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Tag: inventory

Blog PostsTech

Benefits of Hotel Inventory Management Technology

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

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

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

Save Time

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

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

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

Save Money

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

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

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

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

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

Join Source1

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

 

Blog Posts

6 Reasons Procurement Technology Can Benefit Your Hotel Operation

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

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

procurement technology

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

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

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

1. Purchasing Analytics

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

purchasing data

2. Product Optimization

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

product optimization

3. Food Cost Management

Optimize your inventory and streamline food cost management with procurement technology for more accurate forecasting and effective ordering. Technology gives your back-of-house staff the tools to track in-house inventory levels and automatically adjust recipe costs so your chef can place more insightful orders. Embrace labor saving technology to simplify inventory and stay on top of ordering.

food cost management

4. Contract Utilization

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

contract value

5. Supply Chain Management

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

supply chain management

6. Cost Control

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

cost control

Powerful Procurement Technology That Delivers

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

procurement savings