Intro
How the Gaylord Texan Resort & Convention Center Increased Visibility with Fintech
Results by the Numbers
15
alcohol distributors processing with Fintech
$3.8M
processed in 5,000 invoices in one year
$5,800
in price discrepancies and split case fees in one year
The Story
How Fintech Helped the Gaylord Texan Resort & Convention Center
The Challenge
Before implementing Fintech’s payment solution, the Texan struggled with inefficient processes that weighed down their beverage alcohol business. The resort was required to write checks to distributors for their alcohol deliveries and ensure payment was made on time or jeopardize their liquor license by ending up on the TBAC list. Organizing, writing, and delivering checks alone took extensive manpower and hours away from other essential tasks, such as managing on-hand inventory and improving the guest experience. Additionally, the Gaylord Texan lacked big-picture visibility into margin-impacting components of their beverage alcohol program like price consistency and brand compliance. Multiple users across the property and at the Marriott corporate level need access to alcohol invoices, which, before implementing Fintech, entailed a time-consuming process of coordinating statements and invoices to deliver to the right people at the right time. This restricted visibility led to invoices and credits being easily overlooked.
The Fintech Solution
Fintech’s electronic payment solution immediately brought efficiency to the Texan’s alcohol payment and reconciliation processes by automating alcohol invoice payments. The extensive, time-consuming practice of delivering checks to each distributor on a bi-monthly basis was eliminated entirely. Also, because Fintech’s payment solution automatically pays all invoices on the due date, the resort is kept in compliance with Texas state regulatory laws and is able to keep their terms with all their distributors. Fintech Management Suite (FMS™) provides a central location for the Texan to manage its alcohol business, allowing multiple users across departments at both the property and corporate levels to view alcohol invoices online. If there are any issues with an invoice, such as incorrect pricing or quantity, the resort can reach out to the distributor directly through the invoice inquiry feature in FMS to resolve it. The hotel can even request credits through FMS, making reconciliation simpler than ever. Now, what used to take hours of manual research is painlessly resolved within seconds on line.
Additionally, the Texan receives monthly analytic reports, powered by Fintech’s powerful purchase data, including data about top products, price discrepancies, and split case fees. These reports provide immediate and simultaneous information to everyone at the Gaylord Texan, from the property level up to Marriott International corporate, so they can better understand profit margins, plan future product orders, and even periodically review price inconsistencies with their distributors. By implementing a more efficient process and increasing visibility, the Gaylord Texan offers guests a consistent and cohesive experience at the bar, aligning their beverage alcohol program with the quality for which they are known.
What Our Partners Say
“Fintech has enabled us to simplify tedious payment and reconcilation processes and has given us insight into our alcohol business across the property and up to the corporate level. I can’t imagine going back to our previous systems now that we have Fintech. We’ve been able to reallocate the time and money we’ve saved with Fintech back to enhancing our guest experience and that’s really what hospitality is all about.”
Richard Metz, Cost Control Purchaser, Gaylord Texan Resort & Convention Center, Marriott International
About Client
The Gaylord Texan resort is located just outside of Dallas and has been managed by Marriott International since 2012. The resort embodies the Texan spirit in everything from dining selection to grand entertainment, bringing a memorable, family-centered atmosphere to vacationers and an engaging environment to conferences. The resort offers guests extensive activity options such as the award-winning Glass Cactus nightclub, the 10-acre outdoor waterpark, and seasonal events like ICE!, the annual display of holiday ice sculptures crafted by master artisans from Harbin, China. To align the services offered at the bar with the outstanding guest experience provided by the rest of the resort, Marriott International partnered with Fintech in 2013, empowering them to improve efficiency and visibility surrounding the beverage alcohol operation at the Gaylord Texan.
