futurelog
Maximize Your Budget: How Hospitality Procurement and P2P Software Drive Financial Efficiency
Johannes Vocke | September 12, 2024
By Johannes Vocke, FutureLog Chief Financial Officer Creating a robust budget is essential for any company's planning and operations. Yet, many hospitality organisations need to leverage all their resources and expertise. Often, they exclude procurement, a crucial player in managing expenditures, from the budgeting process. It’s hardly surprising to seasoned hospitality executives that setting and adhering to a budget can be challenging due to a lack of visibility, internal misalignment, and fluctuating market prices. When procurement is not involved in budgeting, opportunities for cost savings are missed, leading to budget overruns...
Why Smart Hospitality Companies Are Accelerating CapEx Digital Transformation
Johannes Vocke | August 27, 2024
How modern capital expenditure solutions lead to efficiency, savings and long-term growth By Johannes Vocke, FutureLog Chief Financial Officer Historically, hospitality professionals have viewed procurement as a cost centre. But now, after years of social, economic, and political upheaval, procurement is evolving into a strategic function that helps hospitality organisations realise their broader business goals. Look no further than CapEx- Capital Expenditures, funds used to obtain or maintain assets with a useful lifespan exceeding one year. According to McKinsey research, strategic CapEx management can reduce overall capital spen...
What Hotel Procurement Leaders Can Learn From the Paris 2024 Olympics
Johannes Vocke | August 14, 2024
By Johannes Vocke, FutureLog Chief Financial Officer This summer, as we witnessed the world's top athletes compete in the 2024 Olympics in Paris, there were some profound parallels between pursuing excellence in sports and leading procurement in hospitality. Both domains demand precision, innovation, and a deep commitment to collaboration. Transparency In sports, athletes must inherently trust their partners, coaches, and teammates. This mirrors the trust required among team members in high-stakes environments such as hotel procurement. Fostering trust is paramount. Implementing clear communication channels and ensuring every team me...
The Top 7 Pain Points in Hospitality Procurement and How to Overcome Them
Johannes Vocke | July 24, 2024
By Johannes Vocke, FutureLog Chief Financial Officer Siloed and fragmented procurement software often complicates the procure-to-pay process. Outdated solutions are typically expensive, inflexible, and inefficient, yet many organisations persist in using these antiquated systems. This reliance on old-fashioned procurement management systems hinders operational efficiency. A 2023 Procurement Insights report reveals that 80% of organisations still depend on manual or semi-digital tools to manage their P2P cycle. These businesses typically utilise ERP or accounting software—an approach comparable to using a flashlight to crack a nut. W...
From Paper to Platform: Future-Proof Your Procurement Team With Digital Transformation
Johannes Vocke | May 21, 2024
By Johannes Vocke, FutureLog Chief Financial Officer In an eye-opening survey by PwC, global procurement professionals have spoken when it comes to their digital transformation initiatives. By 2025, procurement departments have an average target of 72% digitalization, with efficiency, transparency, traceability, and cost savings as some of their main drivers. Procure-to-Pay (P2P) has also benefited the most from the digital transformation of any procurement process, ahead of areas like spend analysis and supplier management. This may be because recent reports cite that digital procurement can reduce processing costs by up to 50% and increa...
The Future of Hotel Procurement Is in the Cloud—Here’s Why
Johannes Vocke | April 23, 2024
By Johannes Vocke If your hotel uses in-house software to manage procurement, leadership may be reluctant to adopt a cloud-based solution—especially if an on-premise system has served you well for many years. This mindset is likely to put your hotel behind competitors in the near future if it hasn’t already. Many leading hoteliers are leveling up their procurement departments with cloud-based infrastructure - investments that are now key to streamlining procurement operations, navigating an uncertain market, and satisfying new guest expectations. Even more than AI, the Internet of Things (IoT), blockchain, or robotics, hoteliers bel...
A Smarter Way to Save: 8 Ways That Hoteliers Can Increase Compliance and Reduce Annual Spend
Johannes Vocke | February 28, 2024
[fusion_builder_container type="flex" hundred_percent="no" equal_height_columns="no" menu_anchor="" hide_on_mobile="small-visibility,medium-visibility,large-visibility" class="" id="" background_color="" background_image="" background_position="center center" background_repeat="no-repeat" fade="no" background_parallax="none" parallax_speed="0.3" video_mp4="" video_webm="" video_ogv="" video_url="" video_aspect_ratio="16:9" video_loop="yes" video_mute="yes" overlay_color="" video_preview_image="" border_color="" border_style="solid" padding_top="" padding_bottom="" padding_left="" padding_right=""][fusion_builder_row][fusion_builder_column typ...
FutureLog Takes Center Stage as Gold Sponsor at the 21st Annual HM Awards for Hotel and Accommodation Excellence in Australia, New Zealand, and the So
FutureLog | November 29, 2023
Leading procure-to-pay technology innovator celebrates third consecutive year as Gold Sponsor at Australia's premier event dedicated to recognising excellence in the hospitality industry Sydney, Australia - (November 29, 2023) - FutureLog, a leading innovator in hospitality technology solutions, proudly announced its Gold sponsorship of the prestigious 21st Annual HM Awards for Hotel and Accommodation Excellence. The Hotel Management magazine event was held on Friday, November 24, 2023, at The Star Event Centre Sydney. "We are thrilled to be a gold sponsor at the 21st Annual HM Awards, supporting and celebrating the pinnacle of excellen...
