If there is something that restaurant workers hate the most, it is doing inventory. Inventory is done daily, at the weekend, or at the end of every month where all the stocks of foods, beverages and many other items are taken into account.
Things are measured, weighed, and counted manually and put up in the system. Inventory, when done manually, not only requires great manpower, but is also time consuming and lacks accuracy.
Here are some tips for doing inventory the right way:
- Set up a system. The first step is to set up a system for tracking your inventory. This could involve using a spreadsheet, a point-of-sale (POS) system, or a dedicated inventory management software program.
- Take inventory regularly. The frequency of your inventory checks will depend on the size and type of your restaurant. However, it’s important to check your inventory at least once a week.
- Be accurate. When you’re taking inventory, it’s important to be as accurate as possible. This means counting everything carefully and making sure that your records are up-to-date.
- Identify problem areas. As you’re taking inventory, pay attention to any areas where you’re consistently overstocking or understocking. This could be a sign of a problem with your ordering or forecasting process.
- Take action. Once you’ve identified problem areas, take action to correct them. This could involve adjusting your ordering or forecasting process, or changing your inventory management system.
One thing that most restaurateurs underestimate is the effect that their inventory can have on the revenue they generate.
There are many ways in which inaccurate inventory levels affect the business:
Overstocking: A situation which arises due to excessive ordering which increases the risk of mass spoilage.
Under-stocking: Due to poor forecasting, when Foods and Beverages are ordered in lesser quantities than required, it results in loss of revenue opportunity.
Pilferage – Pilferage is very common where operations take place on a large scale and storages are not monitored, due to which it mostly goes unnoticed.
Spoilage: It is another big factor which could affect the revenue as spoilages are best termed as cash throwing in the trash.
Overuse in Recipe: While preparing food in a large quantity, any particular ingredient could be overused, which ultimately affects thqe inventory.
Buying at higher cost from the local market: Any fluctuations in the local market could soar up prices of a certain raw food material, which could affect the costing of one or more dishes.
Bypassing the quality standards: With an improper inventory, the quality standards are very much likely to be compromised in any restaurant.
It is clear how an inaccurate inventory could affect the revenue.
Here, the question arises, could there be a better way or indeed the right way of doing inventory? The inventory management system by TechRyde could be the best fit here as it offers many features which inventory like never before.
Here are some of the benefits of using a cloud-based inventory management system:
- Real-time data: You can access your inventory data from anywhere, at any time. This allows you to make informed decisions about your inventory levels and ordering.
- Automated tracking: The system will automatically track your inventory levels and notify you when you need to order more. This helps to prevent stockouts and spoilage.
- Cost savings: A cloud-based inventory management system can help you save money on labor costs. You no longer need to manually track your inventory, which can save you hours of time each week.
- Improved accuracy: A cloud-based inventory management system is more accurate than manual tracking. This is because the system automatically tracks your inventory levels and prevents human errors.
TechRyde offers a cloud-based inventory system that automates your restaurant’s 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 that requires no special training, set the system up and running in no time.
TechRyde inventory variance management system comes with features like:
Theft Control: A visual of raw materials and used produce variance allows you to monitor your inventory.
Predictive Menus: Machine learning based predictive menus allows you to forecast your sourcing needs in advance.
Clould based Inventory System: TechRyde hosts it so you don’t have to worry about it. Simple and easy to use with no downtime. Mobile app and tablet support for stock taking.
Single or Multiple Locations: Seamless coordination of inventory and stock along single or multiple locations.
Easy onboarding: Easy onboarding allows you to use the system in no time. The simple user experience means no time gets wasted on training.
Recipe Optimization: It allows you to balance your recipes while maintaining their costs.
Suggestive Ordering: To avoid last minute shortage of any raw food material, keep your stock complete with suggestive ordering. The system suggests ordering of any item which is used very frequently or in large quantities and is likely to get over before the next order is made.
Smart Inventory Taking: An effective solution to manage the operations of multiple outlets & franchises from a single place.
Mobile Enabled: Monitor the daily stock consumption & control food costs with increased profits in your phone.
Integrated with POS: Pull up detailed data directly from POS.
Realtime Usage Monitoring: Get the real time data of your inventory.
Smart and predictive alert mechanism: It is designed to predict and alert you before you run short of any raw food material.
Accurate inventory is essential for any restaurant. By using a cloud-based inventory management system like TechRyde, you can improve your inventory accuracy and save time and money.