Inventory management is one of the most important aspects of running a restaurant. It can be a daunting task, but it is essential to ensure that you have the right amount of food and supplies on hand to meet customer demand.
It is no wonder that inventory management is such a task in restaurants which not only consumes a lot of time, but also requires a team of workers to be done efficiently. And the more human intervention is there while doing it, the more is the inaccuracy, which leads to excess/ under ordering, resulting in loss in revenue, either way.
For decades, regardless of all areas of operation in a restaurant being modernised, inventory is still done the old traditional way, which directly affects other operations as well.
The attitude of a restaurant towards the process of inventory management can either make or break their business. An effective inventory solution is quite essential to everyday processes, as well as the long-term goals of any restaurant.
According to a research, on average 15% of the food ends up in the bin, which can account for a large majority of the revenue, and these numbers alone are a big convincing reason to track the inventory and to have it done accurately.
In this era of technology, not only should such tasks like inventory be digitised, but it should also rectify all the pain points encountered during inventory, such as inaccuracy, pilferage, forecasting, etc. An effective inventory management solution is an immediate requirement of a restaurant in order to operate more optimally.
The Challenges of Inventory Management
There are a number of challenges associated with inventory management in restaurants. These include:
- Accurately tracking inventory: It can be difficult to keep track of inventory levels, especially in a busy restaurant. This can lead to overstocking or understocking, which can both have a negative impact on your bottom line.
- Preventing theft: Inventory theft is a major problem in the restaurant industry. It is estimated that restaurants lose billions of dollars each year to theft.
- Managing costs: Inventory costs can be a significant expense for restaurants. It is important to manage these costs effectively in order to stay profitable.
TechRyde powered inventory management system is what could perform such daily tasks on its own, just with a phone. With its time and man power saving features, it would not be wrong to rephrase it as ‘one man army.’
This cloud-based inventory management system automates your restaurant operations and manages your business efficiently. With its outlet level reporting, anti theft module and live inventory tracking, the system gives you an easy way to manage and control food costs.
With its user-friendly interface and that requires no special training, set the system up and running at no time.
Its key features include:
- Theft Control
- Predictive menus
- Cloud based Restaurant System
- Single or multiple locations
- Easy onboarding
How to Improve Your Inventory Management
There are a number of things that you can do to improve your inventory management. These include:
- Use a cloud-based inventory management system: A cloud-based system can help you to track inventory levels in real time and prevent theft.
- Set up regular inventory counts: Regular inventory counts can help you to identify any discrepancies and ensure that your inventory levels are accurate.
- Implement a food waste program: A food waste program can help you to reduce the amount of food that is wasted. This can save you money and reduce your environmental impact.
- Train your staff on inventory management: Your staff should be trained on how to properly track inventory and prevent theft.
In addition to the tips mentioned above, there are a number of other things that you can do to improve your inventory management. These include:
- Use a point-of-sale (POS) system that integrates with your inventory management system: This will allow you to track inventory levels in real time and prevent overstocking or under-stocking.
- Set up alerts for low inventory levels: This will help you to ensure that you never run out of essential items.
- Negotiate discounts with suppliers: By negotiating discounts with your suppliers, you can save money on your food and supplies.
- Use a food waste tracking system: This will help you to identify any areas where you can reduce food waste.
Inventory management is an essential part of running a successful restaurant. By following the tips above, you can improve your inventory management and reap the benefits of increased profits, improved customer service, and improved efficiency.