It’s no secret that restaurants face a challenging market right now. As brands navigate ongoing supply chain issues and labor shortages, operators are turning to solutions that can ensure efficiency while growing the business and improving profitability. Technology is poised to become a major influence in the restaurant industry this year.
Restaurants are embracing technology that allows them to make data-driven decisions, according to Lenny Evansek, senior vice president of SafePoint business development at Loomis. From tracking sales numbers and capturing customer information to managing labor costs, data plays a vital role in the success of a restaurant today. By leveraging data, restaurants will have an advantage when it comes to increasing operational efficiency, reducing costs, and driving growth and profitability.
This is where SafePoint by Loomis comes in. The SafePoint cash management solution reduces the need to deal with the hassle and stress of managing cash or worry about the safety and security of driving deposits to the bank. At the same time, SafePoint can collect and provide valuable information to operators enabling them to make better business decisions.
Loomis shares all transaction data from the safe to the clients in near real-time through built-in technology, Platform Sync, and Loomis Direct. Clients can use this data to better understand security, operations, and financial situations at any location. Ultimately, the data will provide insight that can help prevent cash loss and lead to a clear idea of what is occurring at their restaurant.
For example, SafePoint sends data which includes every time an employee is accessing the customer-controlled storage vault where change orders are housed. If the data shows more than the usual events, it could mean the employee may need more training or is attempting internal theft. “SafePoint captures employee deposit data from the device and puts it into the dashboard that clients can see,” Evansek says. “The data can help clients flag any potential internal theft incidents based on how they are using the safe and may be able to proactively stop a theft before it ever happens.”
SafePoint also reports back the time, frequency, and amount of money that is being deposited. If employees are dropping cash too late in the day, that could mean the restaurant is holding onto cash or keeping too much in their drawers. Not dropping cash at the proper time could lead to questionable activity, loss, and higher risks of theft.
With Loomis Direct, restaurant owners have access to an online portal that gives them inside data about each of their location's cash situation. It shows clients a dashboard of how many bills of each denomination are being deposited into the safe. “If restaurants are depositing too many $1 and $5 bills, they are not properly recycling the bills for in-store banks and are most likely ordering the same amounts from their financial institutions,” Evansek says. “Eliminating this cross-shipping can help restaurants further reduce their bank fees for deposits and change orders.”
Using data is critical for restaurants because it can help them make better business decisions and ultimately drive efficiency and profitability. The data collection and analysis tools from Safepoint by Loomis will allow restaurant owners to gain a competitive advantage in today's rapidly evolving restaurant industry.
To learn more, visit the Loomis website.
By Olivia Schuster