The hospitality industry is constantly evolving, and staying ahead of the curve requires not only adapting to change but anticipating it. BirchStreet Systems’ ProPulse survey conducted in Spring 2024 shines a spotlight on the current state of hospitality procurement systems and solutions, offering invaluable insights into the trends shaping the industry. Here, we summarize the key findings from this comprehensive survey, providing you with a glimpse of the full report’s depth and breadth.
Enhancing process efficiency
In an industry where time and efficiency are paramount, the survey underscores the importance of user-friendly, streamlined platforms that incorporate automation and data insights. Respondents are looking for this kind of technology to significantly elevate their ordering and purchasing processes, allowing them to allocate more time to other critical aspects of hotel operations and guest experiences. The ability to efficiently manage procurement not only enhances productivity but also empowers hoteliers and their teams to make strategic, data-driven decisions.
Customizing the guest experience
Customization has become a buzzword in the hospitality industry and for a good reason. Some challenges respondents highlighted are limited product availability and minimal flexibility with ordering guides. There’s a clear desire for access to a broader network of industry-specific suppliers, enabling hotels to source products that perfectly align with their target clientele’s preferences. The key to creating memorable and personalized guest experiences is finding a vendor exclusively dedicated to the hospitality sector that offers tailored solutions for these unique needs.
Cost management: A top priority
In the current economic climate, cost remains a critical concern. The survey reveals that cost savings is a top business goal for 67% of respondents. Nearly two-thirds prioritize optimizing purchasing to manage expenses, which in turn, fosters stronger partner loyalty. With half the respondents contemplating a change in their Procure-to-Pay providers within the next 12 to 18 months, there’s a significant opportunity for right-fit solutions to capture a larger market share through cost-effective and efficient procurement strategies.
Sustainability and ESG initiatives
Parallel to the emphasis on process efficiency and cost reduction, the survey highlights a strong focus on sustainability and Environmental, Social, and Governance (ESG) efforts. The findings show that 39% of respondents consider sustainability a crucial topic for driving business growth, reflecting the industry’s collective shift towards responsible sourcing and sustainable practices. At BirchStreet Systems, we recognize and support these values, making sure our solutions align with our customers’ sustainability goals.
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Stay ahead of the curve and align your procurement strategies with the latest trends highlighted – access the full report launching in early September!