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3 top trends in procurement technology you need from a GPO

Daily access to trustworthy data is crucial for making informed decisions.

November 21, 2024

If you are a procurement pro or operator overseeing a hospitality-driven business, you need everything from food to FF&E (furniture, fixtures and equipment).

As a busy operator, you are most likely already working with a Group Purchasing Organization (GPO) to leverage its collective purchasing power to get high-quality products and services at better prices.

But is your GPO also delivering procurement technology solutions that generate data-driven insights? Daily access to trustworthy data is crucial for making informed decisions.

Here are just 3 top technology-related factors your GPO should be helping you with:

#1

Mitigating risk and reacting quickly to market fluctuations

Avoiding dips in profitability is critical. A digital-forward GPO like Entegra provides procurement technology solutions that should help you:

  • Track inflation and other market indicators
  • Create locked order guides so you have full control of spending
  • Access near real-time data, including tools that reflect cost and stocking implications

#2

Access to unified, reliable data

Bad data leads to bad decisions.

Your GPO needs to clean and process large amounts of your purchasing data from disparate sources and make it clear and visually accessible to you and your team. Dynamic, easy-to-read visual dashboards also help make analysis easier.

Accurate data fuels your ability to:

  • Increase savings and rebates by easily identifying opportunities
  • Track pricing updates monthly to analyze the impact of potential product swaps and forecast accurately
  • Benchmark your higher performing units against lower performing ones to help shore up those with lower margins

#3

Harnessing the power of AI (Artificial Intelligence)

Seeing and selecting the best prices in real-time while you shop may sound too good to be true. But for Entegra clients, it's a reality.

Entegra has a proprietary browser extension that helps its clients find the best pricing and save money while shopping on their distributors’ e-stores. Users can browse, compare prices, choose from money-saving contracted alternatives and "add to cart."

Check out our latest data and digital report for a deeper dive into GPO procurement technologies and solutions.

November 21, 2024

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