Two-way integration
Two-way or Bi-directional integration is a powerful tool for hospitality and retail operators, allowing them to integrate their business systems with a variety of software platforms. This ensures that data can be exchanged in both directions in a seamless manner, providing direct and unlimited access to essential data. With two-way integration, the integrity of this […]
Traceability
Traceability is a process that allows the tracking of each element in a product’s journey from raw materials to its ultimate destination. It involves the tracing and recording of the sources, movement and storage of products along their supply chain. This includes every step from procurement and production, to processing, distribution and eventual consumption. Traceability […]
Third-party delivery
Third-party delivery is a process when businesses outsource their delivery needs to a partner. By teaming up with such a partner, companies gain access to all the necessary resources for efficient and secure shipping of goods, including vehicles and drivers, as well as marketing tools, tracking systems and payment technology. When it comes to the […]
Theoretical inventory (also called book inventory)
The theoretical inventory is an estimate of the stock that a business should have on hand, based solely on what has been ordered or manufactured. It assumes no discrepancies such as theft, misplacement of items without proper documentation, or missing receipts. In other words, it’s an idealized representation of the actual amount of inventory in […]
Theoretical food cost
Theoretical food cost represents a restaurant’s estimated expenditure for food items based on the actual cost of ingredients used and purchased over a certain period. This does not include any potential losses due to spoilage, wastage, theft, improper portion sizing, or accounting and inventory errors. By taking all these elements into consideration as well as […]
Tech ecosystem
A tech ecosystem, also referred to as tech stack, is the collection of technological solutions that is used to run the day-to-day operations of a business. The term ecosystem refers to the fact that all the different programs communicate or interact with each other, creating an integrated business. The hospitality and restaurant tech ecosystem includes […]
Table management software
A modern table management system is designed to make it easier for restaurants to manage all of their tables and reservations. This software provides a customizable floor plan of the restaurant that can be accessed from a tablet or other device, allowing servers to instantly see which tables are available, assign them accordingly, and keep […]
