The Role of Technology in Modern Stocktaking: How Stocktaking Companies Are Evolving

Managing inventory is amongst the most complex tasks for any hospitality business, albeit an essential one. One way to control inventory is by regular stocktaking. Stocktaking is the process of manually counting stocks at hand and comparing it with records to identify discrepancies. Any mismatch may indicate loss, wastage, or theft, helping operators address such concerns and minimise losses in stock turnover.

However, stocktaking is a time-consuming and complex process, which is why many hospitality businesses are still reluctant to stocktake regularly. Technology can simplify this process, but it’s essential to know which inventory management software will fit your needs best.

For instance, a bar or a diner can implement technology that tracks current inventory. The operator can see the physical stocks at hand, high-demand items, and when to order new stocks.

Thus, inventory management software is critical to daily operations, helping businesses keep count and control their stocks efficiently. With the right technology, you can ensure your business never runs out of stocks or deals with excessive stocks.

So, technology can automate and simplify inventory management in ways humans can’t. But what exactly is the role of technology in stocktaking?

How Technology Can Improve the Stocktaking Process?

Stocktaking can be immensely challenging for hospitality business owners. Without technology, they can lose track of the stocks at hand and may end up ordering less or more than they need. But with the right software, they can not only keep track of inventory but also make smart purchasing decisions for their business.

Here are some ways technology can enhance inventory management processes for a hospitality business:

• Technology Makes Stocktaking Faster

Before the rise of technology, stocktaking used to be a completely manual and slow process. It became challenging to keep track of inventory and communicate with suppliers, which can be easily tracked in real-time with technology. Currently, professional stocktakers rely on modern tools to track software and maintain an eagle’s eye view of inventory.

With the right technology, hospitality operators can manage inventory faster than before, comparing past records and new orders all at once. This is a more convenient approach than reaching out to suppliers through phone calls, SMS, or email.

At the same time, technology has made stocktaking more accurate and faster, which ultimately helps companies boost productivity while curtailing costs simultaneously. It allows businesses to tackle issues in real-time, as against manual counting processes.

• Technology Makes Stocktaking Accurate

Due to technology, the risk of errors in stocktaking is near zero. Inventory management systems help operators track inventory, keeping them aware of the number of stocks left. The stocktaking report gives a complete picture of the remaining stocks and aids in making purchasing decisions before they run out.

Fewer errors mean more accuracy, which further translates to improved productivity &  cost-effectiveness. The technology ensures that your hospitality business always has the right amount of stocks to prevent loss due to wastage.

• Operators can Better Deal with Inventory Issues.

Stocktaking helps businesses identify issues like employee theft, inefficient handling, and supplier problems. With the right inventory management technology, operators can better respond to such challenges. For example, technology can pinpoint stocks that surge in demand seasonally, helping companies expedite delivery and catering to customer demand. It also allows them to oversee stocks that are low in demand or have been sent back to the supplier due to quality issues, saving vital time and resources during a stocktake.

• Hospitality Leaders can Make Empowered Decisions with Technology. 

Finally, stocktakers can obtain historical data to better understand how current practices compare with past records. This facilitates informed decision-making and helps the business to move forward with a positive plan of action. As a result, the efficiency of stocktaking considerably improves, helping companies manage stock better.

Smart Inventory Management Solutions for Your Business

Stocktaking has become easier than before, thanks to technology. Hospitality enterprises that use technology can improve operational efficiency and reduce costs by managing stocks more effectively. And, with the right expertise, they can manage inventory more easily while reducing the time and costs required to conduct a stocktake.

Furthermore, entrepreneurs can maximise the benefits of inventory management systems and make their business more profitable by hiring professional stocktakers. At Hospitality Partners, we specialise in inventory management solutions that help hospitality businesses minimise losses and maximise profits.

We will conduct periodic stocktakes, implement a new inventory management system tailored to your business needs and volume, and train your staff with the best inventory management practices to help your hospitality establishment thrive.