Did you know? Technological advancements have triggered an uncontrollable shift, reshaping the landscape of hospitality operations.

One area affected by this transformation is procurement – where old-school practices are giving way to innovative, data-driven approaches.

Let’s explore these rapid transformations in the hospitality industry along with the significance of data-driven procurement while we shed light on the challenges faced by traditional methods.

Historical Manual Processes: Traditionally, procurement in the hospitality sector relied heavily on manual processes, involving extensive paperwork, phone calls, and countless hours dedicated to negotiations.

This complex approach, while familiar, proved increasingly inadequate in meeting the demands of a rapidly evolving industry.

Emergence of Automated Systems: The arrival of technology sparked a big change in how we purchase things, leading to the creation of automated systems.

These systems streamline the entire procurement lifecycle, from order placement to inventory management. The integration of technology not only accelerates these processes but also reduces errors and enhances overall efficiency.

Value of Data-Driven Procurement: Today, data is the cornerstone of informed decision-making. In the hospitality industry, leveraging data-driven insights is a game-changer.

Analytics play a pivotal role in identifying trends, optimizing inventory levels, and predicting customer demand. This change from relying on instincts to using data for decisions is a big shift that transforms how we do procurement.

Role of Analytics: Analytics not only provide a retrospective view of operations but also offer predictive capabilities.

With access to comprehensive data, hotel and hospitality operators can anticipate market trends, align their inventory with customer preferences, and proactively respond to changes in demand.
Being able to predict things ahead of time is now a valuable advantage in an industry that’s always changing.

Complexities of Supply Chain Management: Supply chain management in the hospitality industry is inherently complex, involving multiple stakeholders, perishable goods, and ever-changing market dynamics.

Traditional procurement methods struggle to efficiently navigate these intricacies, leading to delays, inefficiencies, and missed opportunities.

Data and Technology’s Role: Enter data and technology – the dynamic duo simplifying supply chain complexities.

With real-time insights into inventory levels, supplier performance, and market trends, procurement processes become more agile and responsive. This, in turn, allows operators with reducing costs and waste, and improving overall operational efficiency.

With these transformations, Source1 becomes an important game-player, providing specific solutions designed for the unique challenges faced when procuring items for your operation. We’re dedicated to making the process of getting supplies simpler, fitting well with what the industry needs as it changes.

Our technology and insights from data helps you stay ahead in a quick and competitive setting. As we navigate the transformative landscape of hospitality procurement, embracing these solutions and making data-driven decisions becomes not just a choice but a necessity.

Source1 acts as a guiding force, underlining the significance of staying ahead with innovative ideas. This ensures that hotel and hospitality operators are prepared for success in the future.

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:

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!

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.

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.

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.

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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!

 

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:

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.

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!

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!

 

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!

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!