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Trends and tips from industry insiders
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Trends and tips from
industry insiders
Detailed case studies and real-world advice from experienced professionals in the food and beverage space
Strategies for 2023
and beyond
Understand the risks of not keeping up with technology and how to leverage it to enhance your operations and boost your bottom line
With KEXY's AI platform, Islands Restaurants Can Save Millions of Dollars Every Year by Reducing Inventory Losses by 42%
Overview
The Islands Restaurants food chain has been in business for over 40 years. After growing from humble beginnings, Islands has seen enormous success and managed growth to 56 locations across their home region. As a result, any type of inefficiencies at this level can result in hundreds of thousands of dollars, if not millions of bottom-line impact. Because restaurants and bars operate with razor thin margins it’s crucial now more than ever, for them to take advantage of tech to improve their inventory and purchasing processes in order to maximize their revenues.
The Islands Restaurants food chain has been in business for over 40 years. After growing from humble beginnings, Islands has seen enormous success and managed growth to 56 locations across their home region. As a result, any type of inefficiencies at this level can result in hundreds of thousands of dollars, if not millions of bottom-line impact. Because restaurants and bars operate with razor thin margins it’s crucial now more than ever, for them to take advantage of tech to improve their inventory and purchasing processes in order to maximize their revenues.
Internal Research
After noticing that Islands key performance indicators could potentially be higher, KEXY reached out to them to help by adding in the crucial specialty of machine learning and analytics. KEXY chose Islands as a data partner in order to demonstrate the potential for inefficiencies and improve their inventory purchasing plan through a strategy such as machine learning.
Solution
Once KEXY chose Islands as a data partner to show proof of possible inefficiencies; all that was required was past data to feed to the machine learning modeling tool. This way they would grasp the customers’ consumption behavior in an attempt to forecast it and then distill it into a more efficient inventory purchasing plan.
After noticing that Islands key performance indicators could potentially be higher, KEXY reached out to them to help by adding in the crucial specialty of machine learning and analytics. KEXY chose Islands as a data partner in order to demonstrate the potential for inefficiencies and improve their inventory purchasing plan through a strategy such as machine learning.
Solution
Once KEXY chose Islands as a data partner to show proof of possible inefficiencies; all that was required was past data to feed to the machine learning modeling tool. This way they would grasp the customers’ consumption behavior in an attempt to forecast it and then distill it into a more efficient inventory purchasing plan.
Results
By accessing data from all 56 locations KEXY fed their system the information through their five (5) step process. From organizing the data, analyzing it, preparing it for the model, choosing the most critical variables, and ultimately allowing the model to provide the proper insight.
KEXY was able to run their machine learning model to predict customer consumption patterns and optimize Islands' inventory purchasing plan. The model identified usage as the main variable that could be used to minimize waste and overstock; which made it possible for KEXY to forecast an ideal inventory requirement for Islands by running four different scenarios and slightly modifying a few variables.
With the assistance of strong data from Islands on this collaboration, the system predicted that KEXY could help Islands to get potential savings of up to $440,000 every month in saved inventory throughout all 50 plus of their stores.
A real-world case study like this is an excellent example of how data analytics and advanced technology can be used to identify and solve inefficiencies, and ultimately lead to improved business outcomes and revenues.
KEXY was able to run their machine learning model to predict customer consumption patterns and optimize Islands' inventory purchasing plan. The model identified usage as the main variable that could be used to minimize waste and overstock; which made it possible for KEXY to forecast an ideal inventory requirement for Islands by running four different scenarios and slightly modifying a few variables.
With the assistance of strong data from Islands on this collaboration, the system predicted that KEXY could help Islands to get potential savings of up to $440,000 every month in saved inventory throughout all 50 plus of their stores.
A real-world case study like this is an excellent example of how data analytics and advanced technology can be used to identify and solve inefficiencies, and ultimately lead to improved business outcomes and revenues.
42%
Decrease
in losses
in losses
$440K
Saved in stopped inventory
Take control of your restaurant and bar operations
In one way or another, we’ve all been impacted by COVID-19. Some restaurants have adapted and others are still searching for their footing. Regardless, as an industry, every dollar matters and restaurants must transform to this new reality.
Our goal at KEXY is to give you back the control of your operations by making it easier for you to make the best decisions when choosing products for your restaurant. Our application helps you gain total control and transparency of managing your inventory, conducting ordering, and interacting with vendors.
And what’s the best part… It’s 100% FREE! No Catch… No Gimmicks.
Our goal at KEXY is to give you back the control of your operations by making it easier for you to make the best decisions when choosing products for your restaurant. Our application helps you gain total control and transparency of managing your inventory, conducting ordering, and interacting with vendors.
And what’s the best part… It’s 100% FREE! No Catch… No Gimmicks.
Stability.
Transparency.
Control.
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