling a more efficient and cost-effective procurement process. Technology provides hotels with tools to manage their inventory, automate purchasing and ordering, and track supplier performance, among other things.

By streamlining the supply chain, hotels can optimize their inventory levels, reduce wastage, and negotiate better deals with suppliers. This not only helps in cutting costs but also helps in improving the quality and consistency of supplies.

Additionally, by automating manual tasks, hotel staff can free up time to focus on guest needs, resulting in a better overall guest experience. The use of hotel supply chain technology can also help in improving transparency and accountability, which in turn helps in mitigating risks and ensuring compliance with regulations.

Here are the top four reasons you should be leveraging hotel supply chain technology:

improved inventory management

Improved inventory management: Supply chain management technology enables hotels to optimize their inventory levels by providing real-time visibility into stock levels and consumption rates. This helps hotels reduce waste, minimize stockouts, and ensure that they always have the right products and supplies in stock. As a result, hotels can better manage costs, improve efficiency, and enhance the guest experience by ensuring that amenities, food and beverage offerings, and other supplies are always available.

streamlined procurement processes

Streamlined procurement processes: Supply chain management technology automates procurement processes, from requisition to payment, which reduces manual labor and human error. This allows hotel staff to focus on other critical tasks, such as guest services, while the technology handles the ordering, tracking, and payment of supplies. By streamlining procurement processes, hotels can negotiate better pricing and terms with suppliers, reduce the time and cost of procurement, and enhance the transparency and accountability of the process.

increased supplier management

Increased supplier management: With supply chain management technology, hotels can manage suppliers more effectively by tracking supplier performance, managing supplier contracts, and conducting supplier analysis. This helps hotels ensure that they are getting the best value from their suppliers, improving the quality and consistency of supplies, and reducing the risk of supply chain disruptions. By managing suppliers more effectively, hotels can improve their profitability, reduce supply chain risks, and enhance the guest experience.

visibility into purchasing

Visibility into Purchasing: Hotel supply chain technology provides operators with increased visibility into their purchasing activities, enabling them to better manage their procurement processes. With the help of these technologies, hotel operators can gain access to real-time information about inventory levels, product availability, and pricing, allowing them to make informed decisions about when and how much to order. This increased visibility can also help hotel operators identify potential supply chain risks and quickly respond to disruptions, such as shortages or price fluctuations.

By leveraging supply chain management technology, hotel operators can streamline their procurement processes, reduce costs, and improve the overall efficiency of their operations.

 

Operating Supplies and Equipment
Blog PostsUncategorized

Operating Supplies and Equipment: The Backbone of a Successful Hotel Operation

Hotel OS&E stands for Operating Supplies and Equipment, which refers to the tangible goods that are required to operate a hotel. These items include everything from bed linens and towels to furniture, kitchen appliances, cleaning supplies, and technology equipment. OS&E items are essential for a hotel to provide guests with a comfortable and convenient experience.

Some examples of hotel OS&E items include:

  • Bedding, linens, and pillows
  • Towels, bathrobes, and slippers
  • Room amenities like toiletries and coffee makers
  • Furniture such as chairs, tables, and sofas
  • Lighting fixtures and lamps
  • Kitchen equipment like refrigerators, ovens, and microwaves
  • Cleaning supplies and equipment
  • Technology items like televisions, phones, and Wi-Fi routers.

Proper management of OS&E is crucial for a hotel’s success, as it ensures that the property is well-maintained and provides guests with a high level of comfort and convenience.

The importance of OS&E in a hotel operation can be explained in the following ways:

hotel guest comfort

Guest Comfort: The most important factor for any hotel is the comfort of its guests. OS&E items such as bed linens, pillows, towels, and room amenities provide guests with a comfortable and enjoyable stay. They create a homely atmosphere and enhance the guest’s overall experience.

operational efficiency

Operational Efficiency: OS&E items such as cleaning supplies, kitchen equipment, and technology equipment are essential for the efficient operation of a hotel. They enable staff to maintain the property, provide services to guests, and ensure that everything runs smoothly.

hotel brand image

Brand Image: OS&E items are a crucial component of a hotel’s brand image. The quality of the OS&E items reflects the hotel’s standards and values. High-quality OS&E items can create a positive impression on guests and enhance the hotel’s reputation.

cost savings

Cost Savings: Proper management of OS&E items can result in cost savings for the hotel. For example, investing in high-quality OS&E items may cost more initially, but they will last longer and require less frequent replacement, resulting in long-term cost savings.

hotel compliance

Compliance: Some OS&E items, such as fire safety equipment, are required by law for the safety of guests and staff. Proper management of OS&E items ensures that the hotel is compliant with legal requirements and avoids potential penalties and lawsuits.

In summary, Operating Supplies and Equipment are an essential part of a hotel’s operation. They play a critical role in guest comfort, operational efficiency, brand image, cost savings, and compliance. Therefore, proper management of OS&E is crucial for the success of a hotel operation.

Even better? Source1 partners 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 you’re already purchasing, customized supplier programs and ensure delivery of products that meet your specifications.

Interested in reducing your operational costs and improving your OS&E purchasing? Become a Source1 member today!

hotel lobby
Blog PostsUncategorized

9 Ways to Elevate the Hotel Lobby Experience

The hotel lobby is often the first point of contact that guests have with a property, and as such, it is critical to make a positive first impression. Elevating the lobby experience can help to create a welcoming and memorable experience for guests, which can lead to increased satisfaction and loyalty.

Here are some ways that you can elevate the hotel lobby experience:

hotel lobby design

The lobby design sets the tone for the entire property, and it is important to make it visually appealing and functional. The lobby should be spacious, well-lit, and easy to navigate, with comfortable seating areas and a variety of amenities to keep guests engaged.

music and scent marketing

Set your brand apart and build customer loyalty with the right sights, sounds, and scents that compliment your hotel operation. Commercial free music and more than 1600 invigorating scents, MOOD:MEDIA has all the solutions you need to create a memorable experience and keep your customers coming back time and time again.

hotel lobby flooring

When it comes to flooring in your lobby, you want to make sure it’s always clean and well taken care of. Karcher has scrubbers and sweepers for your operational needs. When it comes to cleaning, no job is too big or too small for Karcher.

hotel lobby technology

Guests expect to be connected at all times, and providing free Wi-Fi and charging stations can help to create a positive experience. Other technological features, such as interactive touchscreens, virtual concierge services, and smart room key systems, can also enhance the guest experience.

hotel lobby tvs

Not only should you have TVs in each of your rooms, but your lobby can also be a source of entertainment. By adding TVs with DirecTV to your lobby, you can increase guest engagement and keep them entertained while they wait in line to check-in and check-out. You can even run hotel promotions and LTO’s on the screens, informing guests of exclusive offers they can take advantage of while staying at your hotel.

lighting

Mood lighting can be used to create a welcoming and inviting atmosphere. Soft, ambient lighting paired with relaxing music can help guests feel more at ease and comfortable. Batteries Plus Bulbs has over 60,000 types of batteries, light bulbs, and accessories for you to create the ultimate lobby vibe.

food and beverage

Providing high-quality food and beverage options such as Peet’s Coffee and Otis Spunkmeyer cookies in the lobby can help to create a welcoming and social atmosphere. This can include a coffee bar, grab-and-go food options, or a full-service restaurant or bar. Guests can be hungry after a long day of traveling and that little tasty gesture goes a long way.

art and decor

Art and décor can add character and personality to the lobby and can also provide a sense of place. This can include local artwork, sculptures, or other unique decorative features like fountains. Suppliers such as Leslie’s Pools can help you maintain the quality of your fountains and water features with their best-in-class products, services, and installation.

hotel lobby safety and sanitation

Investing in the right safety and sanitation supplies will ensure your lobby is clean and guests know you care about their well-being. One company that offers a complete assortment of cleaning supplies is HD Supply. With more than 60,000 products to choose from, HD Supply has all the essential items you need for a safe and clean environment.

By focusing on these areas, a hotel operation can elevate the lobby experience and create a memorable first impression for guests.

As a Source1 member, you get access to exclusive savings and discounts on everything you need to elevate your hotel lobby experience. We’ve partnered 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 you’re already purchasing, customized supplier programs and ensure delivery of products that meet your specifications.

Procurement Management
Blog PostsUncategorized

5 Advantages of Using Hotel Procurement Management Technology

Procurement management is the process of acquiring and managing the goods and services necessary to operate a hotel. It involves sourcing and purchasing the necessary supplies, equipment, and services required for the hotel’s daily operations, such as food and beverage, linens, toiletries, cleaning supplies, furniture, and technology.

Hotel procurement management also involves managing vendor relationships, negotiating contracts and pricing, and ensuring timely and efficient delivery of goods and services. Additionally, it involves managing inventory levels and tracking expenses to ensure the hotel is operating within budget.

Effective hotel procurement management is critical to ensuring that the hotel is operating smoothly and efficiently. It can help to reduce costs, improve the quality and consistency of goods and services, and create a positive guest experience. It requires collaboration and communication between various departments within the hotel, including the purchasing department, finance department, and operations team.

But how can you do all of that manually? It would take too many hours to accomplish all those tasks without the help of technology.

Using technology for hotel procurement management can bring numerous benefits, including:

Streamlined Processes

Streamlined Processes: Technology can automate the procurement process, making it more efficient and reducing the need for manual processes. It can simplify tasks such as order processing, invoicing, and inventory management, saving time and reducing the risk of errors.

Enhanced Supplier Management

Enhanced Supplier Management: Technology can help manage relationships with suppliers by enabling better communication, collaboration, and tracking of performance. It can also help in the selection of the right suppliers by providing insights into supplier performance and price.

Better Cost Control

Better Cost Control: Technology can provide real-time data on procurement expenses, helping hotels to identify cost-saving opportunities and make more informed decisions. It can also help with budgeting and forecasting.

Improved Compliance

Improved Compliance: Procurement management technology can help hotels comply with regulations and standards by enabling them to track and monitor procurement processes, ensure contracts are adhered to, and verify supplier compliance.

Procurement Management

Improved Guest Experience: Technology can help hotels deliver a better guest experience by enabling them to efficiently manage inventory levels and ensure that the necessary supplies and services are available to guests when they need them.

Overall, using technology for hotel procurement management can help your hotel save time, reduce costs, and enhance the guest experience. It can help you better manage your hotel procurement processes and make more informed purchasing decisions.

Data and Technology
Blog PostsTech

How Data and Technology is Reshaping the Hotel Industry

Your hotel purchasing data plays a vital role in helping you succeed in the hospitality world. The use of this data and technology can help improve operations, better understand your guests, and increase revenue.

Here are some ways data and technology are reshaping the hotel industry and how your hotel operation can make use of it:

Increased Efficiency

Leveraging technology can automate many tasks, such as inventory management, supply chain management, and contract management, which can save time and reduce errors.

Through the collection and analysis of data, you can also improve operational insights on guest behavior and hotel performance. This helps you gain a complete understanding of what may currently be working, and what you may need to work on.

With the help of technology, you can complete tasks in half the time!

Improved Decision Making

Your data can provide valuable insights into spend management, price trends, and other key metrics, which can help you make more informed decisions.

The power of data and technology can tell you where to invest your time and money. You’ll make smarter business decisions that will help benefit both your staff and your guests.

This also gives you the greater ability to compete with larger hotel chains through access to similar technologies.

Boosted Revenue

Through the use of data and technology, you can identify areas of opportunity and optimize pricing strategies.

By automating certain tasks, you can reduce labor costs, and potentially reduce costs associated with overbooking, missed reservations, and other issues.

You can also use marketing strategies that will lead to increased revenue. Optimizing the use of technology to better engage with customers and drive bookings will lead to higher occupancy rates.

Enhanced Customer Satisfaction

Understanding your purchasing data gives you the ability to personalize experiences and offer targeted promotions. Give your guests a reason to choose your operation over your competitors’ next time.

The combination of your hotel data and technology, you can effectively accommodate your guests needs and work more efficiently. Mobile check-in and room automation are hassle-free services that can help enhance the guest experience and customer satisfaction.

You can easily communicate with your guests with the help of technology. Through email automation, SMS messaging, and other notifications to guests, you can improve communication and increase guest loyalty.

Join Source1 Today!

Whether you’re looking to increase efficiency or boost revenue, leveraging your hotel data and technology can help reshape every area of your hotel operation.

Join Source1 today to make use of your hotel data and technology!

 

Hotel Inventory Mgmt Technology
Blog PostsTech

Benefits of Hotel Inventory Management Technology

While managing inventory is a critical aspect of your day to day, doing it correctly and efficiently can help cut down on time and even save your hotel operation thousands of dollars each month.

Technology can help you tackle different pain points and challenges you may been facing when it comes to managing your hotel inventory.

Let’s look at the benefits of utilizing Hotel Inventory Management Technology:

Save Time

Wouldn’t it be great if you could clone yourself to do double the work in half the time? Although you can’t literally do that, you can come close to it – with technology! Counting inventory by hand is so old school. Nobody has time for that these days, especially in the midst of labor shortages.

Streamline your inventory process with Source1 technology. Say hello to more accurate forecasting. Receive alerts when your stocks are low so that you don’t have to spend time counting items you may need – effective ordering at its finest!

You can count on inventory management technology to quickly tell you how much of each ingredient you need so you can make quick reordering decisions and increase productivity.

Save Money

Along with saving time, hotel inventory management technology can also help you identify new savings opportunities. These two go hand in hand.

By utilizing hotel inventory management technology, you can reduce waste and labor – no more paying your staff overtime to stay and count each item. Everything you need will be easily accessible right through your smartphone or desktop.

Say goodbye to printing out hundreds of papers and going through boxes of pens and say hello to more accurate forecasting.

You have access to seeing what items you’re using up quickly so that you know when and how much of everything you should be ordering. Your stock levels are updated in real-time so you can avoid over-ordering or under-ordering.

This will also help you plan out how frequently your orders should come in. Your chefs can even adjust your recipes costs in real-time to ensure you’re increasing profits!

Join Source1

Source1 is here to make your inventory process smooth sailing and easy to navigate. Whether you’re looking to save time and money or just interested in ultimately making your hotel operation more tech-friendly, join Source1 today!

 

hotel procurement technology
Blog PostsProcurement Services CompaniesTechUncategorized

4 Benefits of Leveraging Hotel Procurement Technology

It’s impossible to manage your hotel operation manually these days. There are too many processes and data points to be able to keep up with the flow of information that goes along with every purchase your procurement team is making.

Let’s face it – cutting costs and reducing labor have made the top of your priority list over the last year.

Wondering what hotel procurement technology can do to help you meet both of those goals?

Here are four benefits of leveraging hotel procurement technology in your operation:

purchasing analytics

Without technology, you’re unable to get a clear and accurate picture of your spending habits. Hotel procurement technology gives you real-time visibility and purchasing analytics on how your spending is impacting your profitability. You can leverage your purchasing data to make more profitable business decisions.

Source1 hotel procurement technology provides real-time visibility into your purchasing, providing actionable data on how your spending impacts profitability.

Product Optimization

Hotel procurement technology from brands such as Source1 can recommend opportunities for new savings. If you’re carrying out your procurement duties manually, you’re sure to be missing out on product recommendations that cost less but still impress your guests. Procurement technology can help you identify product substitutions that reduce costs so you can maintain a high-quality guest experience and increase profits.

Inventory Management

Your restaurants and room service are deciding factors in guests choosing to stay in your hotel, so it’s important to maintain stock of all your inventory. But how can you streamline the process, so your staff is not wasting hours counting the items coming in and out of your hotel?

Manage and optimize your inventory by using hotel procurement 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.

Contract Management

With the large amount of purchases your operation is making every day, what better way to organize those purchasing contracts then with the help of contract management technology? Your hotel purchasing department has contracts coming and going throughout the entire procurement process and it can be hard to keep track of renewal dates, pricing audits, and if you are even receiving the items on your contract.

Hotel procurement technology can help you ensure you’re paying the correct prices, make corrections in real-time, and maximize the value of all your negotiated contracts.

Ready to leverage the power of hotel procurement technology? Become a Source1 member today!

hotel occupancy
Blog Posts

3 Ways to Boost Hotel Occupancy

Your hotel occupancy rate determines the health of your business. If your occupancy rates are lower than usual, it’s time to take a look at which areas of your operation needs improvement.

With the industry rapidly changing due to the evolution of technology and the unprecedented times we’ve faced the past few years; it’s expected that hotel operators may need that extra push to keep up.

Here are 3 ways our experts at Source1 believe we can help improve your hotel occupancy:

boost occupancy

1. Promote Unique Food Offerings

Many different factors play a role in determining which hotel guests will book their next stay at and food is definitely one of the most important. Promoting unique food offerings is one way to boost your hotel occupancy.

Hotel guests are looking for convenience. Chances are, if they’re on a quick business trip, they don’t want to complicate things. Grabbing a bite on-site will make their experience that much better.

If the food being served at your hotel is mediocre, they’ll choose to stay elsewhere. That’s why it’s important to serve unique dishes to help boost both occupancy and profits.

Promote Food Offerings

As a Source1 member, you get exclusive savings on products that will help you create the perfect menu. Offering unique menu items doesn’t mean you have to spend more money. In fact, you can save money on ingredients from popular brands such as Tyson, Unilever, and Barilla.

Trust us when we say there are easier ways to accomplish an elevated guest experience.

Are you serving hash browns? We’ve got the perfect solution. Did you know that one-third of all U.S. hotels (35%) offer complimentary breakfast? One way to attract more guests is by using products from suppliers such as Michael Foods and Idahoan. I mean who doesn’t love shredded hash browns? Even better, as a Source1 member you can take advantage of discounted prices on their labor saving breakfast solutions.

If you’re serving breakfast, you’re probably frying up a LOT of eggs, sausage, and bacon—did we mention plant-based meats are trending these days? It’s no secret that menu items like these can be very expensive, especially these days.

Fortunately, we have solutions for that too! Choose from top brands like Hormel, Smithfield, Impossible, Beyond Meat, and Michael Foods for all your breakfast needs!

What’s breakfast without coffee? Guests love free coffee. If you’re serving up coffee that’s free, you better be saving on bulk purchases. Source1 partners with Smucker’s to give you bold premium coffee from Folgers 1850.

Your breakfast buffet isn’t the only area you can uplift. If your hotel isn’t offering LTO’s (limited time offers), it may be time to start. A signature dish or cocktail is a great way to drive guests in. There’s no better feeling than being remembered for something special you offered them on their last stay.

Is your buffet in need of an upgrade? We partner with top brands like Edward Don and Hubert to give you exclusive discounts and savings on solutions for commercial kitchen equipment and supplies.

Although the equipment you’re using isn’t the only factor in this equation. What food you’re serving plays a huge role in increasing hotel occupancy.

Not everyone wants to dine-in at your hotel restaurant. Sometimes people just need alone time. Room service is a huge aspect to many hotel stayers. If you offer top of the line room service with unique food offerings, you’re guaranteed repeat stays and guest loyalty.

As a hotel operator, you can check off all the boxes needed to provide exceptional room service when you join Source1. With solutions for in-room TV service from DirecTV to in-room dining and housekeeping equipment from HD Supply, American Hotel Register, and Edward Don, you can elevate your room-service at reduced costs to you.

At Source1, we’re here to make things easy for you. Increasing hotel occupancy is a piece of cake once you trust us to help you with solutions in providing unique food offerings and a remarkable experience for your guests.

2. Invest In the Right Linens

Comfort and appearance are just as important as serving good food. Your hotel needs to look and feel welcoming. Investing in the right linens will help you increase hotel occupancy. Source1 members get exclusive savings on elegant, top-quality linen solutions from suppliers like A1 American and Drapes4Show.

When your hotel looks presentable, your guests feel more inclined to book another stay. It’s the little things that make all the difference. From your window treatments and table linens to your duvets and bed skirts, Source1 handles all your linen needs to ensure your guests get an unforgettable hotel stay at an affordable cost to you.

invest in linens

3. Focus on Safety and Sanitation

We know you’ve heard it enough these past few years, but safety and sanitation should always be a top priority. A majority of hotel guests are extra cautious, especially now, when choosing a hotel to stay at.

81 percent of travelers are more comfortable staying at hotels now with enhanced protocols and standards implemented. Safety and sanitation are a major determining factor for most guests and chances are, they’ll pay more if it means they’re staying somewhere that takes that extra step to ensure a clean, safe environment for both their guests and staff.

safety and sanitation

When you’re actively cleaning and sanitizing many areas of your hotel operation, it’s important you’re saving money on the products you’re using every day. Source1 members can save on solutions for staff training, hand sanitizing dispensers, AEDs, tourniquets, eye-washing stations, and an array of First Aid solutions with Cintas.

Source1 members also get access to savings on a wide variety of sanitation solutions such as cleaning products, dispensers, wipes, and more through HD Supply, Edward Don, and Cintas.

Join Source1 Today to Improve Your Hotel Occupancy

Improving your hotel occupancy doesn’t happen overnight. It’s an ongoing process that you as the hotel operator need to stay consistent with. Making small changes to your hotel will make all the difference for your guests.

From the food you serve to the linens you use; guests pay attention to every small detail when choosing which hotel to make their next stay at.

If you want to build loyalty, increase hotel occupancy, and save money on all your operational needs, become a Source1 member today!

 

 

 

 

 

 

 

 

 

 

 

 

hotel procurement technology
Blog Posts

6 Reasons Procurement Technology Can Benefit Your Hotel Operation

Running a procurement department in a hotel takes a lot of work. Placing orders for goods needed by each department, monitoring costs, checking invoices, and navigating product substitutions are just a few of the responsibilities a hotel procurement department is responsible for.

One way to streamline it all and cut down on labor is to utilize procurement technology.

procurement technology

Procurement technology can be a valuable asset when it comes to cutting costs and managing the supply chain. It provides you with visibility into your purchasing habits so you can get a better understanding of what purchases are impacting your bottom line – both the negative and the positive.

Implementing innovative procurement technology gives your company the competitive edge to stand out from other hotels.

Here are six benefits of using procurement technology in your hotel operation:

1. Purchasing Analytics

Without technology, there’s no way you’re getting a clear accurate picture of your spending habits. Procurement technology gives you real-time visibility and purchasing analytics on how your spending is impacting your profitability. You can leverage your purchasing data to make more profitable business decisions.

purchasing data

2. Product Optimization

AI-driven procurement software recommends opportunities for new savings. If you’re carrying out your procurement duties manually, you’re sure to be missing out on product recommendations that cost less but still impress your guests. Procurement technology can help you identify product substitutions that reduce costs so you can maintain a high-quality guest experience and increase profits.

product optimization

3. Food Cost Management

Optimize your inventory and streamline food cost management with procurement 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. Embrace labor-saving technology to simplify inventory and stay on top of ordering.

food cost management

4. Contract Utilization

It’s extremely crucial to stay efficient when managing your contracts but sometimes, human error is just inevitable – especially if you’re managing contracts manually. Utilizing procurement technology to manage your contracts can help ensure you’re paying the right prices on each item you purchase. Procurement technology can help you maximize your profits and extract value out of all your contracts so you can focus on your guests.

contract value

5. Supply Chain Management

Managing the always-changing supply chain can be time-consuming. Procurement technology gives you the ability to streamline the entire supply chain process, improve efficiency, and reduce costs. A more streamlined supply chain translates into lower operating costs that requires less time to manage. Drive profitability by leveraging procurement technology to optimize your purchasing and ensure you get competitive pricing.

supply chain management

6. Cost Control

Keeping costs low is vital to the success of your hotel. You don’t have to spend hours trying to locate products you can save money on. There is a way to save money on the items you are already purchasing and keep costs low. Procurement technology allows you to control costs and find reduce pricing on OS&E items that you’re already purchasing. Unlock instant savings by tapping into the power of technology.

cost control

Powerful Procurement Technology That Delivers

Hospitality procurement departments often lack visibility into purchasing success factors such as pricing, distribution contracts, commodity benchmarks and leveraged buying. Source1’s procurement technology delivers purchasing visibility and thousands of ways your operation can save on products and services including food, disposables, linens, maintenance supplies, and more.

procurement savings

procurement technology
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.

hotel procurement

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.
hotel operation savings

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.

purchasing visibility

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.

food cost management

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.

contract management

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!

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