If you don’t know what you have and how much you it cost you how can you sell it and make money?
A good inventory management system is critical to the performance of your venue.
Minimising loss from theft
Many hotels deal with ‘lost’, ‘misplaced’ or ‘stolen’ items. Installing an inventory management system will help track your stock and assets so you can know when and where things have gone missing and interrogate your security systems or know where to place them. Further as your staff become aware of the tight stock controls it can act as a good deterrent.
Knowing what sells and managing your slow moving stock
An inventory system can show you what your best selling products are, your profit margins on each product, and what’s not selling or about to become redundant – giving you the opportunity to clear it for quick sale (AND NOT BUYING THEM AGAIN!). Inventory systems are invaluable in assisting with stock placement. Line of sight is the key shelf position, so is prime for placing a mix of your most popular and high margin items.
Getting the right prices when buying
Knowing your stock and their performance will make you more comfortable in negotiating with your suppliers and their reps. You may be in a position to negotiate a lower rate for supply if you aren’t meeting your target profit margins and can justify doing so with your purchase history. By tracking and anticipating your stock requirements, you may be in a position to better plan your stock needs and negotiate higher quantities for a lower cost with your suppliers.
Automated inventory systems often have in-built loyalty programs which make it easy to reward and retain your customers.
Stock Take Simplified
With an inventory system stock takes become less laborious, they’re worth the time saving alone.
For questions regarding stock management in the hospitality industry, and other industry related queries, you can contact our hotels advisors on (07) 5413 9300 or book a no-cost consultation here.