Recommended Inventory Management Software Providers
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Inventory Management software provides the hospitality industry with quick solutions to laborious tasks. Many solutions can easily integrate with your existing POS system for minimum disruption.
Leading providers offer innovative, data-driven software that works in the background to monitor your daily operations. Automating inventory management frees up time for you to focus on other business areas.
A range of software is available, all boasting impressive features. Read on to find out which is the best inventory management software.
Comparing the Inventory Management Products
We’ve narrowed our search to APICBASE, BevSpot, BigCommerce, Wisk, Restock, Restaurant 365 and RapidBar.
Below, we’ve summarized each provider’s basic functionality. Keep reading for an in-depth analysis of the critical features of each software product.
| Product | Automated Inventory Updates | Smart Ordering | Data Analysis | Menu Management |
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APICBASEMulti-unit restaurant management platform
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BevSpotData-driven inventory management product
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BigCommerceeCommerce software with stock management
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WiskCloud-based platform for managing inventory
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RestockInventory management for businesses of any size
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Restaurant365Restaurant management software
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RapidBarBar management system
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APICBASE
APICBASE is a cloud-based platform that gives real-time updates on sales, inventory, suppliers, finances, etc. It specializes in multi-site management and allows you to oversee your entire business from any POS-connected device.
Key Selling Points
Here are two key selling points that set APICBASE above the competition.
1. Consistent Food Production
Safeguard the consistency of menu items by providing employees with detailed preparation instructions. Prep batches ahead of time and delegate responsibilities for consistent food production.
2. Food Safety Management
Stay compliant by creating and sharing structured food safety protocols. Prepare for EHO visits by assigning cleaning tasks and having important documents on-hand with APICBASE.
key Features
APICBASE’s capabilities do not stop here. Its key features include:
- Automated Inventory Updates.
With POS integration, automatically update inventory after each sale, depending on the ingredients used. - Smart Ordering.
Forecast inventory needs and simplify ordering with standardized lists and tracking functionality. - Data Analysis.
Receive information about sales and costs to understand the financial health of your business and implement improvements. - Menu Management.
Fine-tune your menu to improve profitability and automatically label allergens and nutritional information. - Recipe Builder.
Calculate recipe costs and adapt recipes to manage portion size and yield. - Financial Management.
Grasp crucial financial information by monitoring the money coming in and out.
BevSpot
BevSpot uses key data to offer actionable insights and can cut your inventory time in half. It’s a one-stop-shop for managing stock takes, orders, invoices and reports.
Key Selling Points
BevSpot’s most impressive selling points include:
1. Vendor Communication
Automatically send texts or emails to your vendor from the ordering section of BevSpot’s platform. Reduce the time and effort spent on phone calls and maintain regular communication with suppliers.
2. Custom Storage Areas
Organize your inventory by assigning digital storage areas to match your back-of-house. Stay in control of your stock and avoid misplacing or losing track of items.
key Features
Here are six of BevSpot’s principal features:
- Automated Inventory Updates.
BevSpot increases speed and efficiency by automatically updating your inventory based on POS data. - Smart Ordering.
Make orders from any device and create your shopping list based on usage history. - Data Analysis.
Identify variances and learn which menu items provide the most/least profit. - Menu Management.
Build a profitable menu by tweaking ingredients and promoting the best performing items. - Bottle Slider Tool.
Easily keep track of beverage inventory by using BevSpot’s Bottle Slider tool. - Price Tracking.
Be alerted to price fluctuations so you can consider negotiating a better deal or changing suppliers.
BigCommerce
BigCommerce is an eCommerce software targeted toward businesses of any size. Its primary function is online store management, but it integrates with various inventory management tools.
Key Selling Points
Let’s look at the provider’s unique benefits.
1. Business Tool Integration
BigCommerce can link with a variety of tools to bolster its functionality. You can integrate it with advanced inventory management software to manage your business needs. POS integration means that your physical and online stores’ daily operations are synced.
2. Multi-Storefront Management
With its simple dashboard, BigCommerce offers multi-storefront management. Monitor inventory levels across multiple stores and run comparison reports on profitability and general operations.
key Features
BigCommerce comes with a wide variety of tools that go beyond inventory management.
- Data Analysis.
Unlock valuable insights through the BigCommerce Analytics Dashboard to drive revenue. - Design Tools.
Enhance your online store with innovative design tools to improve digital merchandising and increase sales. - Support.
Big Commerce offers a live chat function to help if technical difficulties arise. - Compliance.
BigCommerce ensures your business meets data protection laws, giving you one less thing to worry about. - Payment Processing.
Accept online payments in over 100 currencies, made with credit card, debit card, Apple Pay or Google Pay. - Unified Management.
Manage all aspects of your business on one cohesive platform.
Wisk
Save valuable time and money with Wisk’s end-to-end management software. Wisk can pull data from your POS system and translate it into actionable insights to boost revenue. It’s designed with restauranteurs in mind and is perfect for the hospitality industry.
Key Selling Points
The key selling points of Wisk include:
1. Item Scanning
Scan items using your mobile phone to take inventory in record time. Wisk has an extensive food and drink database, so you don’t have to input each commodity manually.
2. Invoice Management
Stay organized with invoices by snapping photos and uploading them to your Wisk account. Always have invoices readily available and make accounting easier.
key Features
Wisk boasts other vital features, such as:
- Smart Ordering.
Real-time POS data informs ordering to avoid having too much or too little stock. - Data Analysis.
Monitor changing costs and receive daily sales reports to stay in the loop. - Bluetooth Scale Integration.
Connect a Bluetooth scale to measure the remaining contents of bottles for more accurate inventory management. - Offline Inventory Management.
Due to its cloud-based system, multiple people can use Wisk to take inventory, even in areas with little or no internet. - Nutrition Management.
Wisk uses nutritional databases to update nutritional information and ensure you stay compliant when labelling menu items. - Instant Reporting.
Instantly generate variance, COGS, inventory, consumption, price change, overstock, and theoretical stock reports.
Restock
As one of the largest inventory management platforms, Restock is popular for its inventory forecasting and recipe building capabilities. It offers a variety of impressive features that simplify managing costs and boost profits.
Key Selling Points
Below are two key perks of Restock:
1. Product Catalogue.
Restock collects your favourite items in a simple catalogue to make ordering more accessible. Products are automatically transferred across and Restock even considers negotiated prices or bulk order discounts.
2. Future Developments
Restock is constantly working to integrate with more POS systems and become more widely accessible. It’s also working on new equipment, including the Restock Scale, Therm-IQ, and Probe-IQ.
key Features
Additional features include:
- Automated Inventory Updates.
Receive real-time updates on your inventory across multiple branches with ease. - Smart Ordering.
Forecast inventory requirements and save order history to speed up the ordering process. - Data Analysis.
View key data via visual charts and graphs to always stay in the know about your financial situation. - Menu Management.
Restock connects with your POS and automatically updates the retail price of menu items based on costs. - Standardized Recipes.
Drag and drop ingredients to build profitable recipes that are easy for all of your employees to follow. - Automatic Product Injection.
The automatic injection of products from suppliers means you can easily track cost fluctuations on your orders.
Restaurant365
For an all-in-one restaurant management solution, Restaurant 365 is a favourable choice. It’s focused on boosting your business’ finances through effective inventory management.
Key Selling Points
Here are two of Restaurant365’s key strengths:
1. Inventory Transfers
Restaurant365 tracks inventory transfers so that you always know how much product has been used. This ensures that cost reports always contain accurate product usage.
2. Smart Prep
Get practical suggestions on how much food to prepare based on predicted sales and recipe shelf life. Increase inventory management efficiency, reduce waste, and save on food costs.
key Features
Restaurant365’s main features are:
- Smart Ordering. Restaurant365 provides order suggestions to preserve profits and avoid food waste.
- Data Analysis. Track actual vs theoretical recipe costs to understand your finances and drive ROI.
- Menu Management. Engineer your menu to promote profitable menu items and learn which items should be discounted, advertised, or retired.
- Accounting Software. Get a real-time representation of your business’ financial health and perform daily bank reconciliations.
- Employee Management. Monitor busy and quiet periods using sales data and use this information to schedule employees.
- Payroll and HR. Restaurant365 allows you to hire, onboard, pay, and support your employees on one easy-to-use platform.
RapidBar
RapidBar gives hospitality operators the flexibility to spend more time interacting with customers and less time managing inventory. It’s a cloud-based platform providing actionable insights to drive profits.
Key Selling Points
Let’s take a look at RapidBar’s best qualities:
1. Sales Forecasting
RapidBar predicts sales based on weather, events and holidays. Meet customer demand by ensuring you always have the correct amount of staff and inventory.
2. Collaboration
Share data across locations to encourage collaboration. Admins can assign permissions so that employees have access to the inventory count but not to other data.
key Features
The key features of RapidBar are:
- Automated Inventory Updates.
Go paperless and eliminate transcription errors with automatic inventory updates. - Smart Ordering.
Manage online orders in-app and monitor the profits of individual ingredients to evaluate if they’re worth using. - Data Analysis.
Import sales data from your POS system to the app to analyze key financial data. - Data Synchronisation.
Synchronize sales and inventory data across multiple sites, receive variance reports and compare locations side-by-side. - Product KPIs.
Set KPIs for individual ingredients and receive recommendations to increase profitability if these aren’t met.
How to Choose Which Inventory Management Software is Best for Your Business
There’s a wide variety of inventory management products available, so it’s essential to narrow down your search. Consider your specific needs and ensure that the software can meet your requirements.
When evaluating available options, consider these factors:
- Goals. What are you aiming to achieve with this software? Is your main requirement increasing inventory accuracy, streamlining workflow, boosting scalability, or driving profits?
- Costs. Costs vary significantly. It may be tempting to go for a cheaper option, but opting for basic software could end up losing you profit in the long run.
- Integrations. What additional software do you need? Most inventory management systems offer integrations with key apps which cover shipping, accounting, logistics, etc.
Once you’ve narrowed down your search using the factors above. Conduct more research through product reviews, video guides or demos. The perfect software product for your business is out there. All you have to do is find it.
What are the Benefits of Inventory Management Software?
Inventory management software goes well beyond simply counting stock. Most providers offer services which streamline the ordering process and tools to analyze critical financial data. The best software products can automatically update your inventory based on POS sales data and engineer your menu to maximize profitability.
What are Some of the Best Inventory Management Products?
APICBASE, BevSpot, BigCommerce, Wisk, Restock, Restaurant 365 and RapidBar offer impressive inventory management functionalities.
BevSpot and APICBASE stand out for their impressive forecasting capabilities and interface usability. Although there is not much between the two, we recommend BevSpot because of its superior menu management capabilities and excellent customer support services.
Which Inventory Management Software Product is Best for My Business?
There are a few main factors to consider when choosing a new inventory management software product. The most important question to answer is what do you want this software to do for your business? You should also think carefully about your budget and what other integrations you require.
