Running a multi-site business that deals with physical products can be a rewarding venture, but it comes with its fair share of challenges.
One of the most daunting tasks is maintaining tight control over your inventory. How do you ensure that inventory shrinkage from internal and external theft, wastage, and incorrect deliveries doesn't adversely impact your bottom line, especially when you can't be physically present at all your locations simultaneously?
The hospitality industry, in particular, faces unique challenges such as high levels of internal employee theft and unrecorded wastage.
Implementing a MYPOS 10 EPOS system for inventory management, which includes features like purchase orders, delivery notes, and stock counts, can be a game-changer for businesses in the hospitality sector.
Efficient Purchase Order Management:
One of the key components of effective inventory management is streamlining the purchase order process. MYPOS 10 and the MYPOS Portal allows businesses to generate and track purchase orders seamlessly. Receive stock level report notifications in realtime and utilise minimum and maximum order levels per product to ensure that you maintain optimal stock levels and only order what is needed, preventing overstocking or running out!
Accurate Delivery Notes:
The hospitality industry often grapples with the challenge of incorrect deliveries, which can lead to disruptions in operations and customer dissatisfaction. MYPOS 10 and the MYPOS Portal ensures you can track and reconcile your delivery notes against purchase orders simply and easily update cost prices in the MYPOS system, The MYPOS Portal can be accessed from any internet connected device and updates in real time which means you can see when your orders have been received even if you are not onsite, making it easier to pinpoint and rectify any issues with your deliveries.
Preventing Internal Theft:
Internal employee theft is a persistent issue in the hospitality sector, and traditional inventory management methods may not be sufficient to curb this problem. MYPOS 10 and the MYPOS Portal introduces accountability into the system by associating sales and inventory movements with specific employees. Each transaction is logged providing a detailed audit trail that can be used to identify any suspicious activities. This level of transparency acts as a deterrent to internal theft and encourages responsible employee behaviour.
Efficient Stock Counts:
Regular stock counts are essential for maintaining accurate inventory levels and identifying discrepancies promptly. Conducting manual stock counts, however, is time-consuming and prone to errors. MYPOS 10 attempts to reduce the burden by allowing multiple simple types of stock count from the portal or Stock App, choose to run a simple 'line check' on a specific product range, have the MYPOS 10 system pick a random range of stock items for a cycle count, or conduct a full stock inventory, all are simple and easy via the Portal or Stock App, in addition stock counts can be carried out at any time on the fly with no need to open or close stock counting periods.
Our Inventory Reporting section of the MYPOS Portal gives visibility into inventory levels, GP Margin and highlights variances between physical counts and recorded inventory levels, allowing you to investigate and rectify discrepancies promptly.
In the fast-paced world of multi-site businesses, especially in the hospitality industry, efficient inventory management is crucial for maintaining profitability and ensuring customer satisfaction. Implementing MYPOS 10 with it's inventory management module means that purchase orders, delivery notes, and stock counts can be streamlined to improve your operations, reduce errors, and provide a robust defense against internal and external threats to your inventory. contact us today to arrange to chat to one of our Hospitality EPOS experts about how a MYPOS 10 system could improve your bottom line.