eProcurement

Total control. Every purchase, every penny.

Procurement can be one of the most complex areas of hospitality to manage. It's difficult to know exactly what and how much you need and when you need it. And making sure you purchase from approved vendors and only pay for what you order and receive adds to the challenge.

eprocurement

 

Meet Your Challenges

  • Only order and pay for what you need.
  • Prevent unauthorized purchases with permission-based process.
  • Control all purchases including services, utilities and non-catalog items.
  • Buy only from approved vendors.
  • Highlight performance inefficiencies for further savings with smart procurement analytics.

Fourth makes it easy to manage your procurement. By automating the entire process, you get the inventory you need in the right place at the right time at the agreed upon price.

Key Benefits

  • Automation and rationalization of vendor base reduces the cost of buying and accounts payable overhead.
  • Digital vendor contracts with automated reminders prior to contract expiry simplify purchasing.
  • Automated processes eliminate wrong deliveries and inaccurate invoices.
  • Predictive ordering helps guarantee each site's inventory availability and delivers significant waste reduction.

    Features

    Vendor Network

    The Problem
    The more vendors, the more room for inconsistencies in offer and performance. Trading manually brings paper trails, overpayments and delivery inaccuracies.

    The Solution
    Trading electronically through Fourth's automated supply chain reduces cost for everyone. No other platform has as many fully integrated vendors. PDF invoicing enables smaller or low volume vendors to trade electronically too. Electronic proof of delivery eliminates paper delivery notes and enables invoices to be handled in seconds, not days. And smart vendor management reporting means that you stay in control.

    Catalog Management

    The Problem
    A multitude of vendor catalogs in offices across the business make it virtually impossible to guarantee all purchasing is made according to agreed-upon prices.

    Our Solution
    Online catalogs transform the purchasing process. They improve compliance and processing of guaranteed rebates. Vendor performance reporting makes it easier to see who your stars are, while smart analytics show you any areas needing attention. Control pricing by exception and eliminate maverick buying. And automatic loading of products and prices reduces manual input to a minimum.

    Ordering

    The Problem
    Many locations ordering many items manually from many vendors can be a recipe for over-payments, under-deliveries and operational inefficiency. Managing purchasing permissions can be complex and the checks and balances time-consuming.

    Our Solution
    With Fourth, you get real-time visibility and control of spend from electronic vendor product and price lists. Your gross margins improve due to eliminating maverick spend, achieving total purchasing compliance, guaranteeing rebates and reducing administrative overhead. And clever spend analytics reporting shows you all the areas that can drive even greater profitability.

    Suggested Ordering

    The Problem
    Manual sales and ordering forecasting is unreliable and can make serious dents in margin. Locations throw profit away along with unused food past its sell by date. Revenue opportunities are missed because of inventory shortfall. And customer service is impaired through inefficient prepping, causing delays.

    Our Solution
    Fourth’s suggested ordering and guest service planning functionality uses the centrally generated recipe sales forecast to help each location order the right products in the right quantities. Customers receive dishes quickly because the kitchen is appropriately prepped. Replenishment order quantities are calculated using par inventory/reorder point and on-hand balances, and re-ordering for both purchasing and internal transfer is by par value/reorder point.

    Budgets & Approvals

    The Problem
    It's difficult to establish and maintain effective audit trails and control for transactions ranging from the smallest food order to the largest CapEx program. Unreliable, labor-intensive paper-based processes were incapable of providing real-time spend versus budget analysis.

    Our Solution
    Fourth's smart dashboards bring expenditure to life - and help monitor and track phases of CapEx. Pre-configured menus of procurement choices keeps sites on-brand and working with approved vendors. And a comprehensive, easy-to-use authorization process gives instant access to up-to-the-minute spend versus budget information.

    Contact Us


     

    Specs

    All you need to run Fourth’s products is a device with an internet browser. Yup, that’s it.