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Overcoming Outdated Procurement Practices in Hospitality

Outdated procurement practices can hinder progress and stifle growth at hotels. Let’s explore four common pitfalls and how modernizing your approach can lead to greater efficiency and innovation:

  1. Manual Procurement Processes: Relying on manual procurement processes is a recipe for inefficiency. From paper-based purchase orders to cumbersome approval workflows, manual processes are slow, error-prone, and resource-intensive.
  2. Siloed Purchasing Departments: Siloed purchasing departments are a relic of the past. When each department or location manages its own procurement independently, it leads to duplication of efforts, inefficiencies, and missed opportunities for cost savings.
  3. Manual Inventory Management: Manual inventory management practices are inefficient and prone to errors. From periodic physical counts to spreadsheet-based tracking, manual processes lack real-time visibility and control over inventory levels.
  4. Manual Price Shopping Across Suppliers: Engaging in manual price shopping across suppliers is time-consuming and ineffective. With the proliferation of suppliers and product options, manually comparing prices and negotiating terms is a daunting task.

Technology is there to help modernize your approach to procurement. Allowing hoteliers to spend less time in the procurement and accounts payable processes.

Reeco, offers a unique plug-and-play store that integrates all your vendors and honors existing contracts and rebates from your GPO. Unlike other platforms where you manually enter all the products or are forced to use limited vendor punchouts, at Reeco all you need is to upload 90 days of invoices and our AI solution will create your store from scratch! Covering all your suppliers from F&B, alcohol, cleaning supplies, engineering, and more. Once done, Reeco will connect with your suppliers to ensure pricing and inventory stay up-to-date

Reeco is a preferred technology partner.

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