December 30, 2019
Barcode Tracking Helps Restaurants Run Smoothly, Remain Competitive
How can barcode tracking benefit restaurants and their business operations? For starters, barcode tracking assigns a unique series of numbers to the fixed assets within restaurants. That identification, in turn, enables the restaurants to track, monitor and manage any fixed asset throughout its entire useful life. The value that comes from this capability is significant – especially for a restaurant management company with several locations in its portfolio.
Within any restaurant is a myriad of fixed assets, from expensive kitchen equipment and tools, dinnerware and uniforms, to POS (point of service) and IT equipment, software, furniture and décor, and the building space itself. All of those fixed assets are items that restaurants expect to own for at least one year. Their value must be tracked for accounting and compliance purposes, and their location and condition should be continually monitored for the health of the business – specifically, to avoid theft and waste and keep the business running smoothly.
Restaurant Industry: 5 Key Trends
In its 2019 State of the Restaurant Industry Report, the National Restaurant Association identified five key trends shaping the restaurant industry in 2019:
A competitive business environment. The restaurant industry has characteristically been a competitive one. However, “rising labor costs and a complex legislative and regulatory landscape on federal, state and local levels add pressure on business performance and bottom lines,” the association says in the report.
Staffing. Recruiting and retaining employees was expected to be an even bigger challenge in 2019 due in part to the generally positive state of our economy, which in turn has led to a tighter labor market.
High consumer demand. “With consumers’ pent-up demand for restaurant services remaining elevated compared to historical levels, well-positioned operators can still boost traffic in a competitive environment.”
Technology incorporation. Restaurants continued to make greater investments in technology this year. The report emphasizes consumers’ desire for restaurant technology that improves service, makes ordering, payment, takeout, and delivery all easier and more convenient.
Food preferences continue to evolve. Changing tastes include the growing appetite for eco-friendly/sustainable practices, new food sourcing options, the incorporation of more global cuisines, and healthier menu choices.
Protecting the Bottom Line
As part of a broader fixed asset tracking platform, barcode tracking can ultimately help restaurants maintain a competitive business environment by reducing or even eliminating theft, loss and other waste as it relates to fixed assets. When restaurants aren’t throwing money out the window due to poor asset maintenance, they have more resources to devote to staffing and the general care of their employees – which could influence retention rates. The same is true for the incorporation of new and innovative food sources and menu options; the less waste, the more the restaurant may be able to consider greater investment in these areas.
Finally, the incorporation of new technology underscores the need for a reliable asset tracking platform. Given the demands of any restaurant – let alone a company with multiple locations – a mobile app offers the best solution for fixed asset tracking. From a smartphone or tablet, users may access the entire lifecycle of any fixed asset – including its exact location, the identity of the employee who has it, its check-in/out status, value, warranty, insurance policy, and more. Managers can use the platform to create work orders, provide asset depreciation figures for accounting and compliance purposes, create equipment refresh schedules, and make smarter budgetary decisions.
Asset Panda’s mobile app is an all-in-one approach that harnesses the power of the cloud to give restaurants anytime access to their asset data in real-time. With a built-in barcode scanner, our free app eliminates the need for additional hardware, providing you and your employees with a streamlined yet powerful tool that saves you time and money.