Banqueting is often looked upon as the game changer in the F&B industry due to its high-profit margin. Banquets are typically located inside a hotel, but they can also flourish as standalone banquet halls. It brings in significant revenue for the hotels, which can go up to about 55% of its total revenue. Hence there is a need for proper Banquet Management Software to streamline operations and generate profits.
Banqueting management software helps you to manage everything from deciding on the menu to taking bookings for the entire month. It also makes a well-prepared calendar for the entire month with details of each event. This results in a decrease in the dependency on labor for doing the same tasks with the introduction of this technology.
Pros Of Having A Banquet Management Software
After establishing the need for a banquet management software in a banquet, we shall now look for the advantages that it has to offer. The business model for a banquet is slightly different from that of other kinds of restaurants, which is why there are different requirements that a banquet management software should serve.
Some of the life-changing advantages that any good banqueting software will provide to its owners, is the comprehensive report for each event. These reports help you to correctly analyze how your banquets are doing in the market and whether or not your customers want to come back here.
i) Ease In Making Reservations
Booking an event beforehand lets you add explicit specifications that your customers need in that event. While making a reservation, you can also add specific details about the theme and decorations along with mentioning other information like the date and time of the event, number of people, menu and the customer details.
Keeping a record of minute specificities required by the customers also helps in times when the customer returns for another event. You could now make your customers happy by suggesting their favorite menu and decorations.
ii) Menu Engineering and Per Person Cost
A lot of studies have shown the importance of menu engineering for the F&B industry, which is often a tedious task. But what if you always had someone accurately estimating the need for each event and constructing a different menu for it every time?
The usage of a banqueting automation software not only plans a menu for each event in your banquet but also estimates the per person cost automatically.
Let’s look at it this way. Assuming that there is a specific dish in your menu that has the maximum frequency of orders. The software will automatically label it as your bestseller and also give you a window to highlight your best dishes, which will, in turn, generate a menu that is most frequently liked by the customers. This helps you to work around a budget and get things done smoothly.
iii) Multiple Venue Management
It is both inconvenient and impossible for you to be in more than one of your banquets at the same time. You need a stand-alone technology to integrate information of all your banquets in one single place from where you are able to manage all your outlets.
This way you can keep an eye on more than one of your outlets and manage each event with the comfort of sitting at your home. It also helps you to compare the revenues of each of your outlets.
iv) Event Calendar Management
While taking up a new event booking in a banquet, you can’t expect your staff to look through manual records to check whether the requested date is free or not. An automated system that streamlines your work by maintaining an event calendar will help.
Such software also helps you to offer particular packages according to how free or busy the calendar is. These events can also be marketed through Facebook, according to the wishes of your customers. Just like any other calendar, it also helps you to remind you about upcoming events just in case through automatic alerts.
v) Vendor Order/ Payment Management
Ordering a particular vendor for the raw materials required for a particular event and the transactions associated with it are all monitored and analyzed to give you a daily report of the inventory.
Suppose you take an amount x of raw material from vendor A and an amount y of another raw material from Vendor B. You can customize these vendors and the amount of raw material according to your consumption instead of constantly updating it after every transaction.
vi) Sales Management With A Detailed List For Each Item
One of the major challenges faced by banquet owners is the mismanagement of sales and lack of bookings. The best way to overcome this particular challenge is to have a detailed sales analysis and management. Each event should have the bills for each kind.
You must have come across a question of analysis of how successful the event is. This is also taken care of by the automated software which helps you to calculate your each day profit.
vii) Live Reports For Owners For Each Event
These detailed reports include the time, guest list, menus, payments and theme for each event. Using a banqueting software keeps all of this data secure and up to date. These reports help to collect a treasure of data, which can be used in the time for analysis of growth.
The need for an efficient Banqueting Management Software is inevitable as you can’t afford to make mistakes and lose on your customers. Even the tiniest mistakes in the details can lead to a disastrous event in the eyes of the customer. Therefore, you must choose an appropriate banqueting management software that makes your life easier.