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How to do Inventory in a Restaurant

Posted: December 27, 2019 by Ly Phan

How to do Inventory in a Restaurant

In the digital era, technology has made the automation of processes more accessible than ever before, bringing greater levels of accuracy and efficiency. For warehouses to keep up with the pace, it’s essential to find the best warehouse management system (WMS) to fit its requirements and needs. In doing so, companies have the opportunity to find a solution that fits their goals and requirements.

Competent warehouse management goes beyond monitoring inventory, managing the multitude of processes that leads to efficient inventory control, serving as a hub for the wider supply chain. Reputable providers, such as SmartTurn, will give managers the ability to bring those processes together into a single, easy-to-use platform. 

By integrating the processes, businesses will be able to have better oversight and increase productivity with the same level of resources. The key is to take the time to research finding the best possible solution, which can then deliver the benefits.

 

Identify Your Business Needs

To fully utilize the power of warehouse management systems, it’s essential to look into your business. This involves an in-depth analysis of warehouse processes, identifying areas of strength and weakness. One aspect, for example, could be to measure the time it takes to fulfill orders - from the moment the order is made to the delivery of the product. 

Other areas to analyze include:

  1. Size of the business: The size of the turnover, workforce, and the amount of inventory all have an impact on the type of WMS your business needs. Additionally, small-to-medium sized companies will need to consider affordability and potential ROI.
  2. Number of locations: A multi-warehouse business needs to ensure its WMS can be easily accessible and transfer data remotely. SmartTurn’s cloud-based software is one such solution that can work across national and international boundaries.
  3. Supply-chain management: In today’s hyper-connected world, global supply chains are increasingly becoming the norm. For businesses seeking growth, it’s essential to have a WMS that can integrate with different software and systems.

If you are using an outdated system, it’s highly likely that there will be significant opportunities to save time and money. The latest technology allows warehouses to run slick and smooth operations with maximum efficiency. At SmartTurn, we’ve seen countless case studies of clients saving up to $15,000 a month after using our solution. 

 

Benefits of Finding the Right Solution

In essence, the right solution is one that can be customized to the requirements of your business. The WMS also needs to be scalable and provide a platform for growth, with the flexibility to match an ambitious company. 

Choosing the right solution is crucial for any business

Optimization

The aim of any business is to be as accurate and efficient as possible. The best WMS would enable warehouses to optimize the various processes involved in inventory control. This could include identifying the quickest pathways for moving products in real-time or using analytics to refine the pick and pack method. 

Another aspect of optimization is the ability to integrate with third-party systems and software. For instance, being able to sync data from accounting systems easily will enable order-fulfillment teams to check payment and delivery addresses with a higher degree of accuracy and efficiency. The cumulative effect of time saved throughout these processes can lead to significant increases in profit margins.

Additionally, reputable WMS providers will ensure their software can work with the latest technology to further streamline warehouse management systems. For example, SmartTurn’s solution can work with barcodes and remote devices, which enables workers on the ground to instantly obtain the information they need. 

 

Greater Inventory Control

Retaining inventory control is more than just making sure it has enough stock. One of the more persistent issues warehouses face is holding too much inventory - which costs space and money. In the retail industry, overstock accounts for 3.2% of lost revenues globally. To put it another way, the latest statistics suggest US retailers are holding onto $1.40 worth of inventory for every $1 sold.

In the pursuit of striking a balance between having too much and too little stock, many businesses opt for the “just-in-time” model. Already established in the manufacturing industry, warehouses and distribution centers are now embracing a similar model to serve retailers.

The aim is to have inventory readily available for retailers and customers without having excess stock. Warehouse managers can use the analytical and forecasting capabilities advanced WMS to achieve this objective. For instance, distribution centers can identify peaks and troughs in product demand and plan stock levels ahead of time. 

Having the ability to predict demand reduces the risk of overstock and stock-outs, and allows businesses to implement the just-in-time approach successfully.

 

Improved Supplier and Customer Relationships

Running an efficient operation does not only keep the end customers happy, but it also helps suppliers. By adopting the latest WMS technology, warehouses will be able to integrate with external systems and software. This can significantly speed up the ordering and delivery processes from suppliers through a mix of increased automation and real-time visibility.

For instance, a warehouse could share inventory levels with the supplier in real-time, which enables restocking to take place with minimal human input. WMS can be used to automatically implement those processes, allowing inventory to move through the supply chain with maximum efficiency and accuracy.

The close co-operation between the two parties can then trickle down to the end-customer who receive their products quickly and accurately. Finding the right WMS package can lead to a win-win situation for all stakeholders in the supply chain.

 

A More Productive Workforce

Another significant benefit of using the best possible warehouse management solution is a happier and more productive workforce. One of the more frustrating aspects of traditional, paper-based WMS is the need to double-check paperwork during and after certain processes, such as order fulfillment or pick and pack. The advantage of a cloud-based solution brings is allowing team members to get the information to hand in real-time.

This can be achieved through the use of remote devices and barcode technology. Instead of having to go through papers and checking with colleagues, workers can simply scan the inventory to instantly obtain the information they need. The cumulative effect of utilizing such technology can transform a business, saving hours every week and generating extra productivity with the same labor.

Reputable providers like SmartTurn also offer tutorial videos to help teams master the functions of WMS. In doing so, the workforce can hit the ground running and handle inventory more efficiently from day one. 

 

The Best WMS Spurs Growth

In short, finding the exact warehouse management system can lay the platform for future business growth. With global supply chains and warehouses becoming increasingly reliant on technology, there is still an opportunity to get ahead of your competitors by embracing a cloud-based solution. 

The best WMS providers, including SmartTurn, allows clients to customize and adjust packages to suit their needs. Starting at just $500 a month, you can begin your journey towards a more efficient, accurate and profitable system today.

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