All about inventory management
Updated: Sep 10, 2020
Tracking inventory can be tedious work, but it’s vital to running a business. Inventory management systems are designed to handle most of the administrative work, making it easy to put an important part of your restaurant business on autopilot.
Keeping good records can be very confusing. When you’re tracking sales, inventory, or payments manually, you need to worry about basic human errors, wasted time, and misplaced records. Inventory management software can take care of all the work for you with automatic inventory tracking based on manual, POS, and/or e-commerce sales.
A good inventory management system can help your business in three key ways:
Budget and Forecast
Easy to Use, Intuitive, Accurate- Inventory management software is easy to use, easy to implement, and easy to succeed with. You can quickly add products to the inventory. You can make the software work for you by sorting inventory by items, in
gredients, categories, departments, and more.
Increase Productivity- By not having to track, manage, and verify inventory manually, you can save time, frustration, and effort. Instead of having to manually track sales and inventory changes, the system will automatically update inventory counts when sales are made for more accurate, effortless reporting.
The software will help increase productivity, efficiency, and accuracy in reporting. It can also make inventory ordering much easier, more efficient, and more cost-effective. It can even help you transfer inventory from one store to another and email your vendors and suppliers when specific inventory is getting low to save you more time.
Anticipate Your Customers’ Needs- With automatic inventory tracking, you can determine what your customers love the most, so you can keep your restaurant, bar, or business stocked at all times. You can even set re-order alerts so you never have to run out of an item again. This will also help your business avoid buying too much product and having wasted inventory.
You Can Set Your Par Levels Per Ingredient- In the setup of each ingredient, you can identify the exact amount at which you’d like the system to warn you that you’re running low. A message will surface to your staff if they attempt to order menu items containing the ingredient in question.
Detect Discrepancies- With inventory management software, you can realize at a moment’s glance what is entering your business, what is leaving it, and how much money you are making or losing. If there is a difference between actual and reported inventory, it will be instantly noticeable. So you can get to the root of the problem right away.
Automated Reporting- With intuitive inventory management software, you can receive automatic reporting on the profit margin, total cost of inventory, cost of goods sold over time, customer purchase patterns, and more. These important figures can help your business determine what your most profitable products and services are, what isn’t selling, and what has gone missing. This can help you more easily make informed business decisions going forward.
POS Systems With Inventory Management Capabilities- With the holiday season just around the corner, it is especially important to pursue effective inventory management to ensure you are fully stocked when customers are looking to make all their favorite purchases. The easiest way to take advantage of an effective inventory management system is through your POS system.
Contact Dini to find out other ways an inventory management and all-in-one POS system can benefit your business.
At ekaart, we designed Dini– the voice-based Restaurant Operating System. Dini apps help automate restaurant operations and capture data in real-time. This results in improved quality and operational excellence for the restaurant. Restaurants also benefit indirectly from better customer experiences and reduced marketing spends.
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