PlateIQ Cooks Up $4 Million For Restaurant Management Platform
Although the COVID-19 pandemic has left the restaurant industry reeling from a lack of customers and income, job cuts, and ultimately, permanent closures, the sector has managed to adapt to the new normal as it attempts to weather the pandemic. Measures include social distancing, wearing of masks, and handwashing to prevent the virus from further spreading. But more importantly, restaurants have turned to technology to help fight the health problem, among which are restaurant management software
PlateIQ cooks up $4 million for restaurant management platform
Aside from the normal nitty-gritty of running a restaurant, there is the matter of the COVID-19 pandemic. Establishments have resorted to adopting new technology, in an effort to recoup losses. Restaurants have begun using digital menus and contactless payments, and of course, restaurant management software. Aside from these, businesses also beefed up their delivery services to boost earnings, resulting in $45 billion in revenues.
Some restaurant management systems also give you the option to work with a shared delivery network service so you can reach eager customers outside the neighborhood. Overall, the restaurant management system helps you run a restaurant business more efficiently to the satisfaction of your customers.
Most restaurant management software today is cloud-hosted, which lets you access the system and your data from a web browser. You get real-time sales transactions and track employee performance even on the go. That means you can be a hands-on manager while out of the restaurant premises. Remote data access is also useful when presenting to a client or investor. You can showcase updated reports on your business.
A restaurant management system with an employee scheduler will help you allocate more staff during peak hours and less on downtime. By aggregating sales data with staff schedule, you can match demand with supply and ensure your resources are optimized, neither over- or under-utilized.
The perennial problem in running restaurants is that somewhere along the way, someone mixes up information. The result: an angry customer whose order is, if not wrong, remains unaddressed or improperly billed. A restaurant management system does away with this scenario. When waiting takes orders via a handheld device, that data is automatically transmitted to the cashier, so the right transaction is captured and billing is accurate. At the same time, the handheld device transmits the order items to the kitchen. Barking orders to the head cook is a thing of the past.
The very definition of a restaurant management system tends to gloss over the fact that there is no hard and fast rule in classifying restaurant management systems. The practical way is to look at them by feature set and priority function to help you gauge the right-fitting system. Along with this line, we can identify the types of restaurant management system as follows:
These are the most robust restaurant management software, covering all aspects of your restaurant business. Main features include core POS, inventory control, CRM and loyalty program, staff management, accounting, menu management, order management, payment processing, reporting and analytics, technical support, and hardware setup. Vendors may offer the whole bundle or let you pick and match features and scale for more tools in the future.
A restaurant management system may only offer the core POS module and let you integrate it with third-party inventory control, accounting software, marketing software, and other key business systems.
How a restaurant management system works also depends on the device type it is designed for, usually either for iPads or Android tablets, but rarely both. The reason is to maintain the integrity of the system within a specific OS environment to make it more reliable. This is one major area to consider when getting a system for your business: what device are you using or want to use?
When I Work offers plenty of tools to help restaurant managers with staff scheduling, payroll, and resource management. The software makes staff scheduling easier, and a guided setup ensures that you can get the hang of using the system to create detailed employee rosters and schedules. You can also use the software to generate forecasts of possible overtime hours and payroll so that you can anticipate changes to the budget. If you want to investigate the features closely, you can easily do so when you sign up for When I Work free trial.
Lightspeed Restaurant comes with various features for more efficient restaurant management. The software provides a layout of your restaurant, with color-coded features for indicating tables that are free, ready to pay, and occupied, helping improve table turnover rates. Managers can also keep closer track of stock levels and view reports on food stock and profit, so menus can be changed as needed. And since this is a cloud-based POS, users can access these features on any device, including mobile devices like tablets. You can sign up for a free trial of this software if you want to try out its advanced features.
One of the most popular scheduling software among restaurants, 7Shifts helps restaurateurs and managers ensure even workload distribution and improve employee attendance. The platform streamlines the process of creating and distributing schedules and also makes it easier for employees to submit requests for time-off and shift trading. Instant notifications alert employees of shift changes or updates. Lastly, 7Shifts also eliminates the need for overtime, reducing labor-related expenses. You can try all its premium features at no cost when you sign up for 7Shifts free trial.
An iPad-only restaurant management system, it boasts of end-to-end functionalities, especially its tableside order management. TouchBistro also accepts mobile payments, so transactions can happen mostly on tableside, relieving you of long queues and cutting short the waiting time. The software also has robust reporting & analytics that you can run wherever you are. It also features ingredient-level inventory control, further boosting your control over your operations. You can use all the features for free for a period of time to see if the software matches your needs.
Designed as an all-in-one restaurant management suite, Upserve offers POS, inventory management, and analytics solutions for restaurants of all types. The platform is deployed on the cloud, so managers can access data wherever they are. Aside from powerful inventory management and POS capabilities, what sets Upserve apart is its Workforce Management module. This module allows you to make staff schedules, assign shifts, and implement clock-ins. Should you want to investigate the platform firsthand, you can easily do so when you can sign up for Upserve free trial.
TablesReady enables easier waitlist and reservations management, modernizing the process for restaurateurs and restaurant managers. The app automatically sends SMS to diners with reservations, which can help reduce no-shows. Moreover, the software can send waiting diners a text message once a table is ready. All these features help minimize missed business opportunities and improve customer service levels. If you want to check its comprehensive feature set, you can easily sign up for TablesReady free trial.
As an online restaurant management application, Menumiz provides features for menu creation, inventory management, payment processing, floor management, and other advanced POS/EPOS tools. It allows restaurateurs to get a 360-degree view of their operations as well as manage all of their tasks in one platform. Additionally, this platform is completely compatible with Android and iOS devices to increase your mobility. To learn more about this platform, sign up for Menumiz free demo.
Many restaurant management systems actually perform more than just POS functions. They have modules for your front of the house, back of the house, HR, and CRM processes. Here are the main features of a typical restaurant management system:
The main module consists of accepting payments and tracking sales. The POS may include table and on-site POS via handheld, kiosk, or tablet, which allows you to take orders remotely from the main cashier register. The POS is linked to other main systems like credit card and payment gateways, inventory management, and CRM, to form an end-to-end restaurant management system.
It consists of the physical parts of the POS, such as a terminal, card reader, printer, and cash drawer. Collectively, you call them the cash register. Some vendors offer a bundle of software and hardware, but most restaurant management systems operate using your PC or smartphone/tablet, so you just subscribe to the software features.
Many restaurant management systems offer the features of the best inventory management software. These systems help you gain tight control over your stocks and avoid overstocks and stockouts, both of which put a strain on the cash flow. You can track supplies before they run out, link the system with suppliers for direct orders, and break down items to ingredient level for a fuller view of stocks. This feature also generates reports to help you calculate food costs and pricing and generally provide you with an accurate picture of your profitability. It also helps identify variances like waste, theft, and voids and improve the back of the house workflow.
A restaurant management system usually integrates with a payment gateway or credit card processing system that enables customers to pay other than cash. Customers can securely sign in using a handheld device or scanner.
Having a mobile device, you can bring to take orders at tableside or on-site is practical, efficient, and ensures data accuracy. These devices are linked to the kitchen and cashier, so you avoid miscommunication, wrong punches, or missed orders common to manual processes. When you get a restaurant management system, do your business a favor and make sure it has this feature.
Despite the setback that the COVID-19 pandemic has brought to the restaurant industry, industry players have managed to move on by adapting to the new normal. Infection control measures, improved food delivery services and the use of new tech like restaurant management software have helped restaurants stay afloat in the meantime.