Restaurant Inventory Management | How Technology Has Aided RIM?

How Technology Has Aided Restaurant Inventory Management?

Restaurant inventory management
Starting with a restaurant business may be your dream. But you also need to understand that the restaurant business is counted as one of the riskiest business options available. You cannot be sure whether your restaurant will actually prosper and will become a hit among the customers or not. Also, managing the cost of a restaurant business is another challenging task. This is because managing inventory and stock in a restaurant business is a difficult task In the case of other business houses, your stock can remain as it is if they are not sold and you may decide of having a clearance sale after a couple of months to sell them off. But this is not in the case of a restaurant. You cannot stock certain food items for even weeks. They will start decaying. So, either you have to use them up or you have to throw them out. Thus, maintaining just fast-changing inventory can be a difficult task. No doubt introducing technology in the form of a restaurant inventory management system has offered a good amount of help in such a case. 

Keeps Track of the Fast Happening Changes:

As mentioned above, certain food items such as fresh vegetables cannot stay up for weeks. If they are not used up on time, they start decaying and ultimately you have to throw them up. Similarly, once your restaurant business has taken off, you will not know when some of your basic food items have got exhausted in just a couple of hours on the day of rush. Keeping track of all such things manually can be a difficult task.  Hence, restaurant inventory management offers a great help here. It notifies you when a particular item was stocked so that you can check on it whether it is still fresh or not. Similarly, the system will also notify you when an item is getting exhausted so that you can refill it instantly without breaking the flow of the business. 

Reduces Your Expenses:

Often in order to maintain the flow of the restaurant on weekends, restaurant owners tend to stock up a huge amount of items. It is quite lucky if all the items are used up. But there can be many times when you may realize later on that you have over-purchased certain items and now these items will go to waste. Often due to such wastage only, you may cause extra expenses. The restaurant inventory management once again is a great idea in such a case.  You can keep on tracking the stocks that are getting over on a busy day so that you can keep on refilling only those items that are getting over. Also, over time, you can do an analysis of the items that get over quite faster by checking through the last few data. You can stay keeping backup for such items while not over-purchasing other stuff. This way, you will stay away from wastage and also you can reduce your extra expenses. 

Helps in Growing:

Many inventory management solution systems offer you data graph charts of various things such as the highest-selling products from your restaurant, the fast-moving items from your stock, and many others. This way, you will be able to understand how your business is doing and what your customers are liking the most. You can take different decisions such as offering special discounts on the items that are still not in demand among the customers in order to increase its sales Also, having such technology can help you in tracking any kind of theft or cheating that might be happening within the team. Often you might be losing your profits due to such cases. Catching hold of such issues will help you in bringing back everything on track and growing your business smoothly.  Food business can be a risky affair if you are a novice in it. Either you need to have a good amount of experience in this industry or you need to make use of the right technology to help you in this. One such option that has come up is the restaurant inventory management system that helps you in tracking and managing your stocks conveniently so that you can have a transparent look through the things happening within the system and plan accordingly for the future of your business. 
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5 Reasons You Need A Retail Multi-Store Management Solution

5 Reasons You Need A Retail Multi-Store Management Solution

Restaurant inventory management, Retail Management
Today most brands prefer to have a retail multi-store management solution for better results. So, does this solution actually offer efficiency apart from making the tasks of the workers much convenient than before? The answer to this is definitely yes. There are so many different ways how the retail management solution actually provides help to the brand heads sitting at the central office in managing all the stores together without having many hassles.  Well, while there can be several such reasons that motivate the retail heads to get retail multi-store management solutions, here are some of the basic ones that are quite common among all. 
  • Standard Procedures for Operations:

The most basic reason for getting a retail multi-store management solution is obviously to manage all the stores together. Often when the retail heads are sitting at the central office, they are not aware of the activities and operations going on in the stores. When different stores are operating on different platforms or different methods, this can lead to confusion. Having a single retail management solution can bring uniformity in the system, ultimately excluding such confusion and issues.  Having a proper retail management solution will help in having a proper inventory system, invoicing system, along with other options. When all the stores are operating based on this single solution, the chances of confusion narrows, and the heads at the central office are able to manage all the data from different stores in a much convenient an efficient way. 
  • Streamlined Communication:

Apart from having a standard procedure for operations, the retail management solution also enables streamlined communication between all the stores with the central office. There are so many times when someone from one store has to check the inventory of other stores when a particular product is over in the first place. In place of making calls at different stores, the store that has a demand for a particular product can simply scan the retail management solution system to check the availability of the product in other stores without disturbing them. Now, when knowing which store has a surplus option, that particular store can be contacted for help.  Also, in the presence of such a solution, it is not necessary for the managers to remember the contact details of all the store managers. Through the help of network communication, they can contact the store from the central system directly There can be so many times when the manager of the store has got replaced and the seniors at the central office do not have the contact number of the new manager. In such cases, they can directly contact the particular store through the retail management solution system and get in touch with the new manager. Similar to this example, there can be many other such situations where the use of the retail management solution system can be highly helpful for the users and the company. 
  • Convenient Inventory Management:

As mentioned earlier, the retail management solution can help in managing and tracking inventories quite well. Whether it is the managers at the higher level of the brand or the personnel at the stores, everyone is able to check and track the inventory of all the stores in a much transparent way through the system. Not just tracking, the solution also helps in transferring of the stocks from one store to another in a much convenient way. This eliminates the hectic procedure of taking permission each time from the seniors about transferring products from one store to another in case of necessity.  It is because of this transparency that the retail management solution also allows the stores to split their stocks when in need. The seniors are able to track all the activities that are going on and they understand whenever an action is taken or any change is made in the inventory due to sale or due to transfer of items from one store to another. 
  • Great Customer Service:

The retail management solution does not just offer benefits to the brand and its team. Often customers also now prefer to shop at a brand that has got such solutions at their stores. This is because when there is a system, the customers rely upon the invoicing better and the option of taking customer feedback impresses them even more. Apart from a systematic invoicing and customer feedback option, the retail management solution also helps in introducing customer loyalty programs Through such programs, the stores can keep a track of the transactions and purchases made by the loyal customers of the brand. Depending upon their purchases made, the brand also offers several rewards and offers to loyal customers. Of course, many customers prefer to become loyal members of the brand in order to earn loyalty points and win rewards in the form of special discounts or others. 
  • Proper Analysis Leading to Growth:

While the stores make use of the inventory management, invoice system, and other options, the seniors’ heads at the central office also can make use of other features of the retail management solution. If you are making use of a proper solution, it can also offer diverse graph charts based on the data accumulated about sales, profits, and other details.  These senior authorities use these data graphs to analyze a number of things such as comparing sales and profits of different years, estimating the growth in sales for the upcoming years, and even understanding the demand of different products among customers.  The demand for retail multi-store management solutions systems has spiked up in the last few years. There has been a wide range of reasons due to which so many retail owners are preferring today to invest in this system. Understanding the benefits of the system, it can be surely said that having a retail management solution has definitely become one of the best alternatives today. 
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Best Retail POS Systems in Singapore | LevelFive Solutions

5 Best Retail POS Systems in Singapore

Restaurant inventory management, Retail Management
With an increased amount of workload in the retail industry, POS systems have come up like a boon. There have been so many reasons due to which many retail owners and operators prefer to make use of the best POS systems today. Also, it is due to the increasing demand for such systems that more options are coming up in the category of best retail POS systems in Singapore and other places across the world.

Benefits of Retail POS System:

While there are tons of benefits of using the retail POS system, here are some of the most basic ones to know about. 
  • Minimized Human Errors:

One of the basic and most important reasons that many of the users have to use POS systems is to reduce down human errors. The slightest of errors can lead to trouble in matching up the balance sheet at the end of the day. The POS systems make sure that all the operations are done without any errors. 
  • Easier Management:

Another benefit of these POS systems is that it is super convenient to use and helps you in managing all your records and transactions in a much easier way. 
  • Automated System:

POS systems are automated systems and you can use them for different options such as monitoring and analyzing your inventory or keeping proper track of your documents. When customers are fewer, you can still manage to perform your activities manually. But when suddenly the customer flow is high, you will require support and retail POS systems can turn out to be the best option in hand. 

5 Best Retail POS Systems in Singapore:

Now when the benefits of using POS systems are clear, it is essential to understand that choosing the right system is also important. Here are the best retail POS systems in Singapore to go for. 
  • POS Square:

Started in the year 2002, POS Square is known as one of the most used POS systems in Singapore. By now, the system is a part of some of the most renowned retail partners in the country. This system offers:
  • It has got customizable settings
  • Inventory management is its highlight
  • It has got print-friendly database
  • It offers great support after installation
  • Shopkeep:

Shopkeep has become a favorite for small business owners as well as the medium retail companies in Singapore. Here are some of the possible reasons why this system has become so much popular:
  • The tool has got simple to use interface
  • The users get stock management, inventory, and many others in real-time
  • The system is based on cloud
  • It includes a plethora of features like bookkeeping, data management, tracking, and others. 
  • Equip Retail POS:

Equip is another option available in Singapore that is suitable for all types of retail business houses. Whether you are a small business that has just started up or are already a big enterprise, this system is the best to rely upon. Here are the features:
  • It is a web-based system
  • The tool is quite easy to integrate with other systems
  • It is comprehensive and Modular
  • Unlimited users can use the system after getting the license
  • Zeatech Retail POS:

Zeatech is an efficient system for cash handling, invoice, and other elements. It comes with several amazing beneficial features and these are:
  • Zeatech has a user-friendly interface with comprehensive features
  • The tool tracks inventory in real-time
  • It has got stock report, inventory management, and similar elements
  • Lightspeed:

With an interface that is minimalistic, Lightspeed is quite easy to use and has become popular among many retail owners for this reason. Here are some other reasons that have made Lightspeed one of the favorite options for many of the retail owners in Singapore
  • It comes with customizable features
  • It is a system based on the cloud platform
  • It has marketing tools integrated into it
  • This tool serves best for those who have multiple retail outlets. 

How to Choose the Best POS System in Singapore? 

Of course, when you decide to have a POS system, you will be getting any one of the best options mentioned above. But which one actually should you get from the best 5 options mentioned above? This can be determined by a number of factors:
  • The size of your enterprise:

Some systems are for big enterprises while some others are exclusively for small retail owners. There are also some that can go well in both cases. 
  • The Features:

Which features you prefer to have in your system will depend upon the requirements that you have in your enterprise. Go through the features of the systems carefully to get the one that suits you the most. 
  • The Price:

It is very much important to choose the retail POS system that suits your budget. There is no point in getting under an extra burden. Hence, go for a POS system that is within your budget range.  All you need to do is to spare some time in researching and comparing so that you can get the best retail POS system for you. After all, this investment is going to serve with a lot of benefits. 
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10 Ways Restaurant Technology Is Optimizing Operations

Branding, Corporate, Development, Digital, Marketing, Restaurant, Restaurant inventory management, Startup
With the increase in competition and the introduction of restaurant technology, there’s a noticeable change in customer demands. Hence, the restaurateurs are going all out to automate the restaurant operations. This can be achieved only through implementing a smart restaurant technology that can optimize operations, and speeds processes. Implementing technology in your restaurant is a very cost-effective solution in the long run. Moreover, it provides various services that increase your customer satisfaction and is also customizable. Automating restaurant operations with the help of smart technology is not only imperative but the need of an hour. Also, it marginally reduces the scope of errors and mistakes as compared to manual operations manifold.

How To Improve Restaurant Operations Using Restaurant Technology

As above we have talked about the importance of both restaurant technology and automation for your restaurant. Let us now learn the smart ways in which it can streamline your restaurant operations.

Online Ordering

Talking about restaurants and current needs, Online Ordering is a new trend. With more and more online food aggregators, online ordering is becoming famous which can be done through a mobile app. This enables your guests to place an order from anywhere. One of the major advantages of online ordering is that it is easy for guests to place an order with just a few clicks away from their favorite restaurant. This significantly reduces the risks of mixing up the order through telephonic ordering.

Automatic Billing

Earlier the Restaurant technology was introduced in a form of enhancing billing operations in restaurants. However, nowadays it provides much more than just billing. In billing, the POS software generates an automatic bill right after the order is placed or the customer has dined. This bill is based on the Kitchen Order Ticket (KOT), which eliminates the scope of mixing up orders and bills. This eliminates all sorts of delays and enhances customer service. Also, Dineplan Suite provides splitting bill options which makes it easier for customers to pay when they want to go Dutch.

Online Payments

With the introduction of Online payments, the lives of both customers and restaurateurs are much easier. Nowadays, all the bills generation, as well as the payment, can be done via mobile phones, e-wallets, Google Pay and so much more. This service speeds up the bill settlement process significantly by automating restaurant operations and increasing customer delight.

Table Reservation

With all the technology and competition in the restaurant industry, customers do not like to wait in the restaurant. Here comes the need for Online table reservations which enables customers to book tables in advance. This tool in your pos software presents a virtual overview of the restaurant to help customers choose their preferable tables and book in advance. Isn’t that a wonderful feature to offer? This service increases your customer delight, as the customers can avoid waiting to be get seated.

Loyalty Programs

Of course, acquiring a new customer is significantly important for all businesses including the restaurant industry. However, the cost of acquiring is more than retaining your current customer base. In general, your Loyal customers tend to spend more and are more helpful to refer their friends. Hence, Loyalty programs are very crucial for your restaurant business. With the help of your pos system, you can run a loyalty program campaign on your customer database. This means on each order, the points are automatically added to your customer’s profile.

Accounting and Reporting

Accounting feature in your restaurant pos software – Dineplan Suite enables you to manage your daily and monthly finances of the restaurant. You can access all the sales data and transactions in various formats to easily understand your restaurant business. Also, restaurateurs can view all the activities in a restaurant in real-time.

Inventory Management

Your pos software provides an Inventory Management feature which is very useful for managing the raw materials for your restaurant. It easily manages all the stock, raw materials, supplies for daily operations, etc. In addition, you can also manage the shelf life of bakery products like bread, cakes, ice-creams, etc. Based on the orders and trends, your pos system will keep you updated about your current stock. Moreover, it predicts how long your current stock will last, and send indents to order on time to avoid running out of stock. All this detailed management of the stock helps you reduce wastage. Other than cash, inventory is the next area that is prone to internal theft and pilferage. Hence, you can assign roles and permissions to your staff through specific access to the inventory. In the restaurant industry, Inventory management is one of the most sought-after automation. Learn more about Inventory Management here. 

Analytics

Reporting and analytics are the most important areas for any business. Hence, the restaurant business too requires regular running and managing a restaurant. Your restaurant management software stores all your sales data and transactions on a moment-to-moment basis. This data is available on a real-time basis as well as the selected period for regularly analyzing them. These reports must be analyzed regularly to predict trends and formulate future strategies. In addition, this analysis can help restaurants to offer customized deals and offers which can attract more customers. The analytic feature generates reports based on the customers’ ordering habits, and restaurateurs use this data to offer deals and discounts. Learn more about Restaurant Analytics here.

Customer Relationship Management

Customer Relation Management (CRM) is an important tool to manage all your customer databases. CRM helps you to boost customer engagement through personalized email and SMS campaigns. All you need to do is simply install Cloud POS software which offers CRM features wherein all your customer data is automatically stored. This customer data usually records the name, number, location, order history, and value. Based on all these details, you can run a customized campaign of offers and discounts based on their order history. Not only this, you can even send personalized emails, newsletters, new menu additions, events, and a lot more.

Feedback Management

For ages, restaurant staff has been chasing the guests for providing customer feedback for the services and food at the restaurant. Earlier it was all done manually on a register or by filling up a form. However, with the introduction of new smart pos software, the manual task of filling the feedback form is eliminated. Nowadays, your pos software will have a Customer Feedback Management feature that simplifies the feedback-taking process with a few clicks. Customers can now provide feedback based on the food they ordered and their overall experience. Learn ways of Marketing your Restaurant here. So, now tell us about the restaurant technology which you are using at your restaurant.
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