Everyone often thinks about the best way to capture customers into buying their goods. However, how often does one think about the best way to find suppliers to fulfill those demands?
In the fast-paced hospitality industry, where things often don't go according to plan, reliable suppliers (or lack thereof) can make or break the future of a business. Constantly challenged by limited time and resources, many companies often turn to price and convenience as a primary factor when choosing a supplier to work with. This tunnel vision approach prevents companies from considering important certifications, food safety, service quality and the ability to meet government regulations. Those that neglect these factors will regularly find themselves in costly situations.
Challenges of finding the right supplier:
There can be many challenges to finding the right supplier for your business:
- Too many to choose from: With the help of technology making, it easier to reach suppliers outside one’s region, and even outside the country, it’s getting difficult to narrow down the best supplier for you. Competing with both domestic and international businesses that are continuously innovating new ways to sell their services, committing to just a few suppliers can be a daunting task.
- Changing environment: “Environment” in this context refers to politics, regulations, demands, economic climate, and other factors that can affect a business. Changes in the environment directly affect a supplier’s lead time, price and quality of service. So if you’re stuck in a contract with a supplier that is experiencing unstable operations, it will certainly delay activities on your end too.
- Changing customer expectations: We’ve seen many instances where technology can change a consumer’s behavior in various industries. The hospitality field is no different. These changes in customer expectations will change what a business will need to meet those changes. Teaming up with a flexible supplier with lots of capabilities will benefit a customer going through this challenge.
- Hard to keep track of supplier performance: Even if you have a large fleet of reliable and compatible suppliers, the challenge to consolidate data and track performance remains a huge challenge. Companies often need a team of several people whose day-to-day task is to record and keep track of tedious KPI, which one can argue is a waste of time and talent.
Reeco is here to change the game:
The perfect supplier is nearly impossible to find, but that does not mean good ones do not exist in the market. Today, the market for supplying goods is increasing more than ever. So much so that it is difficult to search for the right one conveniently. With the challenges mentioned above, Reeco is working to make life a little bit easier for you:
- Consolidated Suppliers: We consolidate suppliers for you with key facts and numbers that are relevant for choosing the right fit. We understand that with many potential partners to work with, having a platform to consolidate all possible candidates will save plenty of time.
- Advanced Technology: We use AI technology and data analytics to find the right supplier for you. No need to go through the hefty task of scouting through word-of-mouth. Let your decisions be backed by reliable calculations.
- Reporting Dashboard: We know how hard it is to keep track of performances and activity. That’s why an easy-to-read dashboard is important to provide all our clients so that bottom-line numbers can drive better decision-making.
- Deal with a singular stakeholder: Working with Reeco, you will only have to manage your suppliers through our platform. No need to worry about multiple invoices and communications going to different partners. Having everything in one place saves a lot of time, and more importantly, stress.
We can go on and on about how we are striving to make your lives easier, but only you can decide if we are the right fit.