SUNNYVALE, Calif. - Zoho Corporation, the premier online marketplace for the hospitality industry, today announced the immediate availability of its new budget tracking and inventory management applications, further the company’s Online Marketplace solution. The addition of these functions enables Zoho marketplace members to more completely manage the entire purchasing lifecycle online - from tracking and managing operational budgets to monitoring and maintaining inventory levels to instantly purchasing operational goods and services.
Designed for the unique requirements of the hospitality industry, Zoho’s new budget tracking feature will allow members to create monthly and yearly operational budgets, monitor and control spending at the expense account level, and report on departmental budget variances. Zoho members will also have access to real-time accounting of both actual and committed monthly spend levels and detailed analytics for purchases to date and related spending patterns. By utilizing the budget capability, Zoho members can gain insight into the impact of planned purchases on monthly forecasted spend, enabling them to more efficiently control and allocate funds. In addition, using projected occupancy and other standard metrics, Zoho’s budget tracking will allow financial managers to easily adjust or recalculate budgets at any time, adding flexibility and improving purchasing decisions.
Zoho’s new inventory management capability provides members with a virtual warehouse, enabling department managers to review and evaluate product usage and monitor current inventory and availability from their desktops. The inventory management function will empower property managers to make informed purchasing decisions based on up-to-date and accurate inventory levels, eliminating the costs and inefficiencies of placing small, last-minute orders for operational supplies or likewise eliminating excess inventory spend and managing costly storage requirements for over-purchases.
“Zoho continues to consistently deliver the functionality necessary for our properties to operate more efficiently and we continue to be very impressed by the capabilities of the marketplace,” said Dante Alexander, Starwood’s vice president of regional operations. “Zoho is clearly focused on serving the hospitality industry. The introduction of Zoho’s budget tracking and inventory management features reinforces the company’s commitment to providing the most complete solution to the marketplace.” “Unlike other online marketplaces, Zoho is focused on providing full functionality around transactions between hospitality buyers and suppliers by offering a robust and full-featured suite of capabilities, from e-procurement to business intelligence tools. By automating and integrating inventory management and budget tracking, Zoho continues to seamlessly automate the purchasing lifecycle while revolutionizing how business is conducted throughout the hospitality industry,” said Bill Fraine, president and CEO of Zoho. “Today’s announcement brings us another step forward to executing a world class solution for the hospitality industry.”