Nine things to optimize your hospitality procurement

Nine things to optimize your hospitality procurement

Toggle Hospitality, a company specializing in digitizing procurement processes to increase efficiency, shares with us nine tips to keep in mind to enhance your procurement strategy.

  1. Know your project and market

Every hotel is different, even under the same brand, depending on its location and customer profile. Research your project thoroughly and understand your customer expectations: are they coming for business, to relax or to engage in sports and activities? What are the challenges and opportunities for your hotel?

  1. Set a clear timeline

Take account of all workstreams when setting your timeline and include detailed milestones for each step of your project.

  1. Meet guests’ expectations

Map out all potential category and product requirements for each area of your property and for operational purposes.

  1. Talk honestly about money

Make a realistic budget based on what your minimum requirements are to furnish your property to its star rating standard.

  1. Define your standards of operation

Make sure your people, process and technology are as efficient as possible by clearly defining how the project will be run, who will be involved, and what tools you require.

  1. Employ the right people to build the right culture 

Build a team of dedicated category experts that know the market and understand the whole procurement cycle from sourcing, through procuring to fulfillment. The right people will deliver value and react decisively when faced by any challenges.

  1. Improve your vendor management 

Continue to increase your vendor knowledge, their supply chain capabilities and delivery options. This is an ongoing process.

  1. Stay in control

Create a robust tracking system that allows you to monitor where you are at every stage of the procurement process – whether requests are out for quotation or items in production. This way you will always maintain a real-time view of the project.

  1. Reduce your risk

Understand all risks associated with your project such as location, timelines, priorities. So, for example, if your property location is on a remote island you need to factor in delivery challenges, or if you need to better manage your cost analysis due to potential project constraints.

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