Cost control and financial efficiency are crucial in any business and particularly in the hospitality sector where margins can be tight. Technology provides a huge advantage when it comes to streamlining processes to ensure that they are as efficient and productive as they can be and to help save money on essential costs. So, where and how can you use it the most effectively?
Electronic stock control and audits
The use of technology to ensure electronic stock control and carry out regular stock audits can be enormously beneficial. It provides a very simple way to benchmark your business and to monitor this key component. With this kind of in-depth data you’ll be able to get a realistic picture of gross profit margins right across the business at all times and make better informed decisions when it comes to purchasing and stock management. Regular audits ensure that you have real time transparency and that you’re not reliant on out of date information where stock is concerned.
Managing your workforce
One of the biggest daily expenses that any hospitality business has is labour costs. You can use technology, such as an EPOS business management solution, to benchmark and monitor these costs so that they don’t have the opportunity to spiral out of control. This will enable you to see what costs are as a percentage of total sales for the business so you can get a better idea of whether these are reasonable. Technology also provides options when it comes to staff management, whether that is with respect to rota planning or monitoring attendance and days off.
Automated reporting functions
One of the major advantages of using technology in your hospitality business is when it comes to data and the way that this is organised. An EPOS business solution gives you access to instant reporting based on real time data that you can use to make accurate decisions that are based on the business as it is right now in the moment in time. You’ll be able to monitor KPIs and your most essential statistics as and when you need them instead of waiting for annual reporting to roll around.
In particular, technology provides the opportunity to get to know your customers better via a rewards programme, to see how they buy from your menu and the offers and discounts that they respond to. Rewards programmes are simple to manage with the technology in place to do it and can provide significant insight via the data they gather.
These are just some of the ways in which technology can be enormously beneficial for hospitality businesses.
To learn more about how you can optimise your costs with leading hospitality technology solutions, get in touch today on + 44 (0) 1293 789 500 or explore our bespoke ePOS solutions online.