May 20, 2023 — MarketMan, a comprehensive SaaS food service inventory and purchasing platform, today announced the launch of its next-generation premium features utilizing predictive analytics that provide restaurants with automated management of their cost of goods.
“Predictive analytics is one of the many innovative technology advances available to run a foodservice more efficiently that has not yet been widely adopted. It is like a computerized crystal ball that leverages historical data and real-time events to predict future outcomes,” says Wink Jones, CEO at Meal Ticket. “Using this advanced technology, MarketMan takes the enormous amount of data collected from various sources, including POS and other 3rd party systems, and identifies patterns to enable owner/operators to make data-driven decisions about pricing, menu development, and inventory management, as well as future costs and demand. Predictive analytics can be a food service provider’s secret sauce for success in the constant balancing of inflation, supplier cost, and labor rate fluctuations against their customers’ palates and willingness to spend.”
New Premium Feature - Suggestive Ordering
Suggestive Ordering utilizes predictive analytics to optimize inventory levels by anticipating demand without overstocking or understocking.
"Suggestive Ordering is a premium feature that uses advanced algorithms to forecast demand and automate inventory management with an enormous quantity of calculations based on sales, recipes, reported waste, and trends,” said Noam Wolf, General Manager at MarketMan. "With Suggestive Ordering, foodservice providers will not only see tremendous time savings and fewer errors in inventory management, but also tremendous improvement in food waste reduction.”
New Premium Feature - Cost of Goods Sold Over Time
Cost of Goods Sold Over Time quickly identifies inventory and menu efficiency trends across multiple periods to drive COGS optimization and affect overall profitability. Tracking COGS is important, but tracking it over time is required in order to improve it.
With Cost of Goods Sold Over Time, MarketMan now makes it easier for foodservice providers to view COGS data compared over several time frames and between multiple locations at once.
“The report has been uniquely designed to allow slicing and dicing of data in multiple category and item levels, while displaying an easy-to-understand comparative view. This capability allows single or multi-location restaurant business managers to clearly identify opportunities to lower COGS and become more profitable,” says Wolf.
Easy to extend tech stack
MarketMan is integrated with an extensive list of Point-of-Sale solution partners so it is easy and cost-effective for most food service providers to add Suggestive Ordering and Cost of Good Sold Over Time to their tech stack for more advanced, automated operations.
MarketMan continues to add the most widely used, best-of-breed restaurant technology to its partner program including POS and accounting applications as well as other restaurant technology innovators. For a list of MarketMan partners, please visit: https://www.marketman.com/partners/
The new MarketMan premium features will be showcased at the 2023 National Restaurant Association Show at McCormick Place in Chicago from May 20 to 23. Stop by booth #6064 for more product details and a demonstration.
MarketMan is a cloud-based inventory management and purchasing platform that simplifies back-of-house operations, streamlining everything from inventory to budgeting, reporting, supplier management, and food costing. MarketMan is part of the Meal Ticket product portfolio.
Meal Ticket is a leading software provider in the foodservice industry, offering a portfolio of SaaS tools for distributors, manufacturers and restaurant operators. The company’s products enable its clients to deliver greater profits with a suite of software solutions that increase operational efficiency, maximize complex earned income programs, target new business, and elevate operator and supplier engagement. The products offer best-in-class business intelligence tools combined with industry expertise, ongoing training and support. Meal Ticket was founded in 2011 and is headquartered in Boise, Idaho, with offices in Colorado, Florida, NYC, and Israel. For more information, visit www.mealticket.com.