Managing Due Diligence in Hotel Procurement
Challenge: Clients, regardless of their specific needs, all have the due diligence benchmarks within their sourcing process including legal, procurement, compliance and audit. The challenge is ensuring each of these due diligence benchmarks are met, documented and available for the client upon notice when meetings are outsourced.
Solution: Meetings & Incentives created a customized database that tracks 55 data points for each RFP created on behalf of a client. Within the database there is specific check-off fields used to verify the actions have been completed. Each of these check-off points is tied to specific places within the overall sourcing process.
Result: The end result is that each act of procurement is heavily documented, legally represented, and compliant and audit ready. Clients who audits their meetings annually have decreased the time spent performing the audit and searching for back up data from more than two weeks to just days. Another solid result is the confidence Meetings & Incentives clients have in themselves when speaking to their management about due diligence.