Inlined image: inventory-management-mobile-devices.jpg


Retail and restaurant overview


Inventory management for retailers and restaurants revolves around stock takes, or physical inventories, conducted on a regular basis.

Inventory management for restaurants

For a restaurant, a stock take may be a daily or weekly operation in which the sous chef or shift manager takes count of all the food item quantities in the kitchen, from which a reorder can be calculated based on reorder points, and from which on a grander scale the business managers may detect loss or fraud based on inconsistencies with tickets, and may forecast trends or seasonal fluctuations based on the array of stock takes over time.

Inlined image: retail-inventory-management-block-diagram.gif

Inventory management for retail

Retail businesses that manage register transactions separately from their orders and inventory tracking follow a stock take process similar to restaurants, but not always on such a frequent basis. The inventory management side of the operation includes purchases and stock takes, and maybe transfers between locations, but generally does not include the individual sales. In other words, like the restaurants, the inventory management process for retail businesses may include direct record keeping of the purchases and periodic record keeping of the stock counts. On the basis of these records, the retail business can ascertain the quantities of products sold or otherwise dispossessed, from which it may calculate reorders or forecast trends over time.

Stock tracking

For restaurants or retail, stock is stored in specific locations and sometimes sub-locations. A chain of restaurants or retail stores may keep track of its inventory across multiple stores as separate locations, and may or may not care about a more detailed sub-location specification. A large kitchen for a restaurant or a stock keeping warehouse in a retail business on the other hand may care a great deal about the sub-location level of detail. In general, keeping track of stock levels entails keeping track of quantities per location and sub-location.

Some types of products such as perishables have expiry dates or other properties identified by lot or batch. Analogously, some types of retail products have serial numbers. Thus stock may not just be quantities of a particular product, but of a particular lot.

Inlined image: stock-block-diagram.gif

Stock control software

Retail businesses and restaurants often use a combination of systems to run their business. The front end register systems may themselves include inventory tracking capabilities sufficient for businesses with a single location and simple needs, but when the business grows beyond the simple inventory management needs, companies can replace everything, or more often than not, choose to start using inventory management software in combination with the register systems or accounting systems.


Examples from Finale Inventory

Here are a few example videos of using Finale Inventory.


Stock takes


Keeping track of lots/batches of a particular product

Free Trial

See how easy it is!

We respect your privacy. We will never sell your email address or spam you.

PARTNER STORIES

"Keeping track of inventory across multiple e-commerce channels can be just as taxing as streamlining fulfillment for online retailers. By partnering with Finale Inventory, we can help alleviate these pain points for our customers.”
Robert Gilbreath, VP Marketing, ShipStation ss

CUSTOMER STORIES

I would highly recommend Finale Inventory to any multi-channel retailer who wants to move beyond Excel spreadsheets to an easy, intuitive software solution to manage their inventory.
StrongerRX

We've tried ERP systems at ten times the cost. Finale is the only cloud stock control system that had the depth of functionality to be used as order management software and warehouse management software while still being intuitive.
Illumination

I would definitely recommend the product to everyone. Its simplicity yet scalability and speed is exactly what every inventory manager or COO must have.
LOX Extensions

Saves everyone in our organization involved with products a ton of time and keeps me from running out of critical goods thus enabling us to grow continuously
AireBeam


© 2016 Finale Inventory