Business owners and industry leaders alike gather yearly to share their expert knowledge and explore new technological solutions at the Hospitality Technology. The goal for this gathering is simple - to apply new ways to streamline daily procedures and help businesses lower their operational costs.
For many of these attendees, order management remains a key area of concern due to its complex process involving demand management, restaurant inventory replenishment, supply chain logistics, supplier communication, and more.
Regulating this aspect properly can mean optimized resource allocation and increased profits. On the other hand, poor order management could lead to the complete opposite - inflated costs and poor inventory control.
Zip Ordering can help Hospitality Technology attendees to streamline their order management by automating this complex web of interconnected tasks. While all of these responsibilities would take days of manual work, with Zip Ordering it would only take seconds.
5 Things to Know About Order Management
Order management is a very time-sensitive process with the potential to significantly affect profit margins. To ensure inventory is properly accounted for and restocked, there are 5 things management and business owners need to know.
Stockouts Can Decrease Customer Loyalty
When businesses run out of key inventory or ingredients, they are unable to process sales and serve their customers. There will be an immediate loss in sales due to these stockouts but it could also result in long-term financial losses if customers permanently turn to competitors instead. Frequent stockouts can do irreversible damage to customer loyalty and satisfaction as well as the establishment’s local reputation.
Overstocking Increase Inventory and Labor Costs
Overstocking can increase the likelihood of inventory obsolescence and spoilage. In turn, this only increases the related costs for businesses that have to store these items and maintain their quality. In the worst-case scenario, businesses will have to account for the cost of damaged or spoiled inventory themselves if these items are never sold.
Suppliers Often Raise Prices Incrementally
Unfortunately, even the most loyal suppliers and vendors often adjust the price of their goods as seasons and economic factors change. For many unsuspecting businesses, these additional costs may go completely unnoticed. Business owners and executives need to be proactive and vigilant at monitoring their supply chain and set up alerts for any price fluctuations that may eat into their profits.
Physical Purchase Orders Increase Costs
Even today, many businesses utilize legacy business management systems and paper purchase orders and invoices to avoid paying for new technology. However, this route can be far more costly and inefficient in the long run. In truth, the cost of printing, storing, and managing physical documents, supplier agreements, and purchase orders can easily outweigh a digital order management system.
Automation is the Only Way to Gain Real-Time Visibility
While many small and medium-sized businesses attempt to track their company’s data in real-time, it’s impossible to do this successfully with manual processes. Realistically, even if a team of staff members collects sales data and performs sales analyses for several hours a day, that data would become obsolete the second another sale is made.
The only way to gain real-time visibility without overburdening the workforce is to utilize software tools.
What Zip Ordering Can Do For Hospitality Technology Attendees
Zip Ordering was specially created with business owners in mind to streamline order management and inventory-related tasks. With real-time data analytics and automated ordering options, management can save precious time and rest assured that all of their documentation and order records are accurate.
Some of Zip Ordering’s greatest benefits include:
Automated Budget Tracking
Zip Ordering has a built-in price trend report that provides users with pricing visibility for all of their inventory items. This makes it easy to identify when a supplier begins raising their prices before the purchase orders are finalized. Furthermore, businesses can search for local vendors that sell the same item at a lower price via the Zip Ordering mobile application.
Digitized Purchase Order Management
With Zip Ordering, business owners can say goodbye to all paper purchase orders and invoice documents. By digitizing the purchase order approval and invoice payment processes, businesses can save significant time and reduce human errors. Users can even attach images of these documents when communicating with suppliers on the mobile and web applications.
Customized Order Guides
Businesses can customize their own order guides with the exact products and suppliers they need. This information can be saved and reused or programmed to be automatically sent off on a regular basis. Zip Ordering can even recommend the economic order quantity based on previous purchasing trends to ensure inventory remains at optimal levels.
Zip Ordering sends instant alerts to management when discrepancies occur. For example, the high order quantity alerts can be used to prevent mistakes in purchase orders while the low inventory alerts can serve as reminders when inventory levels dip to their reorder points.
Crucial inventory and supply chain data will also be displayed on the reports page, with all cost analyses and product totals. This information can further be filtered by the supplier, product, and/or date.
For Hospitality Technology attendees with the goal of streamlining their order management processes and lowering their inventory-related costs, Zip Ordering is the most optimal solution.