Getting a handle on managing your inventory is not always an easy task. You know how it goes… you spend hours counting your inventory with a pen and paper, only to determine the numbers don’t add up/products are missing. We know that it can be a huge pain point when running a restaurant or bar. It may involve a lot of mistakes and a great deal of time before finding a method that works best for your bar or restaurant. Traditional methods can be extremely time consuming and costly. They also lack accuracy and allow room for human error. However, a successful inventory management system is vital to the success of a business. Something that many businesses don’t realize is that better inventory management can be achieved by leveraging technology that has been created to simplify these processes.
Would you believe me if I told you that all your problems can be solved with one minor change? Okay.. switching from pen and paper to cloud based technology might not be minor, but it will make all the difference to your business practices.
Compared to traditional methods of managing your inventory using a pen and paper, it is significantly easier to use cloud based technology and software. Curious to see how these tools can help your business? The following are some ways that technology can make inventory management more intuitive and easy.
Reduce your Expenses
Using technology to manage inventory can save your business a lot of money. It can reduce your inventory storage costs, and also, costs of wasted items. The key to managing your inventory is having the minimum quantity in stock for the maximum number of approximate sales. Tracking your inventory electronically allows you to ensure you always keep inventory between these min and max numbers. Having an access of inventory can be costly for your restaurant or bar, especially if you’re ordering items that are perishable and end up spoiling before getting the chance to be used.
Saves you Time
Inventory management systems cut down on time spent counting inventory by improving the process. These systems help you count inventory faster while tracking everything that has been counted electronically. Whenever an item is used or added, scan it in or out of your inventory so all products are tracked through the technology. This will decrease how often staff will have to conduct a manual count, allowing more time to be spent on important business processes.
When it comes time to reorder products, inventory management technologies make it easy by producing data based on your minimum and maximum par levels. This data suggests how much of each product should be ordered based on these par levels and products sold.
Improves Data and Insights
Curious to see how much of every product is being sold or is being wasted in your establishment? Using an inventory management system enables you to track all this data and view it through the cloud based technology. When products are scanned in and out of inventory using these systems, data is produced to help improve your business operations and help you cut costs.
Real Time Information
Cloud based technology that is used to track your inventory does it in real time, meaning you can see the information recorded in your system right when it happens. When an item is added to your inventory through the system, it will show instantly. This makes it easier for you as a bar owner or manager to view exactly what you have in stock and how often products are being used.
Increased Security and Transparency
Inventory management technology helps create a centralized system where all information on inventory can be stored. Managers and employees can view this information at all times, reducing chance of theft or loss of items. If all products are tracked in a centralized system, we know how many units are in stock compared to how many should be in stock.
We know that change can be difficult. You may be comfortable with the way things are going, it may not be great but at least you know it works, right? Not really… Investing in change that your company will reap benefits from is beyond worth it. Using technology to manage your inventory will save you so much time and money that can be spent elsewhere in the business.
Using technology is the first step towards cost savings and waste reduction in your bar or restaurant. There are many technologies that can be used to improve the process, such as point-of-sales systems, like Touchbistro, or inventory management systems, like Vinocount. Implementing these technologies will make managing your bar or restaurant a breeze.
Vinocount creates unique, simple, fast and effective information systems that can keep your bar or restaurant updated in real time. Their machine learning algorithms are continuously monitoring your stores performance and charting waste patterns.
Emma Coady, Account Connector @ Fytics Inc/Vinocount