If you’ve been keeping an eye on the absolute buzz lately around procurement technology, you have noticed players bringing true disruption- including companies like Reeco and Folio. These innovators are transforming the way we think about procurement in the hospitality industry, and according to industry experts (like this article from Doug Rice), they’re living up to the hype. These platforms aren’t just a trend, but a smart and necessary investment for your hotel. According to Kate Adamson, Co-Founder of Folio, "there's been an important shift in approach with modern platforms like Folio. We focus on the user and their checkout experiences. We spend our days obsessing over the practical features that make lives easier, jobs more efficient, and hotels operate more smoothly. There's a dollar value associated with usability: daily financial discipline, maximized savings, and even unearthed cash rebates. And ultimately, if a procurement program is not used, it's not useful."
What are the key disruptive changes they’re bringing to our space?
Speedy implementation compared to labor-intensive installations.
Seamless price comparisons across suppliers
Single marketplace approach with every supplier
Simple, flexible approval processes
Up to now, hoteliers have been relying on outdated procurement methods that inevitably lead to inefficiencies, wasted resources, and missed opportunities. You might be stuck in a cycle of complicated spreadsheets, manually processing supply orders, and fragmented communication. Not to mention, can we talk about the endless cycle of invoice approvals? Not only does this take up incredibly valuable time, it can also result in significant errors that impact your bottom line.
According to Omri Shalev, Co-founder and CTO at Reeco, "Solutions like Reeco address inefficiencies that have plagued hospitality procurement for too long. By automating manual tasks and providing real-time data insights, we enable hotels to make faster, more informed decisions. This not only reduces costs but also frees up staff to focus on high-value activities like improving guest services. Our AI-powered platform helps hoteliers optimize purchasing, automate accounting, better manage inventory, and provides insights to improve F&B margins—all integrated into one platform—leading to significant savings and more efficient operations."
Investing in a modern procurement system can yield impressive returns. The efficiency gained from managing recipes, auditing inventory, and handling payments all in one platform can lead to reduced operational costs and increased revenue. By minimizing errors and streamlining processes, you can save hours that would otherwise be spent on manual tasks.
Additionally, the insights provided by these platforms can help you make data-driven decisions that enhance your profitability. When you can see what’s working and what’s not, you’re in a much better position to adapt your strategies accordingly.
If you make a switch, what are the immediate ways that your team will see the impact?
Removal of costly manual processes: Outdated procurement systems rely heavily on manual tasks, making them labor-intensive and time-consuming. This can hinder timely decision-making and disrupt daily operations. Adopting a more advanced approach that automates these processes can streamline workflows, allowing teams to focus on strategic initiatives rather than getting bogged down with administrative tasks.
Additions of real-time insights : Traditional solutions often struggle to provide actionable, real-time data to optimize purchasing behavior. Updated platforms are designed to help hotel staff make the best business decisions at any moment, so they can spend more time enhancing the guest experience.
As the hospitality industry continues to evolve, so should your approach to procurement. Moving from legacy systems to modern solutions like Reeco and Folio isn’t just about keeping up; it’s about staying ahead. By leveraging the power of integrated platforms, you can enhance efficiency, boost ROI, and ultimately provide a better experience for your guests.
Bottom line? The sudden shift in procurement tech is everywhere- and it’s time to make a change.
If you’re ready to make the leap and transform your procurement process, it’s time to explore what these new systems have to offer. The future of hospitality procurement is here, and it’s looking bright! Check out Affixify to discover up and coming technologies, like Reeco, and more today at www.getaffixify.com
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