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Beverage inventory management software can enhance bar and restaurant operations. Maybe you're looking for ways to automate tasks for the bar staff. Or, perhaps you'd like access to insightful restaurant data metrics. Regardless of your needs, an inventory management solution is worth the investment.
In this post, we're going to outline three tips for using such a tool once you have figured out the beverage storage. Then, we'll go over five valuable uses of bar inventory software. Now, let's begin!
What Is Beverage Inventory Management Software?
Beverage inventory management software is a solution that allows F&B professionals to efficiently organize and track inventory. It showcases data visualizations pertaining to current inventory stock and sales trends. It also allows you to submit new purchase orders to vendors, which are simple to manage and approve.
3 Tips for Using Beverage Inventory Systems
There are a few things to be mindful of before investing in a liquor inventory management system. The following tips should be of assistance during the research stage as well as the onboarding phase:
- Choose a system that connects with your POS system. This way, ingredients will automatically be deducted from your stock levels upon each purchase.
- Ensure that your staff receives ample training. Anyone from the restaurant manager to the bartender can take inventory. So, it’s important that everyone is knowledgeable about how to operate the beverage software you choose.
- Customize the backend as much as possible. Manually input all your mixed drink recipes, wine servings, and so on in the backend. This way, as inventory levels go down, relevant metrics will be as accurate as humanly possible.
5 Uses for a Liquor Inventory Management System
Liquor inventory systems provide bar and restaurant staff with a wide array of benefits. From operational efficiency to operating eco friendly restaurants, there are several game-changing uses. See below for five perks of using a bar liquor inventory system:
1. Stay More Organized
One of the most obvious uses of beverage inventory management software is to organize back of house storage. With the ability to use a scanning device that syncs with a bar inventory app via Bluetooth compatibility, storing and tracking inventory is as easy as 1-2-3.
2. Save Money
Are there bottles sitting in your cellar collecting dust? Or, are there beverages that just aren’t super profitable by the glass? These are the kinds of questions that beverage inventory management software will be able to answer. Then, you’ll have a clear picture as to what generates revenue and which bottles to eliminate from upcoming purchase orders. It might even give you an idea of where you should update prices, which will allow you to make the most of your current stock.
3. Reduce Waste
Beverage inventory management software can open your eyes to data that indicates the amount of alcohol going to waste. For instance, let’s say that one customer orders a single glass of a wine you’ve never opened before. After a couple of weeks, you’ll have to toss the bottle. Meanwhile, if nobody else orders this wine by the glass during this period, that’s the majority of a bottle going to waste. This is just one example of how beverage inventory systems can signal high amounts of waste. Over time, all those opened bottles will add up!
4. Provide a Better Customer Experience
When you have a bird’s eye view of which types of alcohol you have available, you’ll be aware of when to place new orders. As a result, you’ll never be without the wine, beer brands, and liquor needed to offer all the menu items. In fact, customers might even be able to request the most popular cocktails that aren’t on the menu! As a result, customers will enjoy the flexibility and peace of mind that everything is in stock behind the bar.
5. Determine Which Drinks Are Your Best-Sellers
Sales data will be front and center upon signing into your beverage inventory management platform. These charts will display historical data metrics regarding sales, dates, and times. Once you’re aware of which beverages are your best-sellers, you’ll be able to make any necessary adjustments. From drink specials to social media promotions, leverage this information wisely.
Frequently Asked Questions about Using Beverage Inventory Management Software
If you want to learn more about beverage inventory management software and the ways it can improve your business' operations, read the following paragraphs. We answer some common questions and give even more helpful information!
Can the Beverage Inventory Management Software Track Multiple Locations?
Yes, most beverage inventory management systems allow you to track inventory across multiple locations. This is ideal for restaurants and bars that store beverages in different areas, such as a bar, cellar, or stockroom. It's also idea to use when running a chain of bars, restaurants, and hotels.
How Does Beverage Inventory Management Software Integrate with POS Systems?
Beverage inventory software integrates with POS systems by automatically updating inventory counts based on sales. Each time a drink is sold, the POS system updates the inventory software, helping you maintain accurate stock levels without manual tracking.
Can Beverage Inventory Management Software Calculate My Beverage Costs and Profit Margins?
Yes, the software helps calculate your cost of goods sold (COGS) by tracking your inventory purchases and usage. It can also calculate profit margins by comparing beverage costs with sales prices, giving you insights into your profitability.
Ready to Leverage the Power of Beverage Inventory Management Software?
Now that you know the basics of using beverage inventory management software, schedule a demo with us to view it in action! Then, you’ll get to see real-life examples of the five uses we outlined in this post. If you like what you see, we can discuss working with one another a bit further.