Unlocking the power of data can provide hoteliers with a wealth of insights into their procurement operations. Whether it’s making smarter spending decisions or improving supplier relationships, having easy access to the right information is essential for successful, data-driven procurement strategies.
The days of running static, retrospective reports are firmly in the past. For dynamic, data-empowered procurement teams, success lies in using Business Intelligence (BI) tools to leverage a rich pool of consolidated information, enabling them to identify patterns, predict future trends, optimise operations and make smarter spending decisions without compromising the guest experience.
Forward-thinking hotels understand the value of a centralised digital procure-to-pay (P2P) solution and the data treasure trove it creates. An indispensable part of the hotelier toolkit, FutureLog’s BI tool transforms data from across its P2P suite into predictive insights, customisable visualisations and historical analysis to support actionable strategies and drive real business value.
IMPROVING SUPPLIER COLLABORATION
A 2023 Deloitte survey found that improving supplier collaboration is the best way to deliver organisational value, and FutureLog’s BI tool makes it easy to analyse supplier KPIs and identify opportunities for improvement.
FutureLog’s “Best Price” report uses real-time comparisons to help customers secure the best prices from suppliers, while “HACCP Management” reports use Bluetooth connectivity to capture temperature and weight measurements from the goods-receiving process.
Harnessing this data gives hotels the insights needed for action. Underperforming suppliers can be identified for contract renegotiation, while top-performing suppliers can be recognised, providing buyers with the chance to establish more mutually advantageous, collaborative partnerships with them.
ORDERING WITH CONFIDENCE
Transparent inventory overviews allow hoteliers to track stock, monitor usage patterns, and forecast demand, leaving procurement teams confident that the timing and volumes of their purchase orders align with operational requirements and that they aren’t losing money through stockouts or excess inventory. FutureLog’s “Menu Engineering” reports play a critical role in this. Coupled with POS connectivity for automated stock decrementation, customers are furnished with comprehensive cost analyses per dish, sales mix overviews and more.
VALUE GENERATION
Unless procurement teams are equipped with reliable, consolidated data across a wide breadth of P2P sources (e.g., purchase orders, invoices, supplier information, etc.) and the right tools to analyse it, it’s difficult for them to become a value-generating part of the business. With FutureLog’s powerful BI tool, AI-led forecasting and end-to-end suite of P2P solutions, they’re empowered to make more informed decisions to grow their business, increase efficiency and reduce costs. Contact Benjamin Krieg, Area Vice President Strategic Accounts Asia Pacific, today to join them.