Inventory management is an important aspect of maintaining restaurant profitability. Without being able to effectively manage the flow of food and supplies in an effective manner, the chances of making a significant profit from your foodservice shrink significantly. But how does one effectively take control of their inventory?
Restaurants have managed their stock and recipes using excel sheets in the past. This is a tedious process and only slightly better than the paper-based process. An inventory management software is a must-have for restaurants. A good inventory management software helps restaurants to not only keep a check on the stock and the waste but also to track food costs and maintain recipes.
Let's take a look at a few of the benefits of having a good inventory management system.
1. Keep track of stock in real-time
Keeping track of the stocks in real-time is essential to run your restaurant effectively and also to avoid waste. Real-time stock alerts help you do just that by letting you know when an item is low on stock. Cloud-based restaurant management software systems are helpful for these kinds of services.
2. Keep track of waste
Managing your food cost is closely tied to controlling your food inventory. It starts with purchasing products that are within your budget and keeping control of every aspect of that financial asset (food is an asset as far as your budget is concerned) from storage to prep to tracking yield and waste to portion size and out the door.
3. Maintain recipes for costing
Optimising food costs can help restaurants achieve maximum profits. With all the data at your fingertips, you have the flexibility to adjust your menu planning, expenses and have a better view of how each order impacts the overall profitability of your business. Recipes go a long way to determine food costs for your restaurant and can help in increasing profitability.
4. Generate purchase invoices
Generating purchase invoices to procure stock items is another process that is manual and time-consuming. A good inventory management system provides the ability to generate purchase invoices that can be sent to vendors to procure items.
5. AI-based stock prediction
Next-generation restaurant management systems leverage AI to provide predictions for when the stocks in your inventory will last. By comparing up-to-the-minute information with your actual supply levels, you can determine whether your kitchen staff is adhering to recipes and portion sizes and potentially uncover sources of waste and theft. Automating these tasks using an AI-powered integrated restaurant management solution eliminates guesswork, ensures the right supply levels and removes one more item from your to-do list.