Fine Tuning Restaurant’s Inventory to Optimize Food Waste: Predictive Analytics
Repeat customers are a godsend for a restaurant: they are predictable, rarely change their eating habits, and as such are very welcome. Regular patrons and their loyalty are crucial for success as they may make inventory management easier. However, certain tools have been designed to make the process more efficient.
Inventory management mechanisms are very important for restaurant or franchise owners. These tools or restaurant management software, are typically based on predictive analytics. Predictive analytics is a branch of advanced analytics that makes predictions about the future outcomes of particular processes. It is not smoke and mirrors. Paired with statistical modeling, data, and machine learning, predictive analytics does wonders. When applied to a restaurant business, predictive analytics is a shortcut to higher profits. These tools use sales, inventory, scheduling, and other data to analyze a restaurant's operations.
More Guests, Less Waste
In order to turn a restaurant into a profitable business, its inputs and outputs need to be balanced out. Knowing the number of guests and their preferences will make the process of controlling inventory easier. This data will help optimize a restaurant's preparation process by generating predictive prep models. In a simple form, the model will first eliminate all the long-keeping items from everyday procurement leaving fresh must-haves as salads, fruit, herbs, etc. for daily replenishment. That is just a simple example of a more complicated process. In a nutshell, special inventory and waste management software applications will automate the inventory management process and increase profit margins by dramatically reducing waste via predictive analytics.
Menu and Order Planning with Predictive Analytics
For reasons that defy science, some dishes are a hit, while others get the cold shoulder. If a restaurant uses the bulk of its inventory on less popular dishes, then they are essentially throwing resources down the drain, losing profits, and producing unhappy patrons. Predictive analytics can help single out those dishes that are most likely to be popular. This allows the management team to work on a menu with that knowledge in mind, and, ultimately, purchase the right ingredients to minimize waste, and maximize profits.
Here at ClearCOGS, we’re proud to be among the trailblazers in predictive analytics. Our goal is to give restaurants the tools to make "proactive, data-driven decisions." ClearCOGS is helping restaurants reduce food waste by leveraging easy-to-use predictive analytics tools. Even the least tech-savvy managers will find it easier to make proper business decisions with ClearCOGS analytics.