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:

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.

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.

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.

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!

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:

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.

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.

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.

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!

 

 

 

 

 

 

 

 

 

 

 

 

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 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.

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.

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.

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.

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.

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.

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.

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!

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.

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

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

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

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!

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!

2022 is just a few short weeks away and it’s likely there will be an increase in travel in the coming new year, whether it’s for business or leisure.

As challenges continue to grow within the supply chain and labor shortages are at an all-time high, it’s important to take advantage of solutions that will help you run a profitable hotel operation.

Let’s take a look at 5 hotel trends you should watch for in 2022:

Partnering With Supply Chain Experts

One trend to adopt in the coming new year is to partner with Supply Chain Management experts, such as Source1. With the unpredictable state of the supply chain, hotel operators are having trouble procuring the necessary supplies to keep their operation up and running – including food and beverage products

By leveraging supply chain management experts, you can reduce costs, optimize your purchasing, and ensure you’re getting high-quality products at competitive prices.

Leaning on industry leaders such as Source1, you gain the power your operation needs and access to supply chain programs tailored specifically to your operations unique needs.

From cost-effective product sourcing to distribution management, partnering with supply chain experts can even help with negotiating contracts so you can maintain high-quality standards.

Embracing Technology

Technology is evolving every day and as a hotel operator, it’s important to embrace the digital age. One way of doing so is by adopting different technology solutions that streamline processes and give you a more accurate picture into the health (success) of your business.

Because your food cost is one of the biggest factors that play a role in your operation’s success, it’s crucial to understand how it works and how you can take control of it.

Time constraints keep you from completing the tasks you need to do in order to manage your food cost accurately. With food cost management experts such as Orderly, you won’t have to worry about manual calculations anymore.

Technology not only helps you manage food cost and inventory, but it gives you a bigger picture of your operation. What’s working and what isn’t. Are you paying the best prices? Did you generate any revenue off that new menu item you added? Data and spend management technology, such as Source1, provide you with visibility into your purchases and contract utilization.

With updates in real-time and actionable data reporting, you’re provided transparency to how your spending impacts profitability.

Increased Use of Labor Saving Solutions

As an operator, you’re looking for products and solutions that save you time but still leave you  satisfying guests. By incorporating more versatile ingredients, you can make prep time easy and give customers that homemade taste and feel.

Here are some labor saving products that can save your staff time and money (just to name a few):

Idahoan Real Mashed Potatoes are a great staple item that save you time and money. Nobody has time to boil, peel, or mash anymore. With Idahoan, you can create signature dishes that provide guests with comfort and deliciousness.

Speeding is illegal but not in the kitchen. With their speed-scratch solutions, Unilever has come up with many solutions that save you both time and money. With their cream-based soups, sauces, and gravies, you can create a variety of savory dishes your guests will love. Even better? Unilever uses clean ingredients that have no artificial flavors or preservatives. Can you say superior, convenient, and flavorful?

Does your staff spend hours prepping cocktail ingredients? Cutting limes and lemons, making fresh juices and mixers from scratch? No more. The ReaLemon and ReaLime juices from Keurig Dr. Pepper are a must-have for those nights you’re understaffed and slammed with drink orders. No need for slicing, squeezing, or cleanup. These juices are convenient, consistent, and high-quality. Made from 100% lemons and limes that give you that crisp, real juice flavor. They make for great use in meals, desserts, and dressings too.

Don’t forget, labor saving does not only apply to food and beverage ingredients. We know you’ve heard this already in this blog above, but one major way you can combat the labor shortage is with technology. Not only does Source1 technology help identify areas that can be streamlined, but it also saves you time when searching for products or substitutions.

More Grab and Go Items

Like many other businesses, the hospitality industry has been hit hard due to the pandemic.

With restaurant openings becoming unpredictable once again as COVID cases surge, hotel guests are looking for convenient grab and go items that are healthy and will keep them energized throughout the day.

According to this survey, half of all millennials would pay more for food that offered benefits. This means it’s important to offer more than the typical chips and soda. Plant-based, whole grain, and high-protein snacks are just a few options you can provide your hotel guests with.

As a Source1 member, you get access to exclusive savings and discounts on grab and go items for your hotel convenience store and room service options.

From sustainable, functional food items to immunity-boosting, full of antioxidant snacks, you can keep up with the latest food trends to satisfy guests.

Source1 members get direct access to suppliers, products, detailed analytics, and more. With over 9,000 high-quality products partnered with 1,000+ suppliers to choose from, you’ll be sure to catch your guest’s eye with the variety of healthy options you provide them with.

Luxurious and Engaging Guest Experiences

It’s important to give guests a luxurious experience they won’t forget. But in order to do so, you may think you have to pay more for high-quality products and services. Thankfully, that’s not the case. By cost controlling and sourcing the right products and services, you can provide guests with a memorable experience.

Source1 partners with a trusted network of suppliers who provide high-quality services and products for your guests, such as savings and discounts on solutions for golf, pool and spa, linens, amenities, and more.

From sanitation and maintenance solutions to reduced costs on textile products and memorable experiences for your guests, leverage savings and discounts you receive as a Source1 member on solutions for your hotel services.

Become a Source1 Member Today!

As the new year approaches, be sure to keep up with these trends, ensure guests return, and put some profits back into those pockets.

When you become a Source1 member, you’ll have access to savings, discounts, and much more to help you provide guests with the highest quality services and most memorable experiences.

Make smarter business decisions and improve your bottom line with Source1’s power and technology.

Become a member today!

 

 

 

 

 

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.

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!