5 QUESTIONS WITH …
Scott Hoffmire, Source1 Purchasing president and CEO focused on bottom-line performance
- How has the hotel industry’s overall performance in 2015 been a boost to your business and what do you expect for 2016?
SH: With the economic revival, many hotel companies are looking to expand and grow. Whether growth comes organically or by acquisition, bigger means more complex. Managing growth could require these companies to desire assistance or even completely outsource their purchasing function. The business challenges of development and expansion, conducted with a purchasing partner, allow for managed growth while utilizing fewer resources.
2. What specific or significant goals have you set for your company in 2016?
SH: 2016 goals focus on growing our enterprise technology suite and the introduction of Price 360, a real-time spend analytics comparison and measurement tool. We are also developing a turnke purchasing program, Purchasing in a Box. Named a 2015 Florida Companies to Watch winner, we look forward to delivering that promise. Finally, our community partnership with Feeding America will remain a priority.
3. What challenges—within the industry or within the world at large—have the possibility to upset the current general optimism within the industry?
SH: Political unrest in the Middle East and growing influence from China and Russia have created global economic uncertainty. Security concerns could impact vacation travel. The commodity market for staples can always impact product costs and hotel operations. At Source1 we suggest alternatives and our volume leverage can maximize availability for our customers.
4. In 2016, where are you concentrating your company’s growth and expansion?
SH: Our growth focus will be with lodging groups, independent owner-operator hotels, resorts and regional management groups. Emphasis will be on cosourcing the purchasing function. Once on board with an operation, our goal is to build knowledge and efficiency through technology, yielding better and more nimble decision making for the management team.
- Vendors are an integral part of the hotel industry, parts of the engine that make it run. What steps should be taken to ensure hotels and suppliers work better and more efficiently in 2016?
SH: A strong community-sharing platform can assist with the exchange of operator/buyer requirements. It will also facilitate the suppliers’/sellers’ ability to hear those needs and then subsequently meet changing market requirements. The active exchange of the industry stakeholders will allow more dialogue on how to meet guest needs.
In five words or fewer, give us your overall outlook for 2016:
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