Hospitality Operators Save $2 Million Annually With AP AutomationPress release published June 26, 2017
Yooz releases results of first ever Hospitality Savings Index at HITEC 2017 / Clouds service provides financial intelligence to build a better supply chain.
DALLAS-FORT WORTH, TX/TORONTO, ON - June 26, 2017 -- Yooz, the cloud service that intelligently streamlines the accounts payable (AP) workflow, today released a first-of-its-kind annual Hospitality Savings Index. Businesses that moved their AP workflow to the cloud processed more than $250 million in gross invoice value through the Yooz platform in 2016 and saved nearly $2 million dollars in handling costs. That total does not include productivity gains automation created across all departments in the enterprises surveyed.
Yooz will be exhibiting at HITEC North America, the world's largest hospitality technology event, held from June 26 - 29 in Toronto, Ontario at the Metro Toronto Convention Centre, booth #2633.
For the index, Yooz analyzed data from its North American hospitality clients, among them large franchise businesses such as Aimbridge Hospitality, Falcon Holdings and Pollo Campero, as well as boutique hotels and restaurant chains such as Piccadilly.
The results show that midsize to large organizations with more than 100 locations were able to reduce the processing cost per invoice from an average of $17 to just $3.65 - nearly 80 percent in savings. The index also shows that the average cycle time to process an invoice in the hospitality industry has dropped from more than 20 days pre-AP automation to just four days in 2016.
Yooz is a cloud-based service that streamlines a company’s financial workflow by doing away with manual document entry. It employs intelligent document recognition and machine learning to understand documents such as purchase orders and invoices, automatically assign the correct GL code and to speed up the approval process from any device.
“The Yooz Hospitality Savings Index demonstrates that, for hotel and restaurant operators, moving your AP workflow into the cloud almost immediately affects the bottom line. It dramatically reduces processing costs and boosts productivity,” said Laurent Charpentier, Chief Innovation Officer of Yooz North America. “We already know that AP automation shortens cycle times and lowers costs, but our research shows that Yooz also lets you build a better supply chain.”
With Yooz, AP departments can play a more strategic and central role in their organization, shifting from “data entry” with little impact toward data analysis and collaboration with other departments and suppliers. Thanks to automatically ingesting and routing invoices, AP teams can now be part of a broader supplier sourcing strategy.
“Restaurant operators with multiple locations can start looking in detail at what they’re paying for specific food items and check for discrepancies,” Charpentier continued. “They might realize that the same vendor is charging more at one location, or analyze their relationship with different vendors. Yooz gives them instant visibility across dozens or even hundreds of locations to start conversations with their vendor network to consolidate their purchasing or talk about better payment terms.”
Since it integrates with most financial and ERP systems, workflows with Yooz can be set up to meet the needs of any business, from purchase to payment. It adds financial intelligence that avoids errors or duplicate payments and increases overall visibility.
The Hospitality Industry Technology Exposition and Conference North America (HITEC North America) is the world's largest hospitality technology show, bringing together the brightest minds and hottest technology to one place.