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If you own a business in the hospitality industry (or any other for that matter), you are probably always looking for ways to maximize profit. And what if we told you that managing your beverage inventory the right way can help you maximize your profits?
Whether you are handling restaurant beverage inventory or cruise beverage inventory, there’s a lot that you need to do. From planning the beverage program and ordering items to organizing inventory and staying on top of it, a business owner or restaurant manager has a lot on their plate. This is why mistakes are prone to happen and money can easily be lost.
By utilizing beverage inventory tracking software, you will not only automate a lot of processes and save time. You will also not lose money without realizing it and will maximize the profit of your bar, restaurant, country club, or cruise ship.
Is Beverage Inventory Tracking Software Better Than Traditional Methods?
The short answer to this question would be “Yes, totally.” But let’s elaborate on that. There are many disadvantages to manual inventory tracking that the software doesn’t have. Beverage inventory tracking software solves issues that will end up saving you money and making your business more successful.
Manual tracking of inventory can result in:
Key Takeaway: Using beverage inventory tracking software has a lot of advantages compared to keeping track with manual methods. Using tracking software is a quick and easy way to maximize the profit of your business in the hospitality industry.
Overordering or Underordering
Man-made mistakes are very common when recording beverage inventory manually. These errors come from incorrect stock levels, which leads managers to overorder or underorder different types of alcohol, different varieties of wine, cocktail mixers, and more.
Overordering is tying up the capital of the bar or restaurant, while not having enough stock will result in missed opportunities to sell more items.
Waste and Spoilage
When counting bottles manually, you may miss the fact that some bottles are close to their expiration date. The best way to do loss prevention is by using everything up before it gets spoiled and manual inventory tracking will not help you much in that regard.
To know more about beer expiration, as well as alcohol expiration, read our articles on these topics. Also, make sure to use temperature-controlled storage correctly and ensure proper beverage storage for everything that is stored at room temperature.
Losing a Lot of Time
Manually counting bottles and everything else takes a lot of time. The time owners, managers, or staff spends doing this can be used in a much more efficient way, elsewhere.
Inefficient Ordering
When you don’t have real-time data, making a decision on what and how much to order is a big challenge. As previously mentioned, overordering can result in many items going bad and you can also have increased storage costs.
Lack of Data Analysis
Any manual method you may be using is probably lacking in the data analysis department. You can miss out on very important insights on how and when your customers consume the most. What they love to order and what they don’t, and other such important customer behavior stats.
Keeping an eye on all of these adult beverage trends will help you optimize the pricing of all the cocktails drinks and other beverages you are serving.
Reduced Customer Satisfaction
Customer satisfaction is crucial for you, right? If you want to keep it high, you have to make sure that everything from your menu that your customer may want is available. If something is unavailable, especially when the people are regulars and are used to a certain customer experience, this will leave a bad impression.
Higher Operation Costs
Inefficient inventory management due to manual beverage inventory tracking will lead to higher costs. Labor costs will increase because of the time and effort counting and recording inventory takes.
How to Maximize Profit with Beverage Inventory Tracking Software
Now, let’s talk about the way beverage inventory tracking software is not only saving time but also helping businesses maximize their profit. If you are running a bar or a restaurant, this is the information you need to know!
Accurate Tracking
When you are using beverage tracking software, your data will always be up to date. The numbers you will see will always be the latest, most accurate numbers. This way you are always aware of how many bottles of each drink you have and when to place a new order.
Supplier Management
Tracking software can help you manage the relationship between your business and suppliers and vendors. You can keep track of pricing and delivery schedules. If you notice changes in the pricing of the bottles you are ordering, you will be able to quickly adjust your prices, too.
Setting Par Levels
Using historical data, with the help of beverage inventory tracking software, you can set par levels for each kind of product. This way, you will know exactly when you need to order more vodka, gin, whiskey, rum, or any other beverage.
Menu Optimization
The data you gather with the tracking software will help you determine which are the best offers on your beverage menu and wine list. You can then focus on high-margin items and adjust pricing and promotions.
Waste Reduction
With beverage tracking software, you will know exactly when each bottle expires. This will dramatically decrease the waste. Also, it will help you implement the recommended first-in-, first-out system (FIFO).
Loss Prevention
When you are using something as reliable as software to track bottles, theft will become instantly apparent (if there are any). This means that by implementing software for tracking beverage inventory, you will actually be doing loss prevention and will be able to take appropriate measures on time.
Promotions and Specials
Gathering data with the use of software will help you plan future promotions and specials with ease. Highlight items with high margins and promote them during peak times.
Managing restaurant inventory is not an easy job. If you want to do it exceptionally well, you need the right tools that will help you save time and resources to do other great things. If beverage inventory software is what you are in the market for, check out BinWise!
With our software, you will level up the inventory management of your business and will maximize profits in no time. Learn more about what we can do by booking a demo!
Frequently Asked Questions about Beverage Inventory Tracking Software
Let’s look into some frequently asked questions and give a bit more helpful information on the topic of beverage inventory tracking software!
What Types of Businesses Can Use Beverage Inventory Tracking Software?
From bars and restaurants to hotels, country clubs, and even cruise ship lines - all kinds of hospitality industry businesses can take advantage of beverage inventory tracking software. They can all greatly benefit from saving time and resources on tracking inventory and being able to pour their energy elsewhere.
Can Beverage Inventory Tracking Software Integrate with My POS System?
To maximize profit, find software that will integrate with your POS system. BinWise, for example, integrates with over 50 different POS systems, which makes it great software for many bars and restaurants!
Is Beverage Inventory Tracking Software Customizable to My Specific Needs?
Most inventory tracking software allows some level of customization. You can often tailor it to your specific menu, suppliers, and inventory items.
BinWise is fully customizable and will scale with you as your business grows and your needs change!
What Are the Benefits of Using Beverage Inventory Tracking Software?
Using beverage inventory tracking software can provide several benefits, including:
- Improved accuracy and efficiency in inventory management.
- Reduced waste and shrinkage by identifying over-pouring, spillage, and theft.
- Better control over costs and margins through real-time visibility into inventory levels and pricing.
- Streamlined ordering and restocking processes, leading to better inventory turnover and cash flow management.
- Enhanced decision-making through data-driven insights into sales trends, popular products, and supplier performance.
How Does Beverage Inventory Tracking Software Work?
Beverage inventory tracking software typically works by integrating with a POS system to capture sales data in real time. It may also include features for manual input of inventory counts, receiving and recording deliveries, and generating reports and analytics. Some advanced systems use barcode scanning (with barcode scanner apps) or RFID technology to automate data entry and improve accuracy.
What Features Should I Look for in Beverage Inventory Tracking Software?
When evaluating beverage inventory tracking software, consider the following key features:
- Real-time inventory tracking and reporting
- Integration with POS systems and other relevant software
- Barcode scanning or RFID capabilities
- Mobile access for inventory management on-the-go
- Purchase order management and supplier/vendor integration
- Customizable alerts and notifications for low stock levels or expiration dates
- Forecasting and demand planning tools
- Multi-location support for businesses with multiple outlets or warehouses
- Data analytics and reporting capabilities to analyze sales trends, margins, and inventory turnover.