Managing Hospitality And Entertainment Spending
Behind the scenes of any hospitality business – be it a hotel, a resort, a restaurant, an aquarium, or a ballpark – is an intricate network of materials and services that must be carefully managed in order to ensure a smooth and successful operation. Hundreds of suppliers and thousands of parts are needed for day-to-day operation, and like most industries, hospitality and entertainment enterprises are under relentless pressure to cut costs, reduce waste, eliminate inefficiency, and consolidate operations. The mandate is clear: control expenses now.
To survive in today's economy, every enterprise must put the reins on spending across every location and category. Rogue spending infiltrates even the most disciplined hospitality and entertainment enterprises, and is even more apparent in organizations with remote locations and employees. Vendor lists grow like weeds. There is confusion over who manages what service area, and manual approval procedures for requisitions and invoices are cumbersome. The ability for hospitality and entertainment enterprises to effectively source, procure, and manage their spend must keep pace with the demand for promptness and compliance in supplier relationship management (SRM).