Accuracy, saving time, and other ways automatic inventory will make your business thrive...
Whether in our homes, at grocery stores, farms or restaurants, bad inventory management is probably one of the biggest causes of waste and leakage. When we throw out expired milk, most of us don’t think about the monetary loss of that item, however if we were to add up the cost every time we throw away a bottle of expired milk, it would have a significant impression on our bottom line.
The alternative – staying on top of your inventory and counting it diligently is ideal, but is it realistic? The thought of having a system setup, that automatically replenishes your inventory count every time you made a purchase and deducts from your inventory every time you sell an ingredient, is the perfect solution. SimpleOrder’s new automatic inventory platform provides that solution. , Restaurants can enjoy luxuries that were never afforded to them before: knowing their inventory count at all times and reducing the time spent managing their inventory.
Here are 9 ways automatic inventory will put your restaurant ahead of the game:
1) Save Time
According to a study by Oracle and Technomic, a third of restaurants that were surveyed said it takes up to 3 hours per week to manage inventory. With an automated system, this time can be reduced to less than half, allowing your staff to use their time more efficiently and reducing your restaurant’s labor costs.
2) Precise Ordering
An accurate count of your inventory in real time gives you the power to order what you actually need and prevents you from over ordering. This alone, will significantly reduce your food waste.
3) Reduce Errors
According to the New England Journal of Medicine, digitizing inventory can reduce errors by up to 44.1%, therefore having a system that essentially tracks your inventory for you as you sell and purchase items, means that purchasing errors will significantly be reduced.
Automated inventory gives you a real time understanding of what what your cost of goods sold is. This in turn means accurate menu prices at all times- no more losing money through inaccurate calculations of your COGS- you’ll know exactly in real time how much it costs you to make a dish and how much it should cost on your menu.
5) Informed Menu Engineering
Since you will have an accurate count of which items are selling, you can make informed decisions about your menu, you can get better bulk prices for your most ordered items, and you can adjust dishes on your menu accordingly so that they will be the most profitable for your business.
6) Balance Your Finances
Without knowledge of the value of your inventory levels at all times, you will never have an accurate understanding of your gross profit percentage, therefore you won’t be able balance your accounts, or provide accurate financial reporting. Having an accurate understanding of the value of your inventory at all times, lets you know where the bottlenecks in your business are and where the money is. You can then make decisions that will help move your inventory flow in a profitable way.
7) Catch Leakage Fast
Automatic inventory allows you to see the discrepancies of your actual vs. your theoretical inventory at all times, in real time, from anywhere. This means that if there is a serious discrepancy, you can catch theft and waste and can act on it before it becomes a substantial problem.
8) Make Sound Predictions
Accurate inventory counts in real time and inventory reports over time will help you to see trends and patterns in your restaurant, giving you the tools to predict inventory levels necessary for the future. You can make more educated decisions about which periods you need to keep your inventory stock levels higher and in which periods you can reduce purchasing, making your business and purchasing process more and more accurate over time.
9) Manage from Anywhere
Automatic Inventory Reports are available to anyone who has access to SimpleOrder’s cloud-based system at any time from and from anywhere. For restaurant owners this is a blessing, because it means they can take time away from their restaurant, without losing control of their business.