Here are 7 metrics or KPIs a restaurant can capture with the help of automated inventory counts, specifically Nomad Go’s METAshelf™.
Inventory Levels
Real-time visibility into inventory levels for both food and non-food items. Not just in-stock or out-of-stock, but actual counts by item. This helps restaurant owners and managers keep track of stock quantities, avoid stockouts, and reduce excess inventory.
Inventory Turnover
This metric measures how quickly a restaurant is able to sell and replace its inventory within a specific time period. It is calculated by dividing the cost of goods sold (COGS) by the average inventory value. A higher inventory turnover indicates efficient inventory management.
Stock-Out Rate
This metric measures the frequency or percentage of times when a restaurant runs out of a particular item on its menu due to insufficient inventory. Monitoring the stock-out rate helps identify inventory shortages, manage customer expectations, and avoid missed sales opportunities.
Waste and Spoilage
Restaurants track the amount of wasted or spoiled food to minimize losses and improve cost control. Measuring waste and spoilage helps identify areas for improvement in inventory management, handling, and ordering practices.
Deadstock or Slow-Moving Inventory
This metric tracks items in the inventory that are not selling as quickly as anticipated. Identifying deadstock or slow-moving inventory enables restaurants to take necessary actions, such as implementing promotions or adjusting ordering quantities.
Reorder Point
The reorder point is the inventory level at which a restaurant needs to place an order to replenish stock before it runs out. Calculating the reorder point helps prevent stockouts and ensures smooth operations.
Stock Turnover
Stock turnover measures how quickly inventory is sold or used up within a specific period. It provides insights into inventory efficiency, identifies slow-moving items, and helps prevent food waste.
By capturing these metrics through an inventory management app, restaurants can gain better control over their inventory, reduce costs, optimize menu offerings, improve operational efficiency, and enhance overall profitability. Learn more about how Nomad Go can help capture these metrics and more with METAshelf. Inventory counts are now fast, accurate and easy! Schedule a demo today to see the magic of METAshelf for yourself!
