Recent headlines suggest traditional sourcing is dead, with continuous - or dynamic - sourcing taking its place, but the prime question is, how can it help you and your hotel programme?
Continuous sourcing is a method of uninterrupted monitoring and in-depth analysis. By using essential data and retrieving real-time updates, it provides ongoing benefits to your hotel programme.
What improvement does continuous sourcing offer?
- Your hotel programme stays relevant to your employee needs
- Suppliers respect your agreed terms
- Your negotiated terms remain competitive
Let us put it into a real-life scenario?
Halfway through the year your company starts a big project, but nobody informed you about the hotels they found near the project venue. Data analysis acquired from continuous sourcing provides a solution for this change, helping you quickly negotiate rates for your programme rather than waiting until the next programme year.
Data used to develop hotel programmes is typically six months old by the time the sourcing process gets finalised. However, in business, other processes move quickly, and the data may become outdated by the time it gets implemented.
How can continuous sourcing help you?
Continuous sourcing requires a strong focus on the leading hotels, typically reducing the number of preferred hotels and, therefore the number of RFPs by 10-30%. As a result, CWT can support with supplemented pre-negotiated rates, like travel management negotiated rates or rates from third-party sources. It allows your employees to have access to suitable hotels at an affordable price by supplementing your negotiations with our programme to help achieve your objectives.
The continuous sourcing approach helps you achieve savings proactively without waiting until the next RFP season, and saves your resources on annual or bi-annual RFP process periods. It also allows rate negotiation in newer, developing destinations before hotels establish a stronghold with your employees, helping drive compliance. In turn, your employees are improving compliance when booking hotels and gaining additional benefits, playing a valued part in traveller satisfaction and safety.
Join the 20% CWT clients who take a continuous sourcing approach already. Find out what our consultancy group, CWT Solutions Group can do for you.
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Take the leap and drive your hotel programme to the next level with continuous sourcing.
