Optimising Real-Time Inventory Tracking for Hotels & Restaurants with eProcurement

Relying on outdated procure-to-pay solutions, especially to track inventory, can cause huge setbacks in hotel and restaurant businesses. When businesses continue to track their inventory manually, they are highly susceptible to human error, which inevitably leads to inaccuracies within the business. 

Introducing e-procurement solutions eliminates that. By optimising real-time inventory tracking, your business will be able to avoid stock shortages as well as overstocking, resulting in more efficient resource allocation.

The implementation of eProcurement software offers key capabilities that directly improve accuracy and efficiency in critical areas, including:

• Real-time data accessibility

With real-time inventory management in hotels, all stakeholders are able to access up-to-date information whenever and wherever, significantly speeding up the decision-making process, approvals, and purchasing actions.

• Improve spending patterns

Real-time inventory tracking offers insight into spending patterns. If your hotel is constantly overstocking certain supplies or ingredients in the kitchen, setting up real-time inventory management in hotels will reveal where the problem lies and help reduce costs by identifying items that are not needed in such large quantities or are consistently overstocked.

• Agile decision-making

Is your business able to make agile decisions? With real-time inventory management in hotels, all stakeholders are able to access up-to-date information whenever and wherever, significantly speeding up the decision-making process, approvals, and purchasing actions.

Before going about implementing any hospitality procurement solutions, it’s essential to review your existing strategy – what’s been working and what needs improvement. For instance, identifying unreliable suppliers as the cause of current delays can be invaluable information to your business.

If you’ve been using paper-heavy processes and outdated procure-to-pay solutions, this may be a tedious process; however, it will help you understand where you stand as well as what KPIs to set moving forward.

FutureLog offers an innovative inventory management system that eradicates guesswork through real-time tracking, promotes supplier collaboration, and equips you with insightful analytics to take control of costs and streamline processes. 

Are you ready to gain a competitive advantage and take control over your inventory management in restaurants and hotels? Hospitality eProcurement is the driving force behind operational efficiency.

Implementing an eProcurement system that enables real-time inventory tracking helps reduce over-purchasing of goods and subsequent waste.

FutureLog proposes paperless inventory management with features such as barcode scanning for stock-taking, Bluetooth connectivity, and real-time stock-on-hand calculations. But the benefits don't stop there. Our cloud-based solutions can help reduce waste, digitise your recipe handling, find the best vendors, and save money.