October 17, 2022

Procurement Strategies in the Modern Age 

By TopUp Mama

Procurement professionals in the hospitality industry play a critical role in the establishments’ success. The purchasing department continues to evolve and present itself as not just a service, but an important function. 

How can procurement departments and professionals improve their function now and in the future? 

  1. Supplier Relations 

It is important to cultivate great relationships with all vital suppliers. A working supplier relationship not only saves costs but improves the general quality of service from reduced availability problems, delays, and quality issues. 

  1. Purchasing analysis 

Frequent analysis of the department’s activity will enable you to understand which aspects result in maximum savings. 

  1. Centralized procurement 

For businesses with more than one branch, you will benefit from only making general organization’s purchases from one branch i.e the headquarters. Not only does this put a stop to maverick buying, but purchasing in bulk can also afford you crazy offers and better deals(discounts and rebates). 

  1. Document everything 

Facilitate smooth transactions with suppliers by streamlining documentation like contracts and seeing that all parties involved actually comply.

  1. Incorporate technology 

Web-purchasing systems and inventory management systems are some of the tools you should incorporate into your processes to enable automation. Tools like TopUp Mama allow you to track your orders and expenses, purchase all items under one roof, and access important documents like delivery notes thus enabling you to save time and costs!

Other helpful strategies to focus on include constantly pruning your supply base, equipping all department members on dealing with the various challenges to encourage initiative-taking, and taking on programs / attending events that keep you up to date with the latest trends. 

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