Toronto-headquartered hospitality technology company Navi Inc. has collaborated with restaurant consultancy firm The Fifteen Group to launch a cloud-based inventory management and cost control platform called Navi Cost Control.
The solution intends to help restaurant operators achieve sustained profitability through enterprise-level software, focusing on the three key areas of product cost control, labour cost control, and effective menu engineering.
“Effective cost control management is imperative to profitability in the restaurant industry –– but every system out there is too complicated and cumbersome to use,” says David Hopkins, President of The Fifteen Group. “We are changing that with Navi –– we developed it to be incredibly simple to use while still providing meaningful insights for management. Navi provides key information in one-third of the time required by other inventory systems, and that is a big win.”
In short, Navi simplifies inventory tracking by effectively eliminating wasted management time in the inventory process.
It is a streamlined system that focuses on what is impactful to management and presents that data in an easy-to-understand and useful way. Users can enter data either directly through the desktop interface or a mobile app using barcode scanning and one-touch buttons.
Unique to the platform are margin pricing techniques and QuaM Graphs, whereby operators can optimize their menu to deliver maximum bottom-line profitability.
Other critical features include daily and weekly sales metrics, daily and weekly labour spend and product cost trends all through one central dashboard. The subscription-based solution is available to Canadian restaurant and hospitality operators of all sizes now, with plans to launch US operations in mid-2022.