Stockouts arising from poor inventory control aren’t just inconveniences – they negatively impact your bottom line and leave a gaping hole in guest satisfaction.
Inefficient hotel supply inventory management can deplete profit margins, potentially spiraling into an unsustainable business model.
So, how can you ensure your supplies are always ready when needed? Let’s delve into strategies for hotels to maintain optimal stock levels.
Demand Forecasting – Predict Needs and Prevent Spoilage
You need to know how much and what kind of hotel supplies you need to meet guest expectations and your hospitality standards. This is where demand forecasting comes in, helping you predict both current and future needs.
Historical demand forecasting factors in your hotel’s occupancy rates, seasonality, local events, and industry trends. It helps predict the demand for various items, from guest room essentials and expandables to amenities, over a specific period.
Lilo’s built-in demand forecasting feature helps maintain a balance, ensuring you avoid shortages and excess inventory.
Track Hotel’s Supply Inventory
Hotels can streamline and automate inventory management with hospitality procurement platforms like Lilo, CRMs like NetSuite, RFID tags, and various other methods.
No matter the system in use, ensure it accurately reflects stock levels and aids in minimizing thefts, product deterioration/expiration, and human errors.
Such systems can also help identify demand patterns and uncover opportunities for improvement.
Seamless, Responsive Communication
Untimely deliveries or subpar supplies can throw your entire hotel operation into disarray, leaving guests dissatisfied. So, you should prioritize clear and responsive communication with your suppliers.
Sourcing from individual vendors may limit your communication options.
But, opting for a dedicated B2B procurement hub like Lilo means you’ll have access to dedicated reps who can address your procurement concerns – be it late deliveries or product quality issues – via phone or email.
Routine Audits
Regular inventory audits help hotels avoid unpleasant surprises like supply shortages caused by increased demand, damage, theft, or misuse.
During peak seasons, you can set weekly calendar reminders for inventory checks to preempt the inconvenience of discovering shortages in guest room essentials.
Consolidate Procurement
Imagine having access to all your preferred vendors in a single hub.
90% of hotels using Lilo Hotel Supplies have seen a reduction in stockouts by setting par stock levels (the estimated minimum quantity of guest supplies to keep in stock).
Hotels can also utilize order guides (pre-populated shopping lists for efficient reordering), and access all vendors and supplies in one spot, with the added benefit of instant price comparisons across vendors or regions.
When you consolidate multiple orders in one place, you gain a holistic view of different hotel supplies; you can track stock levels seamlessly and ensure the availability and supply of essentials to prevent guest dissatisfaction. Purchasing bulk hotel supplies also helps you save more on hotel supplies.
Lastly,
Don’t forget to optimize the storage and distribution of hotel supplies. Ensure you have adequate and suitable spaces and equipment to manage different types of supplies, like fragile, perishable, or hazardous items.
Implementing processes like Just-In-Time (JIT), First-In-First-Out (FIFO), or the ABC method for hotel inventory management can significantly improve your inventory turnover.
Leveraging an integrated hospitality procurement hub like Lilo to purchase hotel supplies online can help you tackle most challenges related to maintaining optimal stock levels.