The restaurant and hospitality industry are growing by leaps and bounds. A study conducted by Plunket Research revealed that the global revenue of the restaurant industry amounted to USD 2 Trillion in 2016 alone.
It is, however, essential to note that with growth comes a wide array of challenges that could make or break the business. In most cases, restaurant businesses experiencing massive growth often struggle to monitor, food inventory, manage cash flow, and balance risks.
This is primarily because of an extensive inventory that often carries the liability of theft, shifts in demand, damage, and the risk of spoilage. With 82% of businesses failing due cash flow problems, the need for an advanced inventory management solution that will help simplify bookkeeping and stock control becomes more apparent.
In general, an inventory management solution is comprised of label printers management software and mobile computers. These tools work conjointly to help businesses monitor the distribution and storage of goods as well as stock control
What's more, it also gathers essential data through reporting to provide owners with relevant performance insights. This is an excellent way of allowing the business to grow as well as identify and cope with higher demand. Other benefits that an advanced inventory management solution can bring to your business include:
1. Efficient Management
Every restaurant owner wants to be efficient. When the management utilises their resources efficiently, they can trim down their expenses, maximise production, and increased their revenues.
With a massive amount of cash and credit cards passing through a restaurant daily, having an advanced inventory management solution allows businesses to monitor every penny of their sales. Moreover, it also minimises human error through automation.
Manual inventory control is time-consuming and challenging. By making use of a progressive solution, businesses can ensure that everything is accurate when it comes to counting and tracking their products.
Also, bear in mind that controlling or keeping stock means allocating money in them. Having an advanced inventory management solution helps your business manage stock levels efficiently to ensure that the flow of cash is positive.
What's more, an advanced inventory management solution is also geared with devices like inventory management software and barcode scanners, which will drastically enhance their productivity and overall efficiency.
2. Increased Customer Satisfaction
Increased customer satisfaction is also another benefit of an advanced inventory management solution. It should be noted that a sophisticated inventory management system helps you fulfill customer orders immediately.
Customers visit restaurants and cafés expecting to get what they want immediately. This can be daunting, especially if you are utterly clueless about the fast-selling products in stock.
By using an advanced inventory management solution, businesses can ensure that they stay on top of their customer's needs. It is worth noting that a progressive solution like OrderMate is loaded with comprehensive analytics that will help you see what dishes are selling fast through different sales funnels.
This way, you can make educated purchasing decisions that will further help your business increase its bottom line and cut down costs. Keep in mind that a customer that receives an order in a timely fashion is a happy customer.
3. Minimises Costs and Maximises Profits
An inventory management solution is also responsible for trimming down waste in the business. In simplest terms, it helps companies determine their actual inventory levels and monitor or product misuse, thus, maximising your profits while simultaneously minimising your overhead.
Tips in Selecting an Advanced Inventory Management Solution
Finding an appropriate inventory management solution for your business is incredibly hard, with several options available. Use these tips to fulfill your inventory management needs.
1. Define Your Challenges
Like any other tools, different solutions have different functionalities and capabilities. Always make sure to assess inventory processes and the challenges in your current workflow to make it easier for inventory professionals to come up with a solution that is specially tailored for your business.
More than anything else, restaurant owners should also take into account the number of users who will be accessing the system. Bear in mind that the price structures of inventory management systems often vary depending on the number of additional users.
2. Determine the Monitoring Process
Inventory management solutions have a variety of ways to track inventory. You can choose monitor stock using RFID tags, serialisation, kitting, and barcodes. Keep in mind that not all systems have the same functionalities, so it is essential to decide on a method before starting your search for a stock control program.
Either way, businesses may need to purchase the hardware and scanners separately. Make sure that the scanners you choose can seamlessly work together with your tracking system to prevent inconvenience.
3. Have a Budget
Budgeting enables you to develop a spending plan to find the right monitoring system. This is also an essential way of narrowing your search since a defined budget will save you time and effort even to consider policies that are outside your range.
Also, take time to consider the integrations you need. The solution you choose should be able to fit with your existing systems to avert the monotonous task of manually entering data and eventual data loss. Furthermore, selecting a system that can effectively work with your current programs will significantly enhance visibility and efficiency.
Why Consider StockMate?
StockMate, which is a component of OrderMate, consists of extensive features that do not only convert purchase order into an invoice but also updates stocks at the Point of Sale. Likewise, the system is also dandified with six distinctive reports that are designed to ensure that restaurant owners remain on top of usage trends and ordering, thus, ensuring efficiency at different levels.
Best of all, StockMate is also versatile enough to integrate with popular marketing software, which makes everything from taking orders, costs calculation, inventory monitoring, and employee tracking quick and painless. With its progressive features and multiple integrations, StockMate can be a reasonable option for restaurants and bars looking to modernise their ordering, communication, and payment processes.