“We love doing the inventory!” said absolutely no-one who works in food and drink service.
It may be a vital task for keeping costs down but, back in the days when taking stock had to be done manually, we can understand the lack of love for such a laborious task. But, with today’s advanced POS systems at your service, effective inventory management is now much quicker to handle and almost entirely hassle-free – even at ingredient level.
More than this, by keeping track of your inventory within a smart cloud-based POS system, the process becomes much more than dealing with the ‘ins’ and ‘outs’ in the store cupboard and more about seeing the bigger picture and managing stock more strategically.
Here’s how you can use the in-built inventory management features that come with the Good Till to make some key improvements to your business:
Order with knowledge
The great thing about having a system that keeps track of both sales and inventory is the insights that provides – not least of which is a full understanding of which menu items are the best sellers and which are slower to move off the shelf. That helps you to better monitor when essential or popular items are approaching their re-order point and make informed decisions about removing items that are less in demand. Most POS systems will also allow automatic purchasing which can further help to avoid human error and the embarrassment of having to tell customers their chosen dish or drink is off the menu.
It’s estimated that full-service restaurants lose around 3% of their inventory due to spoilage while fast food establishments lose almost 10%. That’s just like throwing money out with the garbage!
However, by improving accuracy when it comes to the re-order points for food and beverages, tracking busy and slow periods, and adjusting orders according to seasonal shifts, your smart POS can help you ensure spoilage is minimised and profits are boosted.
Improving the menu
Another benefit of running smart inventory management software through your POS is the way it can track stock by categories or at ingredient level. This helps you to spot variances in what’s on your menu and what your customers are interested in. Perhaps your customers like eggs with their breakfast order but are less keen to order it in a sandwich at lunch or souffle at dinner?
With insights like this, you’re a few clicks away from modifying your ordering process and optimising your menu to perfection.
Raising staff morale
How does a POS integrated inventory system improve staff morale, you might wonder?
Well, first of all, by eliminating the need for them to endure that old laborious manual system. And, secondly, just imagine how your staff feel when they’re face-to-face with a frustrated or angry customer whose just been told the dish or drink they wanted is unavailable. Take that frustration away and you’ve got a happier clientele and a happier workforce!
Bringing greater efficiency to your inventory is one of the ways a smart POS system can ensure you manage the movement of raw ingredients in and out of the business while giving you a bird-eye view of your business and its clientele.
This means that, when it comes to creating, maintaining or developing your brand, you can do this based on the clear knowledge of what works and what doesn’t, and so consistently please the people who come through your doors.
Whether you’re running a fast food outlet, a bar or a full-service restaurant, it’s clear that stock management can have a significant effect on the productivity and profitability of your business as well as on areas such as the quality of your service, staff engagement and branding.
If you haven’t done so already, isn’t it time you put the manual stock inventory firmly in the ‘bad old days’ file and let the automated solution take the strain instead?
Give us a shout to find out more about how the Good Till’s integrated inventory management features can help you save time and money.