How Inventory Management Plays a Part in the Hospitality Industry

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Working in the hospitality industry is a dynamic and ever-changing environment. Menus change, daily specials vary, seasonal dishes and health and safety issues surrounding preparation are always evolving in this space. However, there’s another facet that is integral to success in the hospitality industry: inventory management. It is an important part of many businesses but it plays a critical role in hospitality. When you run out of certain food items, customers can feel disappointed and let down by the service they were expecting. Running out of inventory stock can hurt your reputation and impact your business in the long run. Luckily, there are online inventory management tools to ensure success in the hospitality industry.

Tracking inventory

Online inventory management can support and streamline a variety of operations in the hospitality industry. It can track products and provide information about them in real-time. This is hugely beneficial when you are working with perishable items. When the stock is delivered, it can check the expiry dates and ensure that the stock is sufficient for your business needs.

Moreover, online inventory management can optimise how much stock you order. You don’t want to order too much food and have it go to waste, but you don’t want to run out either. With the right online inventory management tool in place, it can keep track of popular items and identify where you need to purchase more stock or less stock. These tools can look back at previous sales data and assess demand. It can even track where customer preferences have changed throughout the year. This history can serve as a forecasting tool and allow you to better predict trends and guide your inventory stock purchases.

Keep an eye on stock levels in real-time

When you manage your inventory with an online tool, it lets you be up-to-date from just about anywhere with an internet connection. This broadens the scope of accessible information. It allows managers to gather information about what’s going on, even if they aren’t at the warehouse or hospitality facility. Essentially, this can automate many processes surrounding inventory. It can track levels and locate them throughout the warehouse. It can identify when an item is running low and prompt an automatic reorder so you don’t run out. This is advantageous as low stocks can be found earlier than manual stock takes.

Online inventory management is an incredible adjunct to keeping on top of your inventory in the hospitality industry. However, you’ll also need a team of trustworthy and well-trained staff to keep this operation running smoothly.

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Melanie - Unleashed Software

Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.

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