In the restaurant business, owners are tied up with months of accounting, inventory management and stock keeping. On top of that, they need to manage their employees, salary and grievances. Unfortunately there is a limit to what a spreadsheet or excel can do. But a cloud ERP system can help you run the business while increasing your ROI.
A key highlight of cloud based ERPs include automation of several internal processes like order management, inventory management and accounts. Cloud ERPS usually provide end-to-end management services that allow you to run your operations from a centralized platform even if your businesses are spread across different countries or continents.
Top Features for Restaurant ERP Software
When the right technology is placed in a growing business, the results can be positively overwhelming.
1. Comprehensive Reporting
Having a detailed understanding of what is happening within your business is a key factor in improving your business. Although individual accounting or CRM (Customer relationship management) systems provide reports, they are not unified as they are in an ERP system.
A cloud-based ERP gives you real-time updates on all of your restaurant's activities. The number of bills produced, the discounts provided, the footfall in each of your outlets, the stock available and stock used each day, the output of each employee, and other relevant details are all included in these reports.
Also, if your business manages multiple restaurants - These reports will allow you to assess how different products are doing in various outlets and make necessary adjustments to your menu to boost sales.
2. Inventory Management Made Simple
Inventory management is a key factor in the restaurant business because the items stored are mostly perishable. If you don't keep a close grip on your stock and inventory, you will end up paying a lot of money in the long run due to kitchen waste, fraud, and damage in transit. If you compile the reports manually from each source, keeping track of the stock consumed daily becomes tedious.
But with an ERP system, it is possible to track the status of inventory and analyze the consumption report and stock requirements of each outlet. Automation is another quick reason to choose an ERP system, stock levels can easily be replenished or the concerned person can be notified when the stock levels go below the prescribed levels. Some ERPs are even capable of predicting the demand surges using business intelligence.
Some notable benefits:
• Check stock level in real time - everyday consumption vs stock left.
• Variance report that will point out any misappropriations in inventory/storage.
• Track stock movement from base kitchen to various outlets.
• Set alerts for low stock levels or items that reached the expiration date.
3. Vendor Management
Managing a restaurant directly translates to managing raw materials and ingredients. Certain perishables must be procured regularly, while others can be purchased and stocked on a monthly or weekly basis. Businesses usually purchase from various vendors and often it becomes a hassle to keep track of each and every vendor. Vendor management is made even easier with restaurant ERP applications.
A cloud based ERP system can manage countless vendor profiles and prioritize them accordingly. It is possible to list all the necessary information regarding a vendor like contact information, ID documents and safety certificates along with pricing details of every vendor.
In order to stay in competition, it is imperative for restaurants to craft new deals, coupons and discounts everyday. Personalization has penetrated every field and it is making its way into the restaurant sector.
An ERP system helps in the transition process - with a central CRM database, the entire customer order history as well as contact information is saved in the system, which can further be used to run targeted marketing campaigns. Personalized marketing campaigns is seamless with an ERP system, it is possible to tailor.
Restaurant chains have long struggled with developing and implementing targeted marketing strategies. Since consumer demographics vary by outlet, marketing strategies must be tailored to the needs of the consumers in that area. The implementation of ERP software promotes outlet-level marketing deals and runs custom promotions. For example, if sales at a specific outlet are declining, you can create a discount offer tailored to that location.
5. Enhance Accountability Through User Roles
Managing multiple franchises is no easy feat in the restaurant business. Even with a skillful manager, business operations need the eye of an executive or owner. With the help of an ERP system , it is possible to assign duties and responsibilities or review the assigned responsibilities of employees everyday.
A bird’s eye view of the entire restaurant operations is available at your fingertips with the help of a cloud ERP system. It resolves accountability issues and avoids fraud with its 24/7 real-time updates.
NetSuite for Restaurants
Oracle Netsuite is the #1 cloud based ERP solution. NetSuite comes with advanced modules that can seamlessly run your restaurant. From analyzing your financials, managing your inventory and labour, the software marks its presence in every major aspect of your business.
• Make your back-office operations seamless.
• Reduce operational costs and inefficiencies.
• Manage new and existing franchises with ease.
• Standardize your entire operations across the globe.
• Make supply chain management and procurement processes a breeze.
While choosing your ERP system, remember to find a NetSuite Implementation Partner who works closely with your unique business requirement. Feel free to contact Jobin & Jismi for assisting you in choosing the right ERP system.