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!

 

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!

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!