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Because the hospitality industry has historically struggled with razor thin margins, relentless focus on cash flow remains vital to gaining market share. Supplier enablement and web-based solutions will significantly improve cash flow by compressing transaction processing cycles. |
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Companies in the hospitality, food and beverage industry typically manage several if not hundreds of remote catering sites and are serviced by multiple suppliers and distributors. In addition, the remote catering sites are often using disparate legacy systems to manage their procurement and accounting processes.
These supply chain characteristics can significantly impact timely client billing which depends upon rapid processing of vendor invoices. Several inefficiencies exist in processing vendor invoices given the volume of invoices, complexity of supplier discounts and manual processes that exist between the corporate office and remote catering sites. These inefficiencies are caused by: |
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- inability to extend corporate system functionality to remote catering sites;
- difficulty taking advantage of most favorable pricing, discount and payment terms within highly complex vendor contracts;
- lack of consolidated information to analyze and understand purchasing, invoicing and payment practices
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When the billing and invoice processing cycles extend, the hospitality firm must fund operations from cash reserves. This ties up capital that otherwise would be available for growing the business and gaining market share
The Company's Hospitality Solution addresses these supply chain inefficiencies by connecting the business processes at the remote catering sites with the corporate office and enabling suppliers to submit invoices electronically.
Using the Hospitality Solution, organizations can:
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- extend corporate system functionality to remote catering sites through a fully integrated, Web-based user interface;
- access vendor contracts to streamline and automate complex supplier discounts and terms;
- aggregate remote-site information to enable analysis and understanding of purchasing, invoicing and payment practices;
- receive electronic invoices from suppliers;
- obtain payment authorization from remote sites using the Trans-Enterprise Workflow™;
- transfer invoices automatically from the Hospitality Solution into the ERP system for payment processing.
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By using Company's Hositality Solution as the central web-based application to automate the invoice approval process and integrate disparate business processes and systems, hospitality companies will: |
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- Shorten payment processing cycles and enable the enterprise to take advantage of early payment discounts.
- Reduce operational costs and increase workforce productivity through the elimination of data re-keying.
- Improve supplier relationships and customer service.
- Shorten the client billing cycle by processing invoices faster.
- Accelerate cash flow and free up funds to fuel business growth and gain market share.
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