Before you even think about buying a new technology product or software application, be absolutely clear on your organisation’s strategy. Your strategy should ultimately form the basis for all your big decisions, and buying software is no exception.

Whether you’re looking to grow sales, expand your venues, cut waste or be an employer of choice, make sure everyone is clear on what you’re aiming for. This will have a big impact on which applications you choose to focus on, which suppliers you choose to work with and how you configure the products you buy. Check out the video below for a quick primer on writing a strategy.

Value for money

Tech companies are adept at producing slick promotional videos and pitch decks that promise to revolutionise your hospitality business. While it’s true that there are many ways operators can improve their business with technology, it can be hard to work out where to focus, let alone which provider to choose. This is why it’s so important to have clear strategic goals.

When choosing technology solutions, be really clear on:

• Who will use the product? Do they want it, and what features do they need?

• What is the problem you’re trying to solve, and how will the product solve it?

• If the product will save time and money, or generate increased sales, to which budget will these financial benefits accrue?

You should be able to confidently answer all these questions before signing the contract.

Best-of-breed vs single platform

A best-of-breed strategy means assembling a patchwork of software providers, each of which is the best at fulfilling their particular function. A best-of-breed approach means each function is delivered well, and you can easily add or swap out an application if a better one comes along. The drawback is that you end up with lots of suppliers. Each product needs to communicate with other products in your stack; getting two systems to talk to each other can be a lot of work.

The opposite of best-of-breed is known as all-in-one or single platform. This means relying on a single software supplier to provide most or all of the different functions. The benefit is a single supplier to manage, and a single source of the truth when it comes to your data. The communication between different systems is seamless, and there should be no manual rekeying of information. The drawback of this approach is that the company you choose may not offer all the functionality you need (or may not keep pace with industry developments).

Increasingly, hospitality technology companies (notably Access and Fourth) are assembling portfolios of applications to provide a single platform. However, none has yet created a portfolio that meets every hospitality operator’s requirements. For many operators, this can mean unwittingly adopting a single-platform approach, only to find the new product they want to buy isn’t compatible with their existing infrastructure. This is why planning this effectively is so important.

Procurement Process >