Revenue management techniques are used by airlines and hotels to optimize and enhance revenues. BEVI Trace was developed as an operational tool to improve the visibility and access to F&B data in order for restaurants to be able to efficiently monitor their performance and better perform revenue management.
BEVI Trace system
Having the BEVI Trace system in place for your restaurant's food and beverage revenue management is a great way to analyze performance and make data driven decisions. BEVI Trace also lets you create routine reports to see how your sales are performing. The use and understanding of data analytics in the F&B industry provides a broad array of benefits and impacts on outlet performance. The access to targeted specific data helps improve planning & strategy, better decision making, enhanced efficiency, and improved customer service, among other factors.
In the hospitality industry, food and beverage costs are two of the largest cost generators. Leaders need to find ways to better manage and monitor these costs. The process of controlling food and beverage costs is broken down into six stages: purchasing, receiving, preparation and production, service, and sales. These steps work together to provide a more accurate picture of current costs and future ones.
Food and beverage costs fluctuate wildly. It is therefore important to track cost levels by using the right cost breakdown. This approach allows managers to compare numbers over time and compare them against industry standards. Typically, food and beverage costs are reported as a percentage of sales. Managers can then adjust the Cost of Goods Sold to better reflect the actual cost.
Variances between different cost methods can highlight potential efficiency or loss issues. If the standard food cost is greater than the actual cost of food, the difference between the two methods may be indicative of inventory mismanagement or theft. This variance can be minimized by limiting the number of free drinks and menu items available to staff.
For more information about BEVI Trace visit the website link below: