It can be hard to make sense of your purchasing costs without the right technology.
With the hospitality industry seeing price increases in all areas of business, there has never been a more necessary time for operators to consider utilizing technology to help manage rising hotel food cost.
A quick search will show there are many technology solutions to choose from when it comes to food cost management. However, by partnering with the right technology solution, you can expand your resource pool and gain key insights into your operation. This includes things like your hotel’s purchasing behavior, what’s working well, and, most importantly, what’s taking money away from your bottom line.
Here are some ways technology can help your staff with food cost management and navigate rising hotel food cost, so you can maintain guest standards and maximize profits.
Purchasing Analytics
By using spend management technology, you get real-time visibility into your purchasing. This provides actionable data on how your spending impacts your profitability.
With a clearer understanding of how much you are spending and where it’s all going, you can make more informed business decisions. Having the ability to see the “bigger picture” of your purchasing, helps identify what’s making you money and what’s costing you profits.
Inventory Management
Optimize your inventory with automated technology for more accurate forecasting and effective ordering.
Technology gives your back-of-house staff the tools to track in-house inventory levels and automatically adjust recipe costs so your chef can place more insightful orders. Source1 inventory technology streamlines the inventory process and alerts you when stocks are low, prompting easy re-orders and re-stocking.
Rebates and Deviated Pricing
Unlock instant savings on your ingredients by tapping into the power of Source1’s portfolio of rebate and deviation contracts.
With no mandates and no minimums, Source1 aligns your current products and helps maximize your savings on popular brands.
Contract Utilization
It’s hard to drive compliance across multiple properties.
Ensure you are paying the correct prices on all your ingredients, make corrections, and maximize the value of all your negotiated food and beverage contracts. Our contract management technology verifies invoice data and identifies over charges, correcting errors and reducing your costs.
Tackle Rising Hotel Food Cost by Partnering with Source1
Source1 technology solutions provide you with visibility into your purchasing analytics, inventory management, and contract utilization so you can maximize your food and beverage savings and make more efficient business decisions.
Our AI-driven procurement software recommends opportunities for new savings for your hotel operation. Maximize your contract value and tackle rising hotel food costs with the help of Source1 technology.
Get access to data driven results by joining Source1 today!
