Month: July 2015

FOR IMMEDIATE RELEASE How businesses in the hospitality industry can cut operational costs by leveraging technology innovations and rental strategies. By: Procurement Research Analyst, Anna Son With the summer in full swing and the economy continuing its recovery, consumers are loosening up their purse strings and spending more on travel, dining out and various events. In fact, IBISWorld estimates consumer spending will increase a steady 3.3% per year on average through 2018. In turn, rising foot traffic into restaurants and hotels will drive price growth for the various products and services these establishments use. Strengthening business and rising prices of necessary products and services means there is no better time for companies in the hospitality industry to reevaluate their procurement techniques to capitalize on growth opportunities and reduce costs. For example, smart investment in technology will not only help businesses enhance their guest services, providing them with a strong competitive edge, but also boost their operational efficiency. Meanwhile, renting necessary goods might be more cost effective than purchasing them upfront. IBISWorld has identified a few ways for buyers in the hospitality industry to maximize their earnings and operate with leaner cost structures.   Technology innovation is paramount In order to be successful in the hospitality industry, guest satisfaction should be at the forefront of any business developments. As such, smart investment in technology can help hotels and restaurants not...