📢What‘s New in FOODIVAL Next-Level F&B Management🚀 Discover the Latest Enhancements in our Reconciliation & Stocktake Functions! 👀
- Foodival Malaysia
- Jul 11
- 4 min read
Since establishment, FOODIVAL has been staying on top of market trends and actively listening to customer needs. We continuously enhance our system features to ensure mutual growth with our clients, helping them maximum their business potential.
To this end, FOODIVAL has launched two major new features targeting the procurement department's invoice reconciliation processes and frontline’s stock management. These enhancements aim to further assist our F&B clients in simplifying cumbersome and time-consuming workflows so as to save time, reduce manual operations, and improve overall operational efficiency! Let’s take a look at our latest features now!
AI-powered Invoice Reconciliation: Upgrading Procurement Department to the “Master of Time Management”
💥What are the Challenges Faced by the Procurement Department?
FOODIVAL understands that invoice management and reconciliation are often considered one of the most tedious and time-consuming tasks in restaurant operations. Without a systematic approach, the central procurement department needs to regularly collect order-related documents from different outlets, such as purchase orders, supplier invoices and delivery notes, in order to verify order details and proceed relevant payment to suppliers. This process also ensures that the procurement department can gain deeper insights into the restaurant's food costs and allocation.
However, since frontline staff typically place orders with the suppliers through traditional methods like using WhatsApp and making direct phone calls, making it difficult for them to accurately record all order details and track order status, leading to frequent data gaps and discrepancies. This makes it particularly challenging for the procurement department to comprehensively understand the procurement status and costs across all branches, let alone to fully integrate all documents and invoices for attaining accurate reconciliation.
If the number of branches is huge, the procurement department may take a month or even longer to complete the entire process of data collection, integration and reconciliation, making it difficult to avoid human errors and severely impacting the overall efficiency of the department.
🌟How FOODIVAL's Upgraded Features Assist the Procurement Department?
FOODIVAL not only offers a range of thoughtful features that allow frontline staff to place orders and quickly capture delivery notes through the system, but also provides a comprehensive backend for the procurement department to process invoice reconciliation. This enables users to access order data such as delivery documents and order statuses from various outlets any time online for verification , eliminating the need for manual collection of related documents. As a result, the procurement department can save over 90% of the time spent on data collection, consolidation and reconciliation.
Notably, FOODIVAL has fully upgraded its invoice reconciliation feature by incorporating the latest AI technology. The system can now automatically read and cross-check different invoices, instantly analyzing the consistency between invoice details and corresponding orders within the system. This helps the procurement department quickly identify discrepancies. For example, when the system detects any discrepancies in quantity or price listed on a supplier's invoice compared to the original procurement order, the item will be highlighted in red, along with the reason for the difference. The procurement department can therefore verify the information and modify the data when necessary. With this groundbreaking AI feature, FOODIVAL empowers the procurement department to swiftly identify discrepancies which helps effectively prevent wrong orders and miscalculations of payment, strengthening procurement cost control even further. Moreover, it significantly reduces the time required for data entry at the frontlines while enhancing the efficiency for invoice reconciliation at the backend, saving up to 70% of time required for such cumbersome tasks!
Scan to Track: Upgrading the Frontline to ”Stocktake Master”
💥What are the Challenges Faced by the Frontline?
For frontline restaurant staff, effectively and efficiently managing inventory data without system support is almost impossible due to the fast consumption of ingredients and supplies along with a higher frequency of restocking in the F&B industry when compared to other sectors. Therefore, it is essential for the frontline to carry out regular stocktaking to effectively monitor inventory levels and stock values. However, the vast inventory and diverse range of products may make the stocktaking process extremely labor-intensive, time-consuming and resource-heavy. Some restaurants may even need to hire additional part-time helpers to assist with the counting of stock and handling of related data. Such exhausting tasks often discourage many F&B practitioners to perform regular stocktake, making it difficult for them to establish a reliable and accurate inventory database.
🌟How FOODIVAL's Upgraded Features Assist the Frontline?
FOODIVAL's brand new stocktake function – "Scan to Track" allows frontline staff to directly scan product labels or barcodes during the stocktaking process with our FOODIVAL App to accurately record product information and quantities. This new feature not only significantly reduces manual data entry and calculations, but also enhances the accuracy of the inventory database and accelerates the entire stocktaking process. Once the inventory data is confirmed, it is instantly synchronized with the FOODIVAL system's database, enabling backend users, including the procurement department, to monitor inventory levels across all outlets with ease any time, which greatly improves transparency for all departments and inventory data!
Looking ahead, FOODIVAL will continue to work closely with our valued customers to develop more thoughtful and innovative features that meet the needs of your restaurant procurement and inventory management, allowing you to "worry less and save more" while enhancing business competitiveness. If you are interested in learning more about FOODIVAL's latest features, please click here to contact our system consultants and schedule a free system consultation!
Comments