Mastering the cost of ingredients and menu dishes has always been the most essential part of Food & Beverage (F&B) operations. If operators lack this information, they cannot determine the actual profits of their business accurately, let alone formulate strategies that can help save resources and improve business. Yet, calculating food costs cannot be done without a complete and reliable record of your procurement activities and recipes. Without a proper system, a restaurant owner may need to spend considerable manpower and resources to record relevant data before calculating related costs by using various complicated formulas in Excel manually. This traditional approach is not only time consuming, but also prone to inaccuracies. Yet, FOODIVAL’s Recipe Module digitizes food cost management for F&B owners by establishing e-recipes and calculating the ideal dish cost by extracting the purchase prices from daily procurement data following the “first-in, first-out” principle. Meanwhile, FOODIVAL can even integrate data from POS systems and regular stock take to reckon the actual cost and profit of the dishes for conducting more in-depth recipe analysis.
Create e-recipes
By leveraging FOODIVAL’s Recipe Module, restaurants can create a reliable database for their recipes, including semi-finished products like home-made sauces. Users can record the ingredients and required quantities for each dish to improve recipe management and facilitate cost calculation.
Simplify Procurement Process
When managing daily procurement, users can not only place orders based on inventory level monitored by FOODIVAL, but also simply input the number of a specific dish that they would like to produce. The system can automatically calculate the total amount of ingredients needed based on the e-recipes, streamlining the entire procurement process by saving the time required for searching each ingredient one by one.
Analyze Ideal & Actual Dish Costs
By integrating with a POS sales system or importing sales data, FOODIVAL can automatically calculate the ideal cost of each dish based on the purchase prices of each ingredient. Additionally, it is possible to obtain the actual cost by taking the total amount of ingredients used through regular stocktake into account. FOODIVAL is capable of automating the calculation of these figures and comparing the actual costs with the ideal costs, assisting F&B owners in identifying operational deficiencies from the discrepancies. This insight serves as a valuable reference for owners to improve their recipes or procurement strategies to enhance cost-effectiveness.
Analyze Recipe Profitability with Power BI
FOODIVAL can connect seamlessly with a third-party analytic tool – Power BI to synchronize all procurement, inventory and recipe data for conducting a more in-depth and multidimensional analysis. Taking recipe and procurement analysis as an example, FOODIVAL can thoroughly analyze the actual profitability of each dish by integrating sales and procurement data. The result can be presented in an XY scatter graph, allowing users to identify the star products (i.e. both popular and profitable) as well as those that are profitable but not popular, or neither profitable nor popular. With this analysis, owners can review and formulate sales strategies and menu designs. For instance, they can eliminate items that are neither profitable nor popular, or implement various promotions to boost the sales of profitable products. Moreover, users can further analyze the profitability of each outlet or study the detailed breakdown of costs of the menu through the “Drill Down” function, allowing owners to refine their recipes, procurement and sales strategies.
Ingredient Substitution
Users can pre-set substitutions for each ingredient, enabling the system to automatically adjust stock level based on the pre-set substitution lists and ingredient usages. This feature helps restaurants to maintain accurate and up-to-date inventory levels.
Through FOODIVAL's comprehensive recipe module, F&B operators can establish a complete e-recipe system for their restaurant, which helps centralize the management of menu design and ingredient usage. This ensures food quality while also replacing manual processes with a system that can automatically integrate data and generate various reports. This not only enhances overall efficiency but also helps restaurants make data-driven decisions to improve menu design, procurement, and sales strategies.
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