Inventory Management and stocktaking are painful processes in the retail industry. However, it can be a far more daunting task for the liquor retail sector due to variances in the quantity of product sold and the level of estimation. Liquor stocktaking has always been a challenge for pubs, bars, clubs, hotels and other hospitality businesses given the fact that there are not many accurate as well as cost-saving options in the hospitality sector. Knowing how much liquor you have on hand at any given time is essential so that F&B manager make sure that the inventory is making it into the menu items and out to paying guests. Also, reliable and efficient stocktaking prevent overpouring as well as theft and wastage in the F&B operation. Most bars rely on pen and paper, physical counting and estimating the liquor left in the bottle. Current stocktaking takes a lot of time. But it’s absolutely necessary to ensure that your profits are not ending up in a trash can or in someone’s home party.
The key benefits that an effective stocktaking solution can bring to F&B businesses are
An inventory management system can not only help bar owners track stock but also can reveal customer buying trends and make it easier to forecast growth. Aside from the benefits for bar owners, there are additional benefits for liquor distributors as by utilizing data collected from the bar they can forecast sales and future purchasing. Also, distributors determine the bar’s demand and see trends that help them better predict what they will order and when. It can also help them determine how to price drinks based on their popularity in the market. However, to use a stocktaking solution effectively, someone should be accountable to scan and enter all data in a timely manner. In an independent or small bar, these systems usually end up being scrapped or underutilized at best.
