App Based Inventory – Predictive Inventory Management
Scope: Successful management of inventory levels is one of the key factors in the financial success of every retailer and F & B sector.
iBay Predictive Inventory Management helps ensure that the business can meet the ever changing needs of a diverse customer base while minimizing costs and end-of-life discounting, and maximizing profitability.
iBay solutions for Predictive Inventory Management can help companies determine the correct inventory levels for products and materials at virtually all stages along the supply chain. These solutions can help retailer and F & B sector balance the trade-offs between carrying costs and customer service levels—and between production volume and capital reserves.
How Smart Predictive Inventory help our Customers?
- Reduce total inventory costs by optimizing inventory levels to better align with demand.
- Increase cash flow by reducing working capital invested in inventory.
- Improve customer service by providing better availability of both fast-moving and slower-moving items.
- Increase the rate of inventory turnover.
- Enhance productivity by assuring adequate supplies of raw materials.
- Predict the appropriate amount of inventory necessary to meet demand at each facility, while reducing stock levels.
- Predict how much and when to make-to-order and make-to-stock.
- Improve overall profit margins by limiting discounting or scrapping of redundant stock.
Reduce waste and theft:
Inventory Management provides the ability to track every ingredient in a recipe or dish, which in turn allows the user to better track food costs. The ability to set recipe quantities allows you to minimize waste, increase quality control and verify for variances. Once activated, the system manages stock levels based on recipes, keeping an accurate count of stock levels at all times.
Increase profit margins:
Inventory offers features that help you manage your menu for maximum revenue, identifying menu items with high margins that should be promoted and menu items with low margins where the recipe should be adjusted or the price recalculated. The system will even recommend the selling price of products based on the food cost, allowing you to specify the required amount of margin on any product.
Purchase order management:
With fully integrated PO management features, it is possible to define minimum stock levels, so that the system automatically generates “shopping lists” to simplify inventory replenishment. These lists may be grouped according to vendor, or by inventory category and even provide an estimated budget for replenishing the inventory back to predefined levels.
- The Inventory module offers numerous reports that provide an in-depth analysis of food costs, usage, variances, and sales trends.
- Operating cost & cost of sales
- Usage report & theoretical usage of ingredients based on quantities sold
- Waste history
- Production history
- Ability to create and customize reports
POS Integration or Standalone:
We support integration with our POS System.
In-House or Cloud based:
Have the solution deployed In-House in your own LAN/WAN Or have it hosted on our own Cloud servers.