The global hospitality services industry is expected to proliferate over the next few years owing to the improvement in the global economy, increase in travel and tourism, the rise in consumer spending, and growth in air passenger traffic. Additionally, the adoption of the open skies policy, rising number of international tourist arrivals, increasing penetration of low-cost carriers are additional factors contributing to the growth of the hospitality services industry. However, to stay relevant in the industry, leading companies specializing in hospitality services are forced to identify ideal suppliers and analyze their spend capabilities across office locations. As a result, leading firms specializing in hospitality services are leveraging the use of robust spend management solutions. Spend management solutions help hospitality services industry players to implement a procurement platform to enable strategic sourcing, manage contracts, suppliers and increase compliance.
With over 13 years of expertise in offering similar solutions, the spend management experts at SpendEdge help companies specializing in hospitality services to devise cost-effective strategies across their sourcing and procurement activities.
The Procurement Pain Point and Insights Offered
A renowned client specializing in hospitality services with offices spread across several geographies was facing predicaments in transforming their procurement function and streamlining their entire global procurement process to facilitate higher collaboration. Additionally, the client was facing challenges in implementing a procurement platform to enable strategic sourcing, manage contracts and suppliers, and increase compliance across their business units.
To help the client overcome their predicaments and help them drive significant savings and achieve corporate goals, the spend management experts at SpendEdge tailored a robust market research approach. The research included primary and secondary research coupled with qualitative and quantitative data collection procedures.
During the course of this spend management engagement, the client specializing in hospitality services was able to develop an organization-wide procurement strategy and organizational structure aligned with their business goals. Additionally, the client implemented a strategic sourcing roadmap to drive significant savings in a short time and achieve corporate goals.
Fundamental questions answered in this spend management study include
This spend management engagement helped the client streamline their procurement operations with central processes and system. Additionally, the client was able to manage over $3 billion in spend actively.