Running a successful casino goes beyond great entertainment and lavish surroundings. It’s about maximizing casino margins while providing a seamless guest experience. In an industry where every detail counts—from the linens in the VIP suites+ to the timing of food and beverage deliveries—having the right operational strategy can make all the difference.  

That’s where Source1 steps in. By leveraging cutting-edge procurement solutions and a data-driven approach, we help casinos fine-tune their spending and optimize every aspect of their operations. Ready to see how? Let’s explore the tailored solutions Source1 offers to elevate your casino’s performance and protect your casino margins in a competitive landscape.

 Data-Driven Results 

To run a casino efficiently, you need more than just instincts—you need insights. Our data-powered tools put the information you need at your fingertips, helping you uncover hidden savings and make smarter purchasing decisions in real time—directly impacting your casino margins.

• Purchasing Analytics: Gain real-time visibility into spending habits and identity areas for cost savings. 
• Product Optimization: Leverage innovative technology and AI-powered recommendations to find new opportunities for savings. 
• Inventory Management: Optimize your inventory levels and reduce waste with automated forecasting. 
• Contract Utilization: Ensure you’re getting the most out of your negotiated contracts and avoid overpaying. 

Maximized Purchasing Value

Every casino is unique, and your procurement strategy should be too. We help you tap into cost-saving opportunities with customized plans, rebate programs, and technology that simplifies processes and maximizes what you get for every dollar spent—boosting your casino margins without compromising quality.

• Personalized Procurement Plans: Our tailored purchasing and procurement plans align with your unique operational needs. 
• Rebate and Deviation Contracts: Unlock instant savings with our rebate and deviation contracts. 
• Contract Compliance: Ensure compliance with your contracts and optimize your spend with our specialized solutions. 
• E-Procurement: Streamline your purchasing process with our user-friendly e-procurement platform. 

Cost Control and Sourcing for OS&E 

From back-of-house essentials to guest-facing amenities, sourcing the right products at the right price is key to operational excellence. Our OS&E solutions ensure you’re stocked with high-quality items that enhance guest experiences—while helping protect your casino margins.

• Top Brand Suppliers: Access a network of trusted suppliers offering competitive pricing on top-quality products and services. 
• Facilities and Maintenance: Ensure your casino operates smoothly with our comprehensive facilities and maintenance solutions.  
• Linens and Amenities: Provide exceptional guest experiences with our high-quality linens and amenities.  
• Foodservice and Catering: Equip your casino with top-performing equipment at competitive prices. 

Strategic and Effective Supply Chain Management 

An efficient supply chain is the backbone of any successful casino operation. With Source1, you gain access to expert sourcing, advanced technology, and seamless distribution support to keep things running smoothly from dock to delivery—giving your casino margins the consistency and control they need.

• Cost-Effective Sourcing: Benefit from our expertise in sourcing high-quality products at the lowest possible prices. 
• Supply Chain Technology: Leverage our integrated technology to streamline your supply chain processes. 
• Distribution Management: Ensure timely delivery of your orders at the best possible prices. 

Let’s Raise Your Casino Margins—Together

Your casino has a lot riding on operational efficiency, guest satisfaction, and smart procurement. Source1 helps you strengthen all three—without stretching your budget. From data-powered insights to streamlined sourcing and supply chain solutions, our team is here to help you improve your casino margins and keep your operation performing at its peak.

Let’s talk strategy. Fill out the form below and partner with Source1 to see how the right procurement partner can make all the difference to your bottom line—and your casino brand.

For hospitality operators, every dollar saved can make a difference in enhancing guest experiences and streamlining operations. Whether you’re managing a hotel, casino, or university dining program, finding effective strategies to save on supplies and services in hospitality essential to staying competitive. 

When it comes to saving on everyday needs, understanding the types of suppliers and services that have the biggest impact is crucial. Here are key areas where hospitality operators can focus their efforts: 

Essential Suppliers and Services for Hospitality Operators

• Food and Beverage Vendors – From fresh produce to shelf-stable goods, sourcing the right products at the best prices can transform foodservice operations.
• Cleaning and Sanitation Supplies – Keeping your facility clean and safe is non-negotiable, and finding reliable partners for these essentials is vital. 
• Linens and Uniforms – Hotels, casinos, and universities rely on cost-effective, high-quality laundry services to maintain guest satisfaction.
• Kitchen and Facility Maintenance – Repair and upkeep for equipment like ovens, refrigeration units, and HVAC systems are critical for smooth operations.
• Technology and Data Services – Tools for inventory management, purchasing analytics, and supply chain optimization provide actionable insights and efficiency.

How Source1 Helps You Save on Supplies and Services in Hospitality

Navigating procurement in the hospitality industry can be overwhelming, but Source1 provides the tools and expertise needed to make smart, cost-saving decisions. By leveraging Source1 innovative solutions, operators can maximize savings and efficiency across every category of essential supplies and services. Here’s how: 

1. Optimized Food and Beverage Sourcing: Source1 offers nationally contracted pricing on quality food and beverages, helping hospitality foodservice operators save on essentials like produce and pantry staples while providing data insights to streamline purchasing. 
2. Affordable Cleaning and Sanitation Supplies: Stay compliant with health standards while cutting costs through partnerships with top suppliers for cleaning products and sanitation solutions. 
3. Savings on Linens and Uniforms: Reduce costs on linens, laundry services, and uniforms with negotiated contracts, ensuring affordability without sacrificing quality. 
4. Reliable Maintenance and Facility Services: Avoid costly downtime with access to discounted pricing on equipment parts and maintenance services through Source1’s trusted network. 
5. Smart Technology for Better Decisions: Our innovative inventory management and analytics tools provide real-time visibility into spending, helping operators cut inefficiencies and save money. 

Ready to unlock unmatched hospitality cost savings and streamline your operations? Source1 has the expertise, resources, and solutions to help your business thrive. Whether you’re managing a hotel, casino, or university dining program, we’re here to simplify procurement and maximize your bottom line. 

Fill out the form below to connect with our team and learn how Source1 can transform your procurement process and help you achieve your savings goals. Start saving smarter today!  

With 76% of operators saying their average food costs were higher in 2023, Casinos are increasingly leveraging food and beverage offerings to reduce those costs and attract new customers. In this pursuit, having a reliable Group Purchasing Organization (GPO) and procurement partner becomes paramount.

Enter Source1, the leading data and technology company specializing in hospitality procurement. By joining Source1, you can access high-quality food and beverage products, as well as all the operating supplies and equipment you need, at the lowest prices possible.

What Is a GPO?

A Group Purchasing Organization (GPO) in hospitality is a strategic procurement partner that leverages the collective buying power of its members—such as hotels, restaurants, casinos, and resorts—to negotiate discounted prices and value-added benefits from suppliers. By pooling their purchasing volume, hospitality businesses can access cost-effective solutions for essential products and services while maintaining quality standards.

GPOs streamline procurement processes, provide access to a diverse supplier network, and offer ongoing support to help businesses optimize their purchasing strategies and drive profitability.

How Does a GPO Benefit a Casino?

A GPO offers several benefits to casinos, including:

• Cost Savings: GPOs leverage the collective buying power of their members to negotiate discounted prices and favorable terms with suppliers. This allows casinos to access high-quality products and services at lower costs than if they were to negotiate individually.

 

• Access to Quality Products: GPOs often have established relationships with reputable suppliers, ensuring that casinos have access to a wide range of quality products and services for their operations.

 

• Streamlined Procurement: GPOs simplify the procurement process by providing a centralized platform for purchasing, invoicing, and tracking orders. This streamlines administrative tasks and saves time for casino staff.

 

• Transparency and Compliance: GPOs provide transparency in pricing and contracts, helping casinos ensure compliance with regulatory requirements and industry standards.

 

• Ongoing Support: GPOs often provide dedicated account management and customer support to help casinos navigate procurement challenges and optimize their purchasing strategies.

 

• Data and Analytics: Many GPOs offer data and analytics tools that allow casinos to track spending, identify cost-saving opportunities, and make more informed purchasing decisions.

 

Overall, partnering with a GPO can help casinos reduce costs, improve operational efficiency, and enhance their overall competitiveness in the market.

 

Why Choose Source1?

Source1 is the leading data and technology company specializing in hospitality procurement. Our members get access to a comprehensive suite of solutions tailored to meet the unique needs of casinos.  

Access to Quality Products at Competitive Prices

• As a Source1 member, you have access to a wide array of high-quality products at competitive prices. With our negotiated contracts, casinos can secure essential supplies and services without compromising on quality, thereby enhancing guest experiences while optimizing costs.

Transparency in Managed Procurement Network

• Managing procurement across multiple casino locations can be complex. Source1 simplifies this process by offering a managed procurement network that provides transparency in pricing, contracts, and supplier relationships. This transparency ensures consistency in quality and pricing across all casino locations, promoting operational efficiency and cost-effectiveness.

Fast and Easy Integration with No Fees or Minimums

• Integrating new procurement solutions shouldn’t be a hassle. Source1 offers a seamless integration process with no fees or minimums, allowing casinos to start benefiting from its services without unnecessary barriers. This streamlined approach minimizes disruption to casino operations and maximizes time and cost savings.

Actionable Analytics for Informed Decision-Making

• Data-driven decision-making is paramount. Source1 equips casinos with actionable analytics tools that provide insights into spending patterns, supplier performance, and cost-saving opportunities. By leveraging these analytics, casinos can make informed purchasing decisions that drive consistency and profitability across their operations.

Ongoing Account Support

• We understand that every casino has unique needs and challenges. That’s why we provide dedicated account management and ongoing support to our members. Our team of experts is committed to helping casinos navigate procurement challenges, optimize purchasing strategies, and maximize savings—all while saving time and resources.

 

Contact us today to unlock unparalleled savings, streamline your procurement processes, and enhance guest experiences with high-quality products at competitive prices.

Fill out the form below let Source1 be your trusted procurement partner. 

Using high-quality products to maximize your hotel breakfast offerings at your operation can be a huge revenue generator. Cooking with name brand ingredients your customers know and love can keep your loyal guests returning and new customers choosing your location over others.

Hotel breakfasts can either be the best start to your guests’ day or an underwhelming experience that leaves them wishing they ate at the breakfast diner around the corner. This includes both room service and dine-in.

There is increasing pressure on hotel operators to provide high-quality service and offer more than just free pastries at breakfast. With guests returning to travel and seeking luxury properties to stay at, stand out from other businesses by including premium breakfast options with their stay.

Let’s look at some food and beverage solutions that increase your profits and keep guests returning to your property.

That First Morning Cup of Joe Counts

Nothing says “good morning, it’s going to be a good day” like that first sip of your morning coffee. It’s important to offer high-quality coffee options to your guests. It can set the mood for the rest of their stay. These days, guests have high expectations around freshness and the availability of flavor options.

Don’t be an average Joe hotel operation. Offer premium coffee that will caffeinate and rejuvenate your guests. For that boldly crafted timeless taste, 1850 by Folgers delivers a smooth lineup of fire roasted delight for the distinguished coffee consumer. Deja vue? More like Deja-brew! 1850’s carefully crafted steel-cut size results in more consistent brewing experiences. Give the gift of a brew-tiful day with 1850 by Folgers.

Not Your Basic Sausage and Eggs: Turnkey Breakfast Solutions

According to Conagra, 60% of hotel operators expect food and beverage revenue to grow over the next 3-5 years. That means it’s time to offer more than just the breakfast basics.

These labor saving solutions cut prep time, are cost effective and be used to create innovative menu offerings.

No need for extra cooler space. Idahoan Hash Browns are fully cooked so you can go from shelf to grill in 10 minutes flat. Simply brown or crisp on one side and heat through before serving crispy side up – in less than half the time of frozen or refrigerated. With unbeatable flavor and perfect texture, Idahoan Hash Browns are real potatoes that are real fast and real efficient.

“Protein” mentions on menus have risen nearly 77% over the last four years. Capitalize on the surge in protein mentions and say goodbye to the cooking and hassle of egg prep. With Sunny Fresh egg products, your kitchen staff can focus on innovative new ways to using eggs. Sunny Fresh egg products eliminate cracking, cooking and heavy clean-up, making them just right for your operation. Expand the appeal of your breakfast menu with dishes such as omelets, scrambled eggs, breakfast burritos or even grab-n-go sandwiches.

Don’t Forget Meatless Eaters

One-third of Americans are actively reducing their meat consumption. Help your plant-based eaters rise and shine with meatless breakfast options. Having a plant-based menu available for your meatless guests is imperative these days because your guests want it and your competitors are probably offering it.

Beyond Breakfast Sausage has arrived. These hearty patties are easy-to-cook, deliciously juicy, season to perfection and packed with 100% plant-based protein. You can power the day for your flexitarian, vegetarian and vegan guests by offering so many different breakfast items using Beyond Breakfast Sausage such as breakfast sandwiches, frittata’s, and other breakfast staples.

Source1 Solutions

Not only is breakfast the most important meal of the day, it is also an important amenity when staying at a hotel. A good breakfast brings many benefits to guests that accommodation providers may not realize. A satisfying breakfast can add comfort to a guest’s stay, making it a far more pleasant experience overall.

As a member of Source1 Purchasing, hotel operators get exclusive access to savings and discounts on all the products and solutions mentioned above and more!

Contact us today so we can get your hotel operation on its way to cutting food cost and labor.

 

Remember the days when “customer service” was the keyword in the hospitality industry? Hotels, casinos, and restaurants spent days training staff on the many intricacies involved in ensuring their brand and business was noted for going the extra mile. Now, that same staff is learning the intricacies of hygiene. Making small changes such as replacing air dryers with paper hand towel solutions can make a big difference.

The Seattle Times reported the sad statistic that, at the end of 2020, U.S. hotels neared 1 billion in unsold rooms. That number accounts for approximately $46 billion in lost revenue. As COVID-19 restrictions and social distancing measures begin lifting, hotels and casinos are left to determine how they can attract the consumers that are slowly emerging from lockdown.

Increasing Sanitation Practices

A recent survey revealed that improvement in the sanitation practices at hotels would have a considerable impact on their customers’ comfort level. These practices included face coverings for employees, suspending daily housekeeping, using technology to reduce contact, adding transparent barriers, and signage for washing hands.

In an attempt to increase sanitation practices, some hotels have replaced paper towels with air dryers. Unfortunately, this misguided, though good-intention act, is not recommended by scientists nor appreciated by guests. Did you know that *33% of hospitality users surveyed in North America feel unsafe when entering a restroom with air dryers and *70% of hospitality respondents surveyed agree with the statement “I wish more facilities offered paper hand towels as an alternative to air dryers”.

Let’s look at what the latest reports tell us.

Studies Promote Paper Hand Towels

A study reported in Harvard Health Publishing found that hand dryers in public restrooms draw in bacteria from the air that then falls onto the hands of guests using the dryers.

When Petri dishes were set in bathrooms without the use of hand dryers, one colony of bacteria, at the most, grew on the dishes. When Petri dishes were exposed to air from a hand dryer, up to 254 colonies emerged.

The report concluded that the most hygienic way to wash your hands is using paper hand towels.

Scientific data also reports that jet air dryers can spread up to 10 times more germs in the environment. A study conducted by U.K.-based researchers revealed that paper hand towels were more effective than hand air dryers for removing viruses left behind after hands are washed.

Bacteriophages, a virus that kills bacteria, were applied to participants’ hands before being dried by paper towels or a jet air dryer. Not only did more remain on the hands that used air dryers, but the participant’s clothing also held five times more virus and surfaces carried ten times more. This means that not only can the virus be transferred by the person’s hands, but the jet air dry also increases contamination by blowing the virus around. The researchers’ conclusion, “Paper towels should be the preferred way to dry hands after washing and so reduce the risk of contamination and spread.”

One of the keys to the importance of using paper towels lies in the increased risk of transmitting bacteria when hands are not dried entirely before leaving a restroom. One study found that wet hands can spread up to 1000 times more bacteria than dry hands. Unfortunately, *62% of air dry users say they stop using the device before their hands are completely dry because it takes too long to complete.

Yet another study sprayed participants’ hands with a harmless strain of E.coli. After washing and then drying with either an air dryer or paper towels, researchers determined that dryers removed only 23% of the bacteria while paper towels wiped out *71%. They concluded that the friction caused by drying with paper towels dislodged bacteria from the skin’s surface.

Customers Request Paper Towels

Science has spoken, but what about your guests and their comfort level? According to an international study conducted by United Minds in cooperation with CINT, *70% of respondents wished more facilities offered paper hand towels as an alternative to air dryers, and 75% use these same paper towels to avoid touching other surfaces in the restroom. Surprisingly, *33% said they felt unsafe entering a restroom equipped with air dryers.

The most notable statistic was this: *41% of respondents said they were less likely to go to places that did not offer paper hand towels as a drying alternative. This means that over one-third of consumers may not return if a business does not offer paper towels for hand drying.

Some brands note the increased difficulty in maintaining clean facilities when using paper towels, or the ongoing need to keep them stocked. Checking and refilling put extra pressure and demands on busy staff.

The answer to this issue is the Tork PeakServe^® continuous hand towel dispenser. This high-capacity, touch-free hand towel solution is fast and easy to refill and top up, freeing up staff for other activities. Watch this video to see how simple it is to refill.

It’s clear that the pandemic has brought hygiene to the forefront of consumers’ minds. It’s also clear that switching from air dryers to paper towels should be a part of your hygiene procedures. This one simple act can help your guests feel safer and reduce the risk of germ spread.

Hand Towel Solutions

Thankfully, there’s an easy solution. Help your guests feel safer by using Tork PeakServe® Continuous hand towel systems. It’s a hygienic, fast-dispensing, touch-free system that uses 50% compressed bundles to offer the highest capacity on the market, ensuring that hand towels are always available to your guests.

Learn how you can save on safe paper hand towel solutions when you become a Source1 Purchasing member! Contact us today!

 

2020 April Survey conducted by United Minds in cooperation with CINT using web-panels. The survey covered the US, with a total of 1012 respondents

Our team is always looking for ways to help our members increase savings and utilize all we have to offer at Source1 Purchasing. Here are 3 ways to maximize your membership:

1. Utilize your Program Development Manager

Each member has access to a Source1 Purchasing Program Development Manager (PDM) who serves as the point of contact to a one-stop-shop for supply chain-related solutions. Discuss your goals and needs for the month, quarter, or year, and collaborate with him/her to develop a strategy that works.

Discuss your goals and needs for the month, quarter, or year, and collaborate with him/her to develop a strategy that works.

A Descending Dollar Report is one of the tools your PDM uses to ensure you identify the items or suppliers with which you’re spending the most amount of money. For instance, the program development manager can help you select different toilet paper and sugar packet options. Although your choice of toilet paper outspends sugar packets 20 to one, the impact you see on the bottom line may not be as significant from a return on investment (ROI) perspective. In that case, it could be more beneficial to align on contracted items that offer leveraged pricing and/or rebates for this category.

Another way your PDM can help is by connecting you to suppliers and partners to leverage their expertise.
Suppliers possess invaluable product knowledge that can result in cost savings or in better-quality options. Recently for example, a supplier for trash bags/can liners shared with us that 40 percent of the trash liners purchased today are too heavy or big.

If you look at kitchen trash bags (with the most common sizes being 55 and 33 gallons), there are about 40 different SKUs being purchased of all different sizes just to fill these trash cans. Working with those experts can ensure appropriate choice of bag size and density to deal with the type of waste you’re putting in the can. Purchasing the right one can result in cost savings.

2. Leverage Your Data

Evaluate the second or third distributors that you’ve consistently been using. By sharing your purchasing data with us, we can utilize analytics that will identify where there are contracted opportunities. The data will show whether to buy that exact product from a different truck or to identify a new supplier to handle the same category and quality of the item you’re already buying. Thanks to the Source1 Purchasing program suppliers and distributors, the cost will be at a leveraged rate.

Additionally, for members interested in learning more about our program after regular business hours, visit the Source1 Purchasing online community. All of our supplier programs can be found there along with the categories they cover, overall program benefits, and ways to access those programs — either through your broadline distribution or a supplier you buy from directly.

By sharing your purchasing data with us, we can utilize analytics that will identify where there are
contracted opportunities.

3. Leverage Supplier Relationships

While product quality and price are important, safety is something that may not be at the forefront of members’ minds. There are a lot of programs that certify safety. One of the top ones is Safe Quality Food (SQF) and it has different levels. We work with suppliers by asking them what kind of food safety or product safety certifications they have to ensure the product reaching the end user every day is safe; and, what product recall procedures they have in place, should something happen.

One of Source1 Purchasing’s alliance partners, Fresh Concepts, is able to activate on produce recalls within 45 minutes of getting the first notification and communicating it to the distributors and end users. This quick product recall procedure response shows how Fresh Concepts takes consumer safety seriously.

Take maximum advantage of contracted programs to reduce your costs and add those cost savings straight to the bottom line to improve your margin. Evaluate your products so you have the right mix and quality of ingredients. By raising the quality, sales going through the pipeline increase as does your overall revenue.

At Source1 Purchasing, many of our members are management groups for which we provide custom analytics. We can customize dashboards and update them monthly for management companies that have their own direct deals in place or MDAs with their distributors that allow for incentives like drop size or house brand usage. If you’re an existing member, inquire with your Program Development Manager or, for prospective members, speak with a sales manager.

Take maximum advantage of contracted programs to reduce your costs and add those cost savings straight to the bottom line.

If you’d like to find out more about your Source1 Purchasing solution or maximize your participation, contact us at 888-411-9987.

How are you going to maximize your Source1 Purchasing membership in 2019? Please let us know by commenting, below.

Steve Larkin possesses 15 years of experience in hospitality including the restaurant and food services industries. His culinary background as a chef brings a unique perspective and approach to the business. Currently, he serves as the Director of Purchasing for Source1 Purchasing.

 

Do you have the desire to increase the bottom line? Or maybe you need to decrease expenses, but don’t know where to start? Here to tell us how to increase margins and revenue growth is Steve Larkin.

Steve possesses 15 years of experience in hospitality including the restaurant and food services industries. His culinary background as a chef brings a unique perspective and approach to the concept of business profitability. Currently, he serves as the Senior Director of Purchasing for Source1 Purchasing.

We talked to Steve about how to increase profit margins and revenue growth and he shared these three tips with us:

1) Reduce Costs

Decreasing costs on items you are already buying directly impacts the bottom line. However, when you increase revenue, there are items such as labor, product, and service costs to consider. Therefore, not all of the revenue influences the bottom line.

In the hotel industry, if you raise room rates $10 to $20, there are other charges, amenities, and disposables to account for in that rate increase. As a result, those costs would not be realized in the bottom line. For restaurants, while it may be tempting to offer a flat menu price reduction, you have to stay consistent to your brand. Customers may get the impression that the food quality has been sacrificed or isn’t worth the price you’re offering it for during regular hours and decide to come instead during a slower time when a discounted price is available.

Earlier in his career as a chef, Steve created seasonal and special menus rather than discounting the entire regular menu. By utilizing these special menus to pique customers’ interests they began to recognize each one had a story to tell. Then, they came back to try other menu items. The identity and branding of each of these menus was consistent without compromising the quality of the food offerings the brand provided.

A few months ago, Source1 Purchasing helped one of its customers increase margins through a cost reduction of thirty-thousand dollars per year by switching from what they were buying to offering a consistent product across all locations.

Steve and the team met with a management group in Ohio and chefs from the company who were conducting a product cutting exercise. They analyzed the top three costly items the group was purchasing, which were bacon, sausage, and French fries. Then, they included the supplier in the discussions about the product to obtain the client’s feedback for each of the different options that would be a fit. They selected three new options that would work for them and a significant cost savings resulted.

2) Utilize Built-in Incentives with Suppliers and Distributors

Take advantage of drop-size discounts, private label incentives, or quick-pay discounts. Inquire with someone in the accounting department about the feasibility of adjusting payment due dates. Instead of having invoices held in a ready-to-pay mode until the due date, during his days as a chef, Steve arranged to pay all invoices with a produce vendor weekly and was able to capture a 1.5 percent discount. These are some viable options to consider for increasing margins.

Rebates worked for Source1 Purchasing customer Wilderness at the Smokies Hotel & Waterpark Resort. Steve explained how the team also conducted vendor price comparisons and the resort could save money on items he was already purchasing from vendors he was already using. Between Q3 and Q4 of 2017, the resort increased overall savings by over 7 percent.

3) Raise the Quality of What You’re Providing to Justify a Price Increase

Stay true to your brand yet don’t be afraid of quality and value. When Steve worked as a chef at the family-friendly restaurant, Crayola Café, health and wellness was increasing in popularity. The team conducted a great deal of research to determine ways they could involve kids more into food selection at the restaurant.

He led the menu revision process which went from traditional American fare (chicken nuggets and French fries) to one that incorporated a healthier, build-your-own-salad component. Kids were engaged in the experience and had fun being a part of the decision-making process. Since a higher quality product was being offered, they were able to raise prices on the entire menu 5 to 10 percent. This is one way to increase revenue.

The Source1 Purchasing Solution

At Source1 Purchasing, we can help you in your quest to increase margins and grow revenue. With no charge for membership, we can supply everything from the parking lot to the roof top. Being a part of our group purchasing program means you’re eligible for pre-negotiated, national account pricing with suppliers.

You can realize discounts on nearly every category that hotels and restaurants already purchase from for food items, operating supplies, equipment, small wares, and services. There’s no long-term contract required and our supply partners collaborate with you to ensure your product mix is the best while maximizing returns.

Are you already a member? If so, make sure you’re optimizing your purchasing program with the tools available within the community Marketplace, mySource1Purchasing.com, such as the Contract Product Match Report. Steve pointed out the likelihood of items that are available at contract prices that you are currently buying at a higher cost.

There are items you were buying yesterday that you can make better purchasing decisions on today to increase your margins tomorrow. Another valuable resource is the Performance Report. It shows how much you’re spending on contracted items versus your total spend. The idea is to be able to grow that metric. In order to do that, Steve suggested capturing as many discounts, savings and rebate opportunities from the Source1 Purchasing program as possible.

If you are not a member of the Source1 Purchasing Program, let us work with our supplier partners to determine if you’re utilizing the top items and obtaining them at an ideal price. Signing up allows you to tap into our suppliers. Steve reminded us that it often requires a small change from you to venture out and order with someone new. With the possibility of a 7 to 12 percent savings, you have everything to gain including increases in margin and revenue growth.

Contact Us today and get a free purchasing analysis.

Are there any other ways you’ve increased margins and revenue to meet your goals?  How are you going to utilize the tips we’ve shared to help you in 2019? Please let us know by commenting, below.

 

Technology has had a huge impact on the way hoteliers and others in the hospitality industry approach supply chain management. Thanks to new innovations in customer data and inventory tracking, purchasing specialists are able to create better systems for procuring their hospitality supplies. A more streamlined supply chain translates into lower operating costs that requires less time to manage. Further, having an efficient and more stable supply chain directly effects customer experiences in a positive way, leading to an increase in overall customer satisfaction and, ultimately, an increase in repeat business.

RFID

Radio Frequency Identification (RFID) is a system of tracking inventory movement throughout its lifecycle. RFID labels can be placed on virtually anything and do not require manual hand-scanning for inventory to be tracked. This allows procurement officers to accurately track everything from customer consumables to maintenance supplies in real time. Utilizing RFID for asset tracking gives businesses greater control over their inventory, helps cut down on waste, and allows for more efficient purchasing. Because the flow of inventory is tracked digitally, there is less need for “hands-on” inventory management, freeing up employees to focus on other tasks.

Internet of Things

The Internet of Things (IoT) refers to the multitude of devices we use every day that send and receive data via an internet connection. The IoT is set to completely revolutionize the way the hospitality industry manages their operations and supply chain. Hotels already use these smart devices in a number of ways. Internet-enabled thermostats, for example, can be signaled to turn on air conditioners at the time a guest checks in. Guests arrive at an air-conditioned room, but HVAC systems aren’t running unnecessarily when the room is unoccupied. In the near future, it may even be possible for these types of devices to intuitively trigger purchase orders or notify management when equipment requires maintenance.

Big Data

The biggest asset technology has to offer businesses is data. Big Data gives hotels valuable insights into their customers’ behavior, allowing them to establish the lifetime value of a guest and offer them more individualized service. Many businesses already use Big Data for customer relationship management, but there are opportunities use data to improve operations as well. The wealth of information gathered from asset tracking systems and smart devices allows procurement managers to vastly improve their purchasing performance by way of streamlined supplier relationship management and inventory maintenance. Purchasing service organizations, like Source1 Purchasing, also use item tracking systems to help simplify client and supplier interactions, manage fixed pricing structures, and track manufacturer rebates.

Take your next step toward greater profit with the Source1 Purchasing Solution.
Call: 888.411.9987
Contact Us Here
www.source1purchasing.com

Click here to get your free Supply Chain Analysis. (Typically, a Supply Chain Analysis will identify savings opportunities of 9% or more!)

This combination of unpredictable external factors and evolving customer demands are creating problems for hospitality professionals. Food service operators need to stay aware of consumer preferences and try to source the trending and popular ingredients from local suppliers, all while managing their food budgets in a volatile market with ever-changing commodity prices.