Leading P2P innovator delivers superior visibility and highly efficient, end-to-end capital expenditure management with the launch of smart CAPEX for Hospitality
In order to successfully drive profit and shape budget planning, hoteliers must rely on more than just their top line. From ordering to analytics, discover the secrets behind gaining more control and visibility over your procure-to-pay (P2P) process.
In this world of rapidly rising costs, the deployment of digital procure-to-pay (also known as P2P and e-procurement) solutions becomes crucial. Leveraging this technology can facilitate the automation of purchasing processes, significantly reducing time inefficiencies and manual errors.
More consumers are prioritising social values, the environment, and health and wellness in their purchasing decisions than ever before - and travellers are no exception. To stay competitive, hotels not only need to make these values a priority but also ensure that their claims can be substantiated by real actions and evidence.
Hospitality industry organisations must constantly evolve to meet the changing needs of modern consumers. Today's hotel guest or restaurant visitor expects fast, friendly, and efficient service from the moment they arrive to the moment they leave.
Many leading hoteliers are levelling up their procurement departments with cloud-based infrastructure - investments that are now key to streamlining procurement operations, navigating an uncertain market, and satisfying new guest expectations. Even more than AI, the Internet of Things (IoT), blockchain, or robotics, hoteliers believe that cloud computing has the greatest potential to leverage its performance in the coming years.
The new economic reality is informing how hoteliers plan and execute purchasing in 2024 - but what do investments in digital procurement innovation look like in this 'new normal'? Discover the top 5 procurement megatrends shaping hospitality industry strategy.
For many hotels, procurement advancements are being made possible through the use of e-procurement: Web-based solutions that facilitate end-to-end purchasing activities. Now that over half of workers globally use smartphones for business-related tasks, P2P software (also known as e-procurement) with mobile support offers even greater flexibility for hotels aiming to transform their processes digitally.
Automating Procurement: Unlocking Efficiency and Cost Savings
Many hotels are lacking in their procurement due diligence, creating lucrative opportunities for fraudsters. It's estimated that hotels lose between 5% and 6% of their annual revenue due to fraud.