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Category: Procurement Services Companies

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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!

Procurement Services Companies

How to Reduce Transaction Costs

As is common knowledge in business, transaction costs are expenses incurred when buying or selling goods or services. These are associated with the work required to bring goods or services to market. Irrespective of the size of business every hotel must choose between “make or buy”. This means they must decide to produce the goods and services that they offer themselves or not.

Procurement Services Companies

Successfully Reducing Waste In Hotels – And How You Can Make A Change In Yours

The world generates a whopping 3.5 million tons of plastic and other solid wastes each day, and reducing that number is a primary part of protecting the environment. However, when it comes to heavy contributors, many hotels remain guilty of producing massive amounts of waste each year that can contribute to global warming and other environmental issues. For that reason, reducing waste within your hotel establishment is of utmost importance – whether it be related to food waste or other materials.

Procurement Services Companies

A Purchasing Audit Can Save You Thousands of Dollars

A purchasing audit provides managers insight into the processes used to order products, highlights what products are purchased, displays the selection criteria used for each product and vendor, and outlines the procedures followed at each step. In the fast-moving hospitality industry where most produce consumed is externally sourced, such audits allow for a review of vendors, products, costs, quality and wastage.

Procurement Services Companies

4 Tips for Lowering Food Purchasing Costs

In the catering industry, you know there are many different expenses that can quickly cut into your budget. While there are some corners you should never cut, there are a few tips we can offer that should help with lowering food costs and add some breathing room to your budget. Continue reading today’s post to learn more about restaurant food costs and getting the most from your catering budget.

At Source1 Purchasing, we can offer the tools you need to propel your catering business to the next level. Contact us today to learn more about the benefits we offer, including access, control, and visibility. We look forward to being your dedicated procurement service company.

1. Track Food Prices

In the catering industry, you know that food prices are constantly shifting. It’s important to keep an eye on any increases or decreases as these could potentially have a dramatic impact on your overall food-purchasing costs. Tracking food prices will allow you to plan ahead with any necessary menu changes so that you can include more affordable options. If you choose to continue to use the same ingredients, then be sure to adjust the cost of your services accordingly.

2. Streamline Inventory

Obviously there’s only so low you can go with inventory, but if you find that you regularly have more food on your shelves than you actually need, then it’s time to streamline your process. Reducing excess inventory is a critical step to lowering the amount of food that is wasted or spoiled. Additionally, make sure that you establish a daily inventory for key items in your catering business. It’s important to identify any gap between the actual usage and any point-of-sale usage, as this could indicate over portioning, theft, or another problem.

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3. Monitor Trash Cans

At first glance, this tip might seem a little odd, but it could be one of the most invaluable tips for your catering business. Consider your kitchen area and the placement of trash cans. From training gaps and careless individuals to accidents and more, there are a variety of reasons why perfectly good food could accidentally end up in a trash can. When this happens, you are literally throwing away usable, and sometimes expensive, products. One option is to place clear plastic food boxes near each employee’s workstation so that the contents can be inspected at the end of each shift. If usable product is found in the bin, you can use that time for on-the-spot training and avoid losses, which directly impact your budget.

4. Utilize a Procurement Service Company

A group purchasing organization (GPO) can dramatically increase your purchasing power by utilizing their contacts to access the supplies you need. At Source1 Purchasing, we are proud to be the leading GPO, with more than $9.5 billion in purchasing power and contractual relationships with more than 1,000 suppliers. If you would like to achieve your goals while maintaining alignment with your brand standards, then contact us today to learn how we can help you control quality standards and strengthen your supplier networks. Contact us today to obtain your free supply chain analysis!

Procurement Services Companies

Avoid These Procurement Mistakes

A smooth procurement system is essential to the operations of your company. When your procurement system runs seamlessly, you probably don’t even notice it, but when mistakes happen, nearly every aspect of your business can come grinding to a halt. To help you avoid this situation, we’ve gathered a list of the most common procurement mistakes made in procurement services.

At Source1 Purchasing, we help you enhance your purchasing power by giving you the control you need over products, contracts, and services you need to protect your brand standard. Contact our procurement services company today for a free supply-chain analysis and propel your business to the next level with Source1 Purchasing.

1. Spending Over Your Budget

Since most businesses work diligently to ensure that they stay within their budget, this is not a mistake that you might expect your own business to make. If your organization is observing an overspend, and can’t find the immediate answer, then it’s likely that you need to more closely observe your communication and coordination protocols, as a gap in one of these two areas is probably the source of your financial leak.

2. Rushing Orders

Typically, rushing a purchase order is more common in a new business. Established businesses, however, can also make this mistake if their procurement department is newly organized. One way that you can prevent anymore rush orders from happening is to work with a procurement service company like Source1 Purchasing. We have the experience and knowledge to help you get what you need in a timely manner.

3. Reinventing the Wheel

While there are many different programs that you can use to manage your supply chain, it’s important to make sure that your system is organized, efficient, and clearly communicates with everyone involved. Source1 Purchasing can offer you the dedicated team of professionals you need to enhance your purchasing power, control your orders, and increase your visibility to track your program performance.

4. Omitting Key Parties

When you make decisions that affect multiple parties or departments, it’s critical to make sure that everyone is looped into the conversation. While omitting someone is likely an accident, it can cause some major hangups in the overall flow of your procurement system. Try to remember that over-communicating is almost always better than under-communicating. Ask for feedback, verify the items on the order are accurate, and communicate all options before submitting orders.

5. Being Inflexible

Even in the most well-oiled machines, mistakes can happen, which means that you need to have alternative plans in place. Whether the items you need aren’t ready at the time you place your order or they arrive damaged, your willingness to be flexible and find other means of obtaining these necessities can help to ensure that you meet your own production deadlines.

At Source1 Purchasing, we are proud to be a leading group purchasing organization (GPO)  with more than $7 billion in purchasing power. We can provide you with a free supply-chain analysis, and show you how we can help you provide the services your clients demand at a savings that your business will love. Contact us today.

Procurement Services Companies

5 Steps for Managing Supply-Chain Costs

The hospitality industry is always changing as it seeks to meet the needs of its customers. In this example, change is a good thing, but it can also bring added expenses. While you are likely working on ways to balance the needs of your customers with changing finances, it’s important to find ways to continually improve supply-chain costs. In today’s post, we’ll share the five steps you should follow to effectively manage your supply-chain costs.

At Source1 Purchasing, we offer great products at great prices, which means that you can optimize your supply chain, increase your purchasing power, and boost profits. If you are interested in learning more about what we can do for you, then please call today to get a free savings analysis.

1. Maintain Quality Customer Service

As a hospitality professional, you already know that it’s important to offer customers what they want while avoiding products or services they don’t. The danger of adding items that your customers don’t want could result in increased supply-chain costs for you. Likewise, eliminating a service they expect could also have negative impacts on your business.

For example, if the restaurant in your hotel offers filet mignon year-round, then it’s important to be sure that you’re tracking the annual changes in cost for that item. By planning for the months when the cost of the meat is higher, you can make the necessary adjustments to alleviate any increase in spending. You could place a larger order while the costs are lower, adjust the pricing on your menu, or vary the size of the portion serving. By honoring your commitment to offer filet mignon year-round, you will keep your customers happy, while adjusting your procurement orders will keep your bottom line happy.

2. Utilize Proper Sourcing

Procurement is the act of purchasing goods and services at the best possible prices at the right time. At Source1 Purchasing, we offer access to our team of procurement experts, visibility to leverage purchasing data, and control over the products, contracts, and services you need. We care about your brand’s standard, which is why our services start with a free supply-chain analysis, so that we can offer you the insight you need to make the best decisions for your business. Proper sourcing is critical to the success of managing your supply-chain costs, which is why you can trust us to provide you with cost- and time-saving opportunities.

3. Evaluate Total Cost of Ownership

The total cost of ownership (TCO) refers to not only the purchase price of an item, but also the total cost of operation over the lifetime of that item. This means that you need a hotel procurement company that can carefully compare the original amount of the item with the long-term costs. To fully evaluate the TCO, it’s important to consider the following items:

  • Preparation time
  • Branding
  • Durability
  • Warranty
  • Customer expectations
  • Waste

A thorough evaluation of these categories should help you to make a decision about which product offers the lowest TCO. At Source1 Purchasing, you can trust our team to make decisions that will provide the greatest value for your supply-chain costs.

4. Minimize Product Handling

Working in the hospitality industry requires you to provide reliable services for each of your customers. The farther away that your suppliers are from your customers, however, the less reliable your supply-chain network is. Whether you need to source particular towels, soap, or bedsheets, you know that it’s crucial for you to have those products delivered as quickly as possible and in perfect condition. In order for that to happen, it is necessary to minimize product handling. The more that each order is “touched”, the greater chance there is for error and damage. When you partner with Source1 Purchasing, we can offer the ideal procurement solutions for your company. With more than 22 years in business and more than $7 billion in purchasing power, we can offer the award-winning service you deserve.

5. Outsourcing

Working with a supply-chain management company is one of the best decisions you can make to better manage your procurement services costs. At Source1 Purchasing, we can help you save money, provide access to a number of assets that you need, and increase your purchasing power. By partnering with us, you can take advantage of our contractual relationships with more than 850 food and beverage suppliers and more than 250 OS&E (operating supplies and equipment) suppliers.

Source1 Purchasing is a leading Purchasing Services Organization (PSO), that provides innovative procurement-based solutions, and we work with companies that range from single-location and multi-unit operations to major corporate facilities. If you are in the hospitality industry, then we can help you improve your offerings by leveraging our purchasing power. Contact us today for a free supply-chain analysis and discover a better way to manage your supply-chain costs.

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Why You Need a Procurement Services Company

If you are in the hospitality industry and do not currently have a procurement services company, then continue reading to learn how your business can profit from working with one. Source1 Purchasing is your Top Rated Local® procurement solution whether you are in the hospitality industry, entertainment industry, or catering industry. Contact us today to start your free supply chain analysis.

The Purpose of a Procurement Service Company

Procurement serves the function of spending the profits of an organization in order to procure the goods or services that are needed to address the requirements of the business. At Source1 Purchasing, we work to provide your business with the best possible prices for the goods and services you need so that you are able to spend wisely and save as much as possible.

What Procurement Services Are Not

Contrary to what some might think, procurement service companies do not function like bulk warehouses that allow you to purchase what you need in large quantities at low prices. Rather, our purpose at Source1 Purchasing is to provide a strategic analysis of your company’s operational spending so that we can help save money for your bottom line through more efficient purchasing.

Why You Should Use a Procurement Service Company

When you work with Source1 Purchasing, we can provide a rapid analysis of your current supply chain to see what is functioning efficiently, as well as what changes need to be implemented to help keep spending low. We will negotiate with sellers to obtain the best prices for your business while still allowing you to utilize the best practices for your industry. Source1 Purchasing is proud to offer:

  • Systems and processes that limit risk and promote transparency
  • Programs that assist you in developing the specifications you need
  • Pre-qualifying processes for suppliers
  • Negotiating your contracts to ensure fairness and profitability

How Procurement Service Companies Help You

As part of our job, Source1 Purchasing can help you vet all third-party vendors so that you can rest assured that the goods and services they sell are of the best quality and value for your industry. Sometimes there are unreliable and unverified vendors that will try to gain your business before disappearing with your money and without supplying the promised goods or services. Source1 Purchasing can help by making sure that all of your suppliers are fully validated so that you can avoid these potential pitfalls.

Choose Procurement Services

One of the greatest services that a procurement service company can offer to your business is detailed knowledge of your particular industry as well as insights into saving your management time and money. Source1 Purchasing leverages actionable data, creates a program tailored to your needs, and offers the widest range of contracts available so that your business can get the best value for your needs.

Source1 Purchasing offers buying that you can believe in. If you work in the hospitality, lodging, or entertainment industries, then you need to contact us to see how we can help strengthen the supply networks you currently have, grow the ones you need, and provide the savings that your business deserves. Contact us today to get started!

Procurement Services Companies

The Difference Between Cost vs Price

A smart manager understands that cost of a product is not the same as the price the company will eventually pay for it. This is about understanding the fine line between quality and value offered vs. the money paid for it. At Source1 Purchasing we understand this, therefore we offer more value to our customers for their money.

Procurement Services Companies

5 Habits of Successful Companies

It’s important to think about what makes companies successful so that you can see how your own business compares. What do you need to improve? What are you doing well? In today’s post, we’ll take a closer look at what makes a company successful and five habits that successful companies deploy in their daily business strategies.

At Source1 Purchasing, we have more than $9.5 billion in purchasing power and contractual relationships with more than 1,000 suppliers, which means that we can help you gain success by enhancing your capacity to achieve results. If you’re interested in utilizing our team of procurement experts to maximize your value through purchasing, then contact us today to get your free supply chain analysis!

1. They Have a Mission

Successful companies know who they are, who they serve, and what they stand for. This mission drives every decision they make. Successful companies care about both their employees and their customers. This means that they focus on building relationships that ensure employee happiness and customer satisfaction. Additionally, successful companies focus on delivering meaning. From donating to religious charities and helping to protect the environment to supporting autonomy and more, there are many ways that you can deliver meaning, support your mission, and connect with your customers and employees.

2. They Keep Employees Happy

It’s important never to underestimate the value of happy employees. Many studies have shown that when employees are happy and productive, they may be willing to work for a lower wage when their needs of self fulfilment have been attained.This means that successful businesses strive to ensure that each employee feels like a valued member of the company. The more that your employees understand their value to the company, the lower your turnover rate will become. For example, a successful company might provide on-site daycare, on-site medical care, and paternity leave. Even though these services are an additional expense, they communicate the incredible value that employees have, which leads to better employee retention.

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3. They Plan for a Variety of Situations

Life is always unpredictable, which means that to be successful in business, you have to plan for a variety of possible situations. Sometimes everything goes according to plan, but to be a successful company, you have to be able to react and adapt quickly to unexpected choices. A great way to decide the best option for your business is to consider the worst possible outcome when confronted with two less-than-great choices. The thinking behind this strategy is that considering the worst allows you to adapt and make the reality better than it could have been. Successful companies aren’t afraid to construct a variety of scenarios, create reaction plans for each, and move forward with the best option.

4. They Strive to be Part of the Community

Successful companies understand the value of taking an active role in their community. The way that the public perceives your business can either work for or against you. If you do not have the best reputation currently, or perhaps no reputation to speak of, then brainstorm some specific steps that you can take to begin creating the reputation and image that you want to have. Find ways to enlist volunteers, participate in local events, and provide funds to local schools or businesses. The more that your community sees you playing an active role, the more you will be appreciated and your business become successful.

5. They Value Innovation

Success companies value innovation because they know this is one of the best ways to continually improve their services and products. If your offerings are not great, then you need to evaluate what should change in order to offer the best. Just because something has been successful for the past few years does not mean that it cannot be improved. In fact, the less willing you are to change your products, services, or other offerings, the more likely you are to watch your success fade.

Rather than waste time wondering what you need to do better, invest in research and development to see what is being offered by other successful companies in your industry. Once you have that information, develop a scalable plan of growth and innovation to keep your business relevant and successful.

Source1 Purchasing knows that maintaining your brand standards, developing and growing your supplier networks, and controlling quality standards in every location can be a very expensive and time-consuming task. We are here to offer tips for business success and the leverage that comes with our purchasing power and contractual relationships, as well as access to our professional team of procurement experts to help you grow your business. To learn more, contact us today and obtain your free supply chain analysis!

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