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Inventory Management systems
4 Jan

Boost Profits at your FEC with Improved Inventory Management

Boost Profits at your FEC with Improved Inventory Management

The perishable and non-perishable stock at your Family Entertainment Centre (FEC) requires a holistic inventory management system that can help you track and manage it effortlessly. While your average stock control system tells you what’s in stock and what’s not, certain advanced features can help improve the inventory management process — and boost your profits! 

In this blog, we are going to look at 3 such features and see how your business can benefit from them. Let’s dive in! 

Centralized Inventory Management for FEC Chains

If you are running a chain of Family Entertainment Centres, then it doesn’t make sense to have separate inventory management systems at each venue. Instead, a centralized system that allows you to manage multiple sites from your Corporate HQ is the way to go! There are 2 key advantages unlocked by centralized inventory management:

Operational flexibility:

You can now purchase and store your stock at a single location or place bulk orders from your HQ and ship consumables to the locations where they are needed. You will no longer have boxes of items just sitting around for months on end. 

Actionable insights

When your centralized inventory management system is integrated with your sales channels, you can get real-time updates on stock movement. And with detailed inventory reporting, you know why it’s moving. This enables better planning by leveraging the actionable insights gained over time. 

Even if you don’t have multiple locations at present, it’s good to go with a system that allows for centralized management — this way, when you do decide to scale up your operations, you don’t have to switch to another system. 

Recipe Management for Sales Forecasting

The big problem with food and beverage stock is that it’s perishable. You don’t want to have too much stocked up because it will go to waste. But at the same time, you don’t want too little — you don’t want your guests to be disappointed when they don’t get what they want! 

This is where Recipe Management comes into the picture. It allows you to forecast and plan for future sales, and manage F&B stock with accuracy. 

It tracks your inventory at the level of ingredients for each food or beverage sold. Over time, it will be able to use past data to predict what the demand on a given day or week will be. This way, you can stock up on just the necessary amount of perishable items just in time. 

The system also handles the deduction of the inventory during the sales process automatically. Additionally, your staff can update the quantities of wasted products and they will be deducted from the stock inventory.

With an inventory management system that’s capable of auto-generating purchase orders based on stock level and creating contract orders for perishables, you end up automating a significant part of your purchasing process! 

Streamlined Redemption Management for FECs

The loyalty or rewards program at your FEC allows guests to redeem the points they have accumulated for discounts on purchases, merchandise, or gift items. This creates the need for a Redemption Management system that’s integrated with your inventory management system.

An excellent system will cover the entire redemption cycle — from issuing the ticket to the redemption to remainder-value management. The goal here is to make the process as easy as possible for guests while ensuring items are tracked properly. Additionally, it helps to have detailed reporting on the items redeemed, stock in hand, and stock that is below the required minimum quantity.

Now that you know the 3 features that will enable improved inventory management at your FEC, let’s talk about the Parafait eZee Inventory management software that’s part of our Family Entertainment Center Solutions. 

This comprehensive and centralized system comes integrated with recipe and redemption management, giving you complete control over purchasing, receiving, and costing. You will no longer have to worry about pilferage or missing items with this intuitive system that gives you complete visibility over all stock movement. What’s more? It comes with an Android app to help you manage your inventory on the go! 

Related: How to Manage Your Venue on the Go With Parafait BizInsights Mobile App

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