Many hoteliers are turning to procure-to-pay solutions because they are missing data and lacking the business intelligence necessary to help them make critical business decisions. A P2P solution can close the gaps that have caused many headaches for hotel management including real-time visibility into business costs and supplier performance. To improve efficiency and get a handle on business processes, a P2P system that connects all of the functionality between the time a vendor program is launched through the time the products and services are procured, received and paid will ultimately result in higher net operating incoming.
Hoteliers will realize many benefits from using a P2P system – we’ve listed the top 4 here:
1. Budget visibility –– From purchase order to a paid invoice – and everything in between – P2P makes the entire budgeting process (and all of its moving parts) transparent. This level of visibility ensures that there are no surprises when the end of the month rolls around.
2. Accountability – A P2P system records and stores every piece of data. This data can then be distilled down and segmented out in a variety of different ways – all the way down to the user level and day of the week. This information can then be configured and used in a way that holds each individual who touches the purchasing process accountable for his/her job.
3. PO process – From creation to approvals – a P2P system electronically automates and integrates everything involved in purchase order management. P2P systems diminish the chance for errors and ensure that orders are completed in a timely manner.
4. Reduced costs – Statistics show switching to a P2P system dramatically decreases the cost of processing invoices – enabling hoteliers to reallocate time saved in more meaningful ways. P2P reduces costs and expenses and increases productivity and efficiency – leaving hoteliers with more time to manage the overall guest experience.