How the Hospitality Industry can Prepare for the Next Economic Cycle?

June 20, 2019, By BirchStreet Admin

As a seasoned professional in the hospitality industry for over 40 years, I’ve seen the economy blossom, fall, stabilize and repeat the pattern. Looking back at 2018, we saw a prosperous year of growth. To support that growth, we expand and hire more people, while in the downturns, we are all forced to do more with less.

Moving into 2019, after several, consecutive successful years, we know the economic cycle will once again come full circle and it’s time to ask ourselves, “Am I prepared for the next economic downturn?” The beauty of asking this question during a growth period, is that we can prepare! And, by preparing, it will both benefit our businesses immediately, as well as in future.

Procure-to-Pay automation solutions are just one of the ways hotels, management companies, casinos, restaurants, country clubs, sports venues and similar industries can prepare. Procure-to-Pay (P2P) automation systems are cloud based marketplaces that connect, order, manage and track every purchase from start to finish with real-time data. By automating manual business processes related to purchasing, accounts payable, inventory, recipes, and capital budgets and projects, the hospitality industry can increase efficiency and profit.

When a change in our economy occurs, companies using P2P systems will be leap years ahead if cut backs are made, thanks to automation technology. If the most efficient processes already exist, including increased control, compliance and visibility, less is lost. As with most industries, the largest companies have already investing in P2P technology, which includes Marriott, Starwood, Hilton, Hyatt, Omni, Fairmont, Four Seasons, Wyndham, Interstate, and many, many others. However, P2P automation technology is available and attainable for all size businesses.

While profits and budgets are supported after our past growth year, now is the time to consider investing in the company’s future growth.

Learn more by visiting www.birchstreet.net or email sales@birchstreet.netto schedule a demo and business analysis.