This year a total of 39 restaurants and hawkers of Singapore were picked up by Michelin stars in their 2018 guide. It was a felicitation for achieving the pinnacle of culinary excellence. With time, Singapore has emerged as a competitive and vibrant F&B sector. It is expected to show a 14.1% annual growth rate (CAGR 2018-2022) resulting in a market volume of US$216m by 2022.
With heavy competition, sustainability becomes a major concern. At the same time, every entrepreneur today has global aspirations. In these scenarios, adopting automation is the key to success.
Picture this: while robots are making sushi and automated conveyor belts are delivering food, many F&B joints are still struggling for the right business solution. Most of the businesses today are focused on upgrading their culinary skills and surpassing customer expectations. They want business solutions that are simple, user-friendly, do not require massive investments, and involve minimum maintenance.
Enterprises are looking for that software which can report and track stocks real-time to give a complete oversight of the business. Overstocking or under-stocking is a critical problem for F&B operators. Mismanagement of stocks impacts the overall cost and revenue of the company. It is imperative for enterprises to have an accurate demand forecast. Accuracy in demands forecasting helps decide well in advance what type and quantity of goods need to be replenished.
For instance, with upcoming public holidays like National Day and Hari Raya, people will be celebrating and queueing outside F&B outlets. For occasions like these, restaurants and food outlets need to be prepared to handle the surge in consumer demands. A right tool not only helps you understand seasonal demand, and market trend but also gives you timely notifications when the stock levels go low. Businesses often face discrepancies between inventory orders and their corresponding invoices due to manual tallying. All these mounts to operational inefficiency, improper utilization of resources, loss in business productivity and more.
Today cloud-based integrated business solution is a must for every F&B operator. An ideal ERP system can manage your operations end-to-end. It can communicate smoothly with multiple applications both within and outside the organization. Additionally, the software can automate day-to-day business activities – bookkeeping, stock management, payroll processing, workforce management and so on. This suite can be connected seamlessly with Government agencies, banks, e-Commerce platforms, EDI platforms, payment gateways, customer support system, NTP and so on. You can stay compliant with region-specific regulations and tax laws. You can also automate CPF calculation, IRAS calculation, and e-submission files.
An integrated ERP system for F&B business can seamlessly manage your operations as mentioned below:
Inventory Management: It gives you real-time information about what has been ordered, delivered and purchased in a highly customized and intuitive report format. These real-time stock data and reports can help you to take better decisions and access information from anywhere. Additionally, whenever you make sales and purchases, you can track your inventory better inventory and control it through automatically updated stock levels. By automating and streamlining all the inventory processes and reports, you can lower inventory carrying a cost.
Sales and Billing Management: The ERP tool incorporates records of all products and services supplied to the customers. It maintains the history of all past transactions associated with them. The software suite comprehensively covers the entire sales/billing management cycle by allowing you to place a sales order, generate an invoice, and receive a payment. Linking an invoice to a sales order gives you an insight into the sales process. It also provides a refund facility for customers on a credit basis through the ‘Credit Note’ function.
Purchase Management: You can manage all your purchase processes smoothly such as creating POs, receiving goods, and making payments. It allows you to return defective products with financial instruments. You can build, monitor, and maintain all essential order information of your purchases. Thus, ensuring that each PO is legitimate and authorized. By linking your PO to inventory control, you can access exact stock quantities, movement history, seasonal trends, and supplier lead times. Consequently, it enhances your procure-to-pay process. By automating principal transactions and providing approval workflow, it supports internal compliance requirements.
Employee Management: A modern ERP can automate and integrate the entire leave management process. You can effectively apply leave policies, lower leave administration costs and ensure a more productive workforce. Furthermore, you can record, track, monitor, and evaluate your employees’ leave and attendance details. The software helps you manage employees’ shift, their leaves, and replacements. Additionally, you can incorporate your payroll processes and manage it effectively without any extra effort. Employees can comfortably access comprehensive pay records, view and print pay slips. Thus, utilizing their time in some other productive tasks.
You can achieve all these and much more with a well-defined ERP system for F&B operators. If you want to enhance your business performance, choosing the right business solution is the first and foremost step. An integrated cloud-based ERP can take care of your entire ecosystem and smoothly interact with other applications.