We are delighted to share some exciting news; having only just passed the 6-year milestone, we have won a prestigious Queen’s Award for Enterprise in Innovation.
Our goal has been to revolutionise the hospitality sector by providing a dynamic online purchasing portal to help modernise the procurement cycle, delivering improved efficiency and reduced costs and it is immensely gratifying to receive the award in recognition of our commercial innovation.
Traditional telephone ordering and paper invoicing are still the norm in the hospitality industry which makes controlling live costs both challenging and time-consuming; to put it simply, keeping tabs on what has been ordered and spent should be straightforward. When we started up, it was clear that technology could add much needed profit improvement whilst simultaneously relieving labour intensive and manual processes. Just 0.05% of the 1.5 million hospitality businesses in the UK used online technology in 2009, so we knew the potential for Procure Wizard was huge.
Since starting, the company we have built an impressive, high profile client list and take great pride in building these relationships, which make up almost 10,000 active users who between them spend over £12 million a week in purchase orders and invoices via the portal. The Queen’s Award is really exciting for a young business like us and a real recognition for our biggest asset – our employees who are the drivers of the innovation.
It has always been our strategy to recruit young innovative developers and support staff who have independence of mind and an ability to adapt and change in short time frames. Our developers are led by our clients and follow their strategic direction, which has resulted in game changing functionality that has pushed the boundaries of our industry’s technology. The fact that the core team who developed the initial system in 2010 are all still with us shows that we are getting lots of things right and this is a reward for all of their hard work.
We wish to say a big thank to our customers and suppliers and look forward to working together to create more success in the future.