What Hotel Procurement Leaders Can Learn from the Paris 2024 Olympics

This summer, as we witnessed the world's top athletes compete in the 2024 Olympics in Paris, there were some profound parallels between pursuing excellence in sports and leading procurement in hospitality. Both domains demand precision, innovation, and a deep commitment to collaboration.

Transparency

In sports, athletes must inherently trust their partners, coaches, and teammates. This mirrors the trust required among team members in high-stakes environments such as hotel procurement. Fostering trust is paramount. Implementing clear communication channels and ensuring every team member feels valued and heard is crucial, much like Olympic athletes rely on seamless communication during their performances.

A mindset of improvement

Just as Olympic athletes continuously refine their techniques and strategies, procurement teams must adopt a mindset of continuous improvement. The feedback loop in process development—analogous to training feedback for Olympic athletes—plays a vital role. It enables iterative improvements in products and solutions, ensuring they consistently meet and exceed the demanding requirements of hotel procurement processes.

Clear goals

Hospitality leaders can draw lessons from Olympic coaches who set a vision and guide their athletes toward achieving peak performance. In procurement, establishing a clear and ambitious vision for the team is paramount. This vision aligns efforts and fosters an environment where innovation flourishes, much like the training atmosphere of elite athletes.

Embracing diversity

The diversity showcased in the Olympics, where athletes from numerous backgrounds and disciplines converge, enhances the competition. Similarly, in the procurement industry, assembling teams diverse in skill sets, perspectives, and backgrounds catalyzes innovation. This diversity enables the creation of comprehensive solutions that address a broad array of needs and challenges in hotel procurement.

The real rising star of the Olympics? Technology!

The Olympics is not just about human performance; it's also a showcase of technological innovation. From wearable devices that track athlete performance to advanced analytics that optimise training regimens, technology plays a crucial role in modern sports.

In the hospitality industry, technology holds similar importance. It enables innovation, efficiency, and profitability.

At FutureLog, we leverage cutting-edge technology to develop P2P solutions for hoteliers, venues, and suppliers. From our core platform for procurement management and data analytics to automated order fulfillment and streamlined customer service, technology is at the heart of our operations. Per industry experts, the majority of top-tier hotels have significantly benefitted from digitising procurement, reporting improvements in operational efficiency and savings.

For the win

In today's fast-paced hospitality industry, technology provides a significant competitive edge. Consider how advancements in technology have enhanced the Olympics. Similarly, hotels must embrace technology as a powerful tool for driving efficiency and enabling their teams to achieve remarkable goals.

Many principles apply equally to Olympic athletes and those striving for procurement and operational gold! Inspired by these extraordinary athletes, let's draw lessons from their dedication and apply them within our hospitality procurement practices, paving the way for optimising procurement processes and a top spot on the coveted podium of success.

About FutureLog

FutureLog provides a fully integrated, cloud-based procure-to-pay platform for the hospitality industry. We facilitate an end-to-end procurement process from purchasing, through inventory management and up to invoice processing; all available in one platform to save you time and money. The FutureLog procure-to-pay platform is the foundation for seamless connectivity between Hotel Operations, Corporate Centres and Suppliers.

Suzanne Ward
Vice President Digital Marketing and Communication
+41 41 759 1861
FutureLog AG