As the hospitality industry navigates an era marked by rapid technological advancements, staying ahead of emerging trends becomes imperative. With the latest innovations in procurement technology, hoteliers can transform operations and gain a competitive edge.
FutureLog’s offerings exemplify these advancements, empowering hotels to optimise processes, improve decision-making, and ultimately drive success.
“Back of House” system automation
Underestimating the impact of efficient back-of-house operations means that Procure-to-Pay (P2P) technology often takes a backseat in hospitality. Front-of-house systems interact directly with guests, influencing their experiences and driving revenue, which draws attention and investment.
In contrast, back-of-house systems operate behind the scenes, often causing them to appear less urgent. This misconception can lead to hotels overlooking significant opportunities to streamline operations, even amid persistent labour and staffing challenges.
Procurement’s digital transformation to reduce spend
In hospitality, managing the procurement of necessary items within budget is critical for smooth operations and excellent service. With rising costs and leaner teams, digital P2P solutions have become essential for automating purchasing processes, reducing inefficiencies and minimising errors, laying the groundwork for more strategic decision-making, risk management, improving supplier performance and supporting more cost-efficient operations.
Big Data management and Business Intelligence
Hotels collect vast amounts of data but often struggle to use it effectively. For the average hotel, 30-40% of costs come from purchases and consumables, especially among those with large F&B operations, and managing 200-500 suppliers is not uncommon. However, many hotels lack dedicated procurement departments, making it difficult to negotiate effectively with top suppliers. Additionally, data silos and a lack of integration between systems mean an uphill battle for hotels trying to make informed decisions, highlighting a major opportunity for improvement.
FutureLog’s Business Intelligence tool consolidates hotel procure-to-pay data in one place, making it easy to identify trends and make quick decisions. Through actionable insights and in-depth analytics, FutureLog customers are empowered to make better purchasing decisions, leading to significant cost savings that quickly offset their initial investment.
Artificial Intelligence
There are many practical ways in which AI can bring automation to procurement, such as improving data accuracy, forecasting, contract management and approving payments, allowing staff to focus on more critical tasks. FutureLog’s use of Large Language Models (LLM) for the streamlined categorisation of supplier master data is an efficiency game-changer, as is their AI-driven digital invoice recognition, these are only the start of how
FutureLog remains committed to increasing transformative AI-powered initiatives well into the future. Set to revolutionise supply chain efficiency, this cutting-edge technology forecasts customer demand, automates purchasing decisions and reduces waste. Hotels can significantly enhance operational performance and enjoy substantial cost savings with FutureLog’s intelligent, data-driven approach.
Takeaways
With the industry continuously evolving, the adoption of digital P2P technologies is no longer a question of if but when. FutureLog offers solutions that address current labour challenges and drive operational efficiency, empowering hospitality businesses to stay ahead of the curve with a suite of intuitive, powerful P2P solutions, ensuring they are well-equipped to meet rising demands and deliver exceptional guest experiences.
For more information, contact Benjamin Krieg, Global Vice President Strategic Accounts:
Call: +61 2 9169 4613
Email: benjamin.krieg@futurelog.com
Visit: https://www.futurelog.com