Demystifying the buying process for hospitality tech
Advice to buyers of B2B technology, systems and software. How to see through the smoke and mirrors
Buying technology systems, software and solutions for business is no easy feat. With a plethora of providers, the procurement process can become tedious and frustrating - not to mention drawn out.
As buyers, the systems need to serve a purpose, stand the test of time and - most importantly - deliver on your business strategy and objectives. B2B buying requires more than a flashy brand or an innovative concept - what you buy has to work!
The decisions made as buyers impact the commercial success of a business, and the success and achievements of the individual. Therefore, as a buyer, it’s important to consider the following factors when identifying a technology partner:
1. Strategy
Know what you are looking to achieve for your organisation. Have a rough plan of the direction you intend to go, where you are on that journey, and the timeline you are working towards.
2. Budget
Have an idea of the investment you intend to make. Consider the direct purchase of any technology, but also additional requirements that may crop up like training, additional personnel or integrations, or the need to invest in set-up costs.
3.Team
Be clear of your organisational framework and who your internal stakeholders are, both in making the buying decisions and in daily operations. Ensure they understand the mission of the company, and how the products or services you want to buy will enable this vision to be realised.
4.Criteria
List a set of product requirements. Make sure this includes immediate needs, must-have features and a ‘nice to have’ wish list. This way you can better compare products on the market.
5.Buying process
Define how you will decide the right product and the timeline for making the decision. Be clear of the decision making process: who makes the final decision? What information will they need to prevent delay?
6.Product fit
Unless you’re planning a complete overhaul of your business, ensure that any new system works with your existing tech infrastructure and tech stack. The last thing you need is either an expensive integration build or more manual management.
7. Credibility
Research vendors and understand whether they can be a credible partner. Do they have similar clients? What is their history as a business? What other companies are they associated with? What is the market feedback? Use your network to sound out any real-world examples - but be careful not to assume one person’s experience will be a perfect prediction of what yours will be. Request customer case studies, use cases and testimonials. Attend vendor events to meet like-minded customers and exchange experiences.
8. Roadmaps
Request the product roadmap to understand the investment being made in the product and any upcoming developments. Match this to your product criteria to ensure it matches your needs today - and in the future. Vendors who lack a roadmap are unlikely to be consistent in their approach to delivery and customer support.
9. Customer support and account management
Make sure the product support matches the need for your business. If you are a 24-hour business or working across multiple time zones, make sure you have round-the-clock customer support. Perhaps you need support delivered in a local language. Do you prefer a person on-site to implement the system and train your team, or are you happy with remote assistance? Find a company that works the way your business needs so you’re not starting off on the wrong foot.
10. Industry experience
Ensure the vendor understands your business and the industry. Not all solutions are fit for all organisations or business sectors. This doesn’t mean you have to select a legacy provider over a start-up; it means you need to be clear on founder backgrounds and real experiences for smaller companies, whilst looking at recent track records of long-standing companies to find one that will best suit your needs.
What to avoid when buying
When buying for your business, similar principles apply as you would use in your personal shopping. Common warning signs which should trigger deeper investigation into the vendor you’re considering, or even walking away from them, include:
Self-promotional: watch out for the companies selling on features and only communicating their own achievements. A company should be able to tell you what it’s done for its clients, not just what it’s done for itself.
Lack of evidence: if there are no named-customers or case studies, ask to speak to a few customers. Be cautious of vendors without informative success stories. The more current, the better. If their last testimonial is from five years ago, it suggests their product is outdated or they are struggling for more recent satisfied customers.
Unclear proposal: if the product offer isn’t clear or it lacks a commitment to the value and benefits to your business, think again.
Innovation over nuts and bolts: it’s great that your partner may push boundaries, but can they deliver the basics - confidently? Don’t be swayed by the glamour of a new shiny toy; take a deeper look.
Investment: If a partner is unable to demonstrate and explain how it is investing in their product, service and business - then the likelihood is that they are resting on their laurels.
Buying B2B technology can be a long process. Reduce the time you spend selecting your partners by making sure they cover the basics first.
