Modern asset software offers several customized solutions, including vendor management. Vendor management is one of the biggest determinants of the success of any restaurant. Consider just some of the vendor relationships a typical restaurant has to manage: insurance, equipment purchasing, leasing and maintenance, office supplies, food and alcohol vendors, telecom, uniforms, marketing and much more. It’s extremely difficult to keep track of all of those things, the respective assets attached to them, and all the contracts. You may be storing some of those contracts in a filing cabinet, a few others in a stack on your desk, but still have others in a box somewhere. When it’s actually time to locate any one of them, now you’ve got to allocate time searching through all of those locations, asking colleagues if they can help.
Before the end of 2019, the U.S. restaurant industry is expected to generate $863 billion in sales and equal 4 percent of the U.S. Gross Domestic Product (GDP).
Here are some additional benefits of more efficient vendor management practices:
Centralized Contract Management
The contracts associated with each of your vendors live in one easy-to-access location. Restaurant managers may assess the status of all contracts and make decisions based on accurate information, not guesswork.
Organization of Vendor Information
Once you’ve uploaded all of your vendors into the system, you can then organize them by type or service, certifications, requirements, etc.
Your vendors probably have varying payment terms. Outsourcing your vendor management to a mobile asset tracking platform helps restaurants keep track of payment terms and schedules. When you’re dealing with multiple vendors, it’s all too easy to miss a payment. The vendor management configuration for asset software enables you to set up alerts of upcoming deadlines. Additionally, you have a comprehensive record of your payment history.
You may not have selected your vendor of choice yet. Nevertheless, it’s incredibly helpful to have a centralized database where you can store information on your prospects, including their rates, strengths and weaknesses, experience, references and more. Whittling down your list and making your selection is a far more efficient process when all of that information is stored in one place.
Asset software enables restaurateurs to streamline the time-consuming bidding process with the ability to import vendor information and give vendors restricted access to the platform to submit their bids. That, in turn, makes selecting your bid winner easier and more efficient.
You need a means to communicate with vendors on an ongoing basis throughout the bidding process, contract finalization and procurement.
Restaurant managers find it useful to draw up reports from time to time – for example, for an assessment of their purchases over a specific period of time, or for a closer look at a specific vendor or group of vendors. Asset software with vendor management configuration simplifies the process of generating, sharing, and commenting on reports.
Vendor management is among the many configurations Asset Panda offers in conjunction with its asset software. Our complete solution is simple to use, configurable and customizable, so it works specifically for your restaurant and saves you time and money.
Try Asset Panda free for 14 days, and see how much easier vendor management can be. To learn more, visit assetpanda.com
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