The acquisition of Restaurant Magic this month will increase PAR’s cloud restaurant offerings by providing more inventory management, food management, labor & scheduling, and reporting & analytics solutions to support back-of-house operations.
Restaurant Magic’s Data Central Management Suite runs on Microsoft’s .Net global application framework, meaning you won’t experience compatibility issues when integrating it with your POS software.
Predicting Your Restaurant’s Future Needs
Forecasting how much food you will sell can be difficult, especially when it’s time to order more inventory – but failure to implement a tracking system is costly. According to a report by ReFED, a nonprofit devoted to reducing food waste, restaurants’ profits can grow by $620 million if they adopt waste tracking and analytics solutions.
With Restaurant Magic’s Data Central, QSR and FSR operators can track the depletion of individual ingredients on each of their recipe cards in real-time, providing an accurate and comprehensive snapshot of which products need to be reordered. The ability to see how ingredients are being used on a more granular level also helps to prevent over-portioning and theft, allowing restaurants to see how their inventories compare with target levels based on the amount of food they served.
According to a Unilever study mentioned in ReFED’s report, 47% of consumers would spend more at restaurants that have a well-defined process for preventing food waste. Data Central works with vendors’ software to establish such a process, importing invoices and automating the ordering process. By integrating historical consumption data with sales forecasts, vendor delivery schedules, thaw and prep times, and ingredient inventories, Restaurant Magic’s software helps restaurants meet the demands of waste-conscious consumers – which is especially valuable in a world where “inside information” is just a social media post away from being shared with the world.
Developing More Profitable Recipes
Back in early 2017, the cost of bone-in chicken wings for restaurant operators rose 11%, causing Wingstop’s cost of sales to balloon from $6.2 million to $6.9 million. This is just one example of how volatility of a single food item can negatively impact your restaurant’s bottom line. In 2011, Sbarro actually cited high wholesale food costs as the reason for its bankruptcy.
With Data Central’s menu and recipe engineering solutions, restaurants can pivot more quickly if they experience rapidly rising food costs. The software’s Food Management module tracks the cost of each ingredient and makes automated inventory suggestions, so margins and food quality remain consistent even during times when you need to change your ingredients.
Going Beyond Inventory and Food Management
Restaurant Magic has labor, scheduling, reporting, and analytics solutions as well – allowing your restaurant greater insight into ways to predict labor requirements to avoid under- or over-staffing. Employees even have their own portal to see their upcoming shifts and time-off requests, bridging the communication disconnect that QSRs often experience with paper documentation. General ledger reporting is also easier, with configurable permissions that give everyone from franchisees to district partners the appropriate level of access.
For more information on Restaurant Magic, check out PAR’s press release here. Also, if you are interested in finding solutions to overcome other challenges facing the restaurant industry, check out our latest webinar.