NableIT’s Artificial Intelligence (AI) based Sales Forecasting and Inventory Management Platform allows Quick Service Restaurants (QSR) to optimize their product inventory i.e. to minimize both stock-out and over-stock events. In addition, our flagship facial recognition product helps in implementing the loyalty program and in turn increases the customer retention and profitability. We have developed customized models to address unique requirements of various types of QSR clients deploying AI based predictive analytics tools.
A typical QSR has outlets at various locations. There are also kitchens or third-party suppliers in local hubs that supply to various outlets replenishing stocks of semi-cooked items and ingredients as per recipes, several times a week. The supplies, inventory or items are categorized either as perishable (viz. bakery) or non-perishable (viz. cups, cutlery, boxes for take-out) items. Our AI models can better predict optimum level of inventory by considering hundreds of impacting variables. By training our AI/ML models, utilizing past data and creating neural network patterns using deep learning algorithms, superior prediction replenishment cycles are computed.
Advantages of NableIT’s AI/ML based Sales Forecasting and Inventory Management Platform:
- Accurate forecasting
- Selection of menu items while keeping account of demographic areas – by income, by location type (office complex or a mall), by food preferences of the settled community (e.g. vegan) etc.
- Optimizing product inventory i.e. minimizes both stock-out and over-stock events, reduces wastage, improves service levels and maximizes on time delivery
- Increase in sales and improvement in profitability
- Increased understanding of customer data henceforth providing better service
Models can further be expanded with the following additional functionality:
- Ideal location of a new outlet among many locations
- Menu card for an outlet (each outlet could have a different menu)
- Ideal location and number of kitchens
- Replenishment cycle from kitchen to outlet as well as quantities supplied
- Ideal pricing of recipes for maximizing profit and/or revenue (market share)
- Introducing and recommending new recipes
- Ideal stocking of nonperishable items to reduce excess storage cost
For a live demonstration and inquiries, please contact us.