Procurement Solutions derived from the Power of Internet

One day without internet, and I start feeling as if I am put on an alien planet. Can’t imagine a single day without phone by my side.

Technology has taken center stage in our lives be it work or pleasure. Websites like Facebook and LinkedIn have entered our personal space the way it was considered impossible once.

Even in business environment, many developments take place each day on vendor and customer management front. Many online portals give option to access vendors for buying, selling or comparing goods– Alibaba, Indiamart are among them.

Lets try to understand how such portals can help hospitality industry.

From Supplier's point of view:

• Such portals can help suppliers in a number of ways:
• Online trading portals can help the suppliers in finding buyers as per his / her core competence. Suppliers can bargain and can command best price for their products.
•  Suppliers can network with premium buyers and can easily enter their good books.
• Suppliers can interact / chat with buyers in real time.
• Suppliers can easily understand client requirements and customization.
• On-line platform gives an add-on advantage of showcasing portfolio to multiple buyers at the same time. Hence, overcoming the constraints of marketing on the go.
• Suppliers can better manage their inventory levels by knowing client requirements before hand.
• Supplies can save valuable time in receiving requirements, follow – ups and consignment fulfillment.

From Hotel's point of view:

• Hotels get easy access to thousands of suppliers pan India. They can understand price trends and latest designs with just a click.
• Using feedback and referrals given to suppliers by fellow hoteliers, hotels can make more informed decision
• Hotels can do in depth analysis of supplier competency and experience
• Hotels can save time and money wasted in offline supplier search
• Faster information dissipation in raising orders, design customizations / updates etc.
• Online sourcing has better turnaround time. Hotels can ask for much more than just 3 quotes (current industry standard)
• Communication is the life line of any organization. Online ecosystem ensures better and faster communication system.

Internet is here to stay. Slowly but steadily online ecosystem is becoming the status quo. 

Its best for us that we embrace it in procurement as well and open the world of new possibilities with the power of Internet.