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Cloud based inventory software is a necessity for any bar and restaurant in this day and age. But in this article, we’re going to focus on how inventory management solutions can make a world of difference for your bar staff. Even if you have a wine cellar accompanied by an exclusive wine list, opting for high-level inventory solutions can lead to enhanced operational efficiency. And let’s not forget how having a bird’s eye view of your stock can guide your next move toward maximizing profits. Now, without further ado, read on to learn all about it!
What Is Cloud Based Inventory Software for Bars
In simple terms, cloud based inventory software for bars consists of solutions that allow you to track stock as long as you have an internet connection. Whether you use a computer, tablet, or smartphone, cloud technology allows you to view it all. From available stock, to par levels and bottles of alcohol you need to repurchase, all bars can benefit from such technology.
10 Examples and Benefits of Cloud Based Inventory Software for Bars
Want to learn about ten cloud based inventory software for bars and their many benefits? By the time you finish reviewing this guide, you won’t believe you went so long without cloud technology. Read on!
1. Inventory Tracking Software
The Benefit: The ability to have a clear view of what you have on hand.
The sole purpose of a cloud based inventory management software system is to track the items you have vs. what you need to repurchase. It’s that simple. If you’re unable to track inventory by the bottle, you won’t be able to manage any of the other functionalities that such software is designed to do. Think of inventory tracking as the baseline for all other innovative features.
2. Liquor Pour Monitoring and Control Software
The Benefit: Ensure quality and consistency by preparing drinks according to exact measurements.
Just adding a little more or less alcohol to a cocktail or wine into a glass can dramatically skew inventory data metrics. That’s why so many bars opt for liquor pour monitoring and control software. By using this kind of feature, you can double-check where too much alcohol is going and where you can cut back. In doing so, you’ll also be able to establish a more consistent customer experience.
3. Order Management Integrations
The Benefit: Reorder all necessities in the same platform where you track said inventory.
Okay, so you’re using a cloud based inventory software solution so that you can better track what you have available vs. what you need to reorder. But what if we told you that you can also use such a program to place new orders? With the ability to handle all inventory-related operations in one place, you’ll be able to accomplish significantly more in less time.
4. Point-of-Sale (POS) Integrated Software
The Benefit: A seamless connection between inventory counts and where you log purchases.
If there’s one thing you should look for in cloud based inventory software, it’s POS integrations. The sole purpose of inventory management tools is to have a clear picture of exactly what you have in stock and the items you’re running low on. If individual amounts of ingredients aren’t deducted as soon as they’re sold, you might not accurately account for what’s no longer available. But when an inventory tracking tool can connect to your bar POS system, all the math will be done for you.
5. Cost Management Software
The Benefit: Compare and contrast the costs of various ingredients and beverages.
As the costs of your ingredients rise, your menu prices will have to increase, too. With cost management functionalities, you can determine price adjustments so that your business is never at risk of ending up in the negative. You can account for way more than just beverage costs, too. Instead, you can also measure wages, utilities, and marketing costs to determine what you need to bring in to remain profitable.
6. Recipe Management Software
The Benefit: The ability to deduct exact measurements from your inventory tracking system as orders are logged in the POS system.
It can be nearly impossible to manually track beverage inventory, especially when you serve custom cocktails. That’s why cloud based inventory software providers allow you to log all your cocktails and mixed drink recipes in the backend. Then, you’re going to train your staff to abide by these recipes. As each bartender or waiter adds a drink to the POS system, those individual ingredients will be deducted from the inventory stock levels you’re tracking. That’s right–spirits and other types of alcohol can be accounted for right down to the ounce.
7. Mobile Inventory Management Software
The Benefit: Access important data metrics and place orders, at any place, and at any time.
Every successful business owner will need access to their establishment while on the go at some point or another. In the modern age, there’s no better way to do that than from your smartphone. So, we strongly recommend using a cloud based inventory software solution that has its own app. This way, you won’t have to be at your brick and mortar business to crunch numbers or place upcoming orders.
8. Demand Planning Software
The Benefit: Identify what you need, when you need it.
Once you determine the most high demand products in your bar, you should identify how often you run out of each one. Then, schedule a reorder point accordingly. In doing so, you’ll never be at risk of running out of the items that generate the most revenue for your business. Some experts in the food and beverage industry refer to this concept as understanding the par level.
9. Waste and Loss Prevention Software
The Benefit: The opportunity to view what doesn’t sell or spoilage, allowing you to exclude beverages that are driving costs.
You’ll probably find after a while that there are bottles collecting dust behind your bar or in your wine cellar. All of these beverages cost you money initially, and now they’re not earning your business revenue. So, identify which bottles are beyond their expiration date or have gone a while unopened, and make space for what sells.
10. Reporting and Analytics Software
The Benefit: Easy access to the performance of all your wine, beer, and spirits.
You’ll never know how to move forward in your business if you don’t have access to accurate data analytics. Well, technically you can, but you might not have the ability to make decisions with confidence. By having access to all the right metrics now, you’ll be as equipped as humanly possible to project the future.
Frequently Asked Questions About Cloud Based Inventory Software
The implementation of cloud based inventory software for bars can take time to adjust. So, it’s crucial that you have a thorough understanding of potential features, the benefits of using this kind of software, and the best providers on the market. Review the following FAQ section for a brief snapshot of the topic at hand to help you understand cloud based inventory software as a whole.
Is Cloud Based Inventory Software Necessary?
Yes, in this day and age, it’s safe to assume that cloud based inventory software is necessary to thrive. Cloud technology makes it easy to manage operations in real-time. Plus, it allows upper-level executives to access ordering features and analytics from anywhere, at any time. As a result, it’s vital to keep up with competitors, as there’s a strong likelihood that competing brands are leveraging such tools.
Is Cloud Based Inventory Management Software Worth the Price?
If you use a platform like BinWise, which makes it affordable for F&B establishments to use cloud based inventory management tools, then it’s certainly worth the price! There are some solution providers that have an a la carte pricing model. By the time you pick and choose which features you’d like, the package will end up costing a pretty penny. Meanwhile, others offer all-inclusive products. These are the ones you want to look out for. Well, that’s if you want to get the best bang for your buck!
What’s the Best Cloud Inventory Management Software for Bars?
BinWise is by far one of the best cloud inventory management software solutions for bars. It’s a user-friendly platform that allows you to track beverages by the bottle, pour control, par levels, and more. The platform’s features are so good that Michelin Star restaurants and other fine dining restaurants all around the world use BinWise to streamline operations and maximize revenue.
What’s the Best Cloud Inventory Software for Restaurants?
One of the best cloud inventory software solutions for restaurants is the BlueCart platform. One of its best selling points is that it’s extremely affordable. Plus, the order management features are accompanied by a digital marketplace. So, businesses can streamline all their order management processes and acquire inventory at the best prices in one place. It doesn’t get much better than that! Book a demo to learn more about the BlueCart app!
Can Cloud Based Inventory Software Connect to My POS System?
Yes, cloud based inventory software can connect to your POS system. In fact, connectivity between these two systems is the primary selling point for most establishments. Therefore, it’s something that solution providers prioritize.
Start Using Cloud Based Inventory Software Today
Are you feeling eager to implement cloud based inventory software in your bar? If so, BinWise can serve you well! Schedule a demo with us, and one of our product experts will be in touch to walk you through the industry-leading platform.