hospitality procurement
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...
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 Outdated solutions are typically expensive, inflexible, and inefficient, yet many organisations persist in using these antiquated systems.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...
