The hospitality industry has been undergoing tremendous changes and disruptions over the last two decades. It is constantly growing and changing ever-more rapidly. Digitization introduced new dimensions to the hospitality sector and intensified the competition by developing personalized experience in every aspect. It widened the range of offerings and increased consumer outreach and connectivity tremendously.
International Tourists' arrival is expected to reach 30.5 million by 2028. The medical tourism industry alone is expected to touch US$ 9 billion by 2020. The contribution of visitor exports to total exports is estimated to increase by 5.5 percent per annum during 2018–2028.
As per our 2020 predictions, in the short-run, the hospitality sector is bound to stay affected due to the economic slowdown caused by the COVID-19 outbreak but in the long-run industry will recover and showcase the growth.
Hospitality Industry Challenges
The hospitality industry is service-oriented and with ever-changing trends, it brings a few challenges.
- Efficient requisition of required material and supply chain management.
- Integrating technology for personalized experience and catering to a wider audience.
- Standardized service and quality maintenance.
- Recruiting skilled and efficient personnel.
- Regulatory issues and Policy Bottlenecks
How We Can Help
The Indian market has always been price-sensitive and the audience expects lucrative deals with attractive prices. Top-notch hotel chains offer competitive and convincing rates by maintaining high occupancy. A new segment of the audience has witnessed an increase in demand- millennials and youth, driving price-competition even higher. With ever-increasing utility costs and maintenance costs of infrastructure, it has become even more important to closely monitor value chains. Savings from the procurement process of enterprise results in a major difference in the profitability and performance of a company.
The adoption rate of e-Procurement systems is at a boom in the hospitality industry and will continue to grow in the future. Businesses have started realizing the true value of efficient supply chain management and how the resultant difference in saving leads to higher profitability.
C1’s comprehensive e-Procurement suite includes inventory and indent management, e-Auctioning, e-Sourcing, vendor management, contract management, and risk management. With the focus of providing you the liberty to transform your supply chain as suitable to your requirements, we also provide actionable insights derived from our analytical tools such as expense management, budget, and spend analysis.
We have assisted some of the biggest companies in the Hospitality sector. Our clients include:
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To automate the entire procurement process from catalogue management to order requisition all the way through fast approval workflows, PO delivery, receipt of goods, spend analytics, and beyond.
To accelerate contract creation and execution, to enable risk management against changing market conditions and to cascade environmental, regulatory and other critical requirements systematically and consistently throughout multi-tiered global supplier networks.