Your restaurant inventory is the backbone of your business. The stock you buy is an asset that directly impacts how profitable your business is, yet so many restaurants aren’t building inventory management strategies that protect those assets.
Data is the true driver of profitable growth for any restaurant. Food and beverage inventory analytics give your business the insights you need to make actionable changes that improve your profit margins.
The stock behind your kitchen and bar is your business’s most valuable asset, and that means it’s time to start using data, KPIs and metrics to improve your ordering decisions. The result? You’ll be able to cut costs and focus on the inventory that truly drives profits.
To help you do just that, Sculpture Hospitality has launched our brand-new Sculpture Hospitality Dashboard for easy insightful and actionable food and liquor inventory insights. The Dashboard features our innovative new Stock Efficiency Rating, to help your restaurant better manage its stock.
Before we get into how that report helps your business grow, let’s first take a quick look at why analytics around your stock efficiency is so crucial to the success of your restaurant.
Stock is your restaurant’s biggest asset. It’s an investment into the profitability of your business. To optimize that profitability, you need to analyze your stock to understand what’s shifting, how fast it’s shifting and how those factors are affecting your overall profitability.
To do this, your restaurant needs to conduct regular and accurate inventory counts to record your inventory usage. The idea here is to bring your on-hand stock down and your inventory usage up, optimizing the profitability of your restaurant’s inventory.
With better insight into your sales data and your actual inventory usage, you’ll be able to make more strategic ordering decisions. Use period automatic replenishment (PAR level) data to ensure you don’t under or over-order your stock levels.
To help you achieve all of these advantages and more, Sculpture Hospitality has launched our all-new Dashboard featuring an innovative new Stock Efficiency Rating report that will help you make strategic stock decisions based on accurate and insightful data.
The Stock Efficiency Rating report looks at your restaurant’s total stock on hand, including your deadstock total in $, the percentage of all stock that is deadstock, your slow-moving total in $ and the percentage of all stock that is slow-moving. You then receive a stock efficiency rating based on how much of your stock is selling well.
For further insight, the Stock Efficiency Rating report will show your restaurant’s top 10 dead stock items and top 10 slow-moving items by category. This allows you to make strategic decisions around those inventory items to improve your company’s profitability.
Want to learn more about improving the efficiency of your restaurant’s stock? Get in touch with Sculpture Hospitality today. Our team of local inventory management specialists are located all over the world and would love to discuss how your business can become more profitable.