MarginEdge, the leading restaurant management and bill payment platform, has officially announced the launch of its new AI-powered sales forecasting and recipe building tools.
To understand the significance of such a development, we must take into account how restaurant operators have historically faced the challenge of navigating unpredictable sales, fluctuating costs, and evolving menus.
Talk about how MarginEdge’s latest tools will address the given problem, we begin from the promise of comprehensive forecasting abilities. This translates to a focus on considering historical sales, ordering and labor data, as well as external seasonal factors, all for the purpose of generating one of the most comprehensive and accurate restaurant forecasts on the market.
The idea here is to empower restaurants in the context of planning, preparing, and ordering with greater confidence.
Next up, we have an assortment of self-learning capabilities coming into play. You see, the technology’s underlying algorithm is capable enough to continuously learn and adapt to each operator’s unique business rhythm. Hence, the more you use the tool, the smarter it gets, thus orchestrating increasingly precise sales predictions over time.
“I know firsthand how hard it is to plan when sales shift daily. You’re making decisions about purchasing, labor and menus with a lot of guesswork. What excites me most about these new AI tools is how they take the uncertainty out of the numbers,” said Bo Davis, CEO and co-founder of MarginEdge. “We’re using AI to give operators real-time cost insights, accurate sales forecasts and recipe tools so intuitive that chefs can build and update on the fly; no tech skills required. This is about making restaurant life easier, more responsive, and a whole lot less reactive.”
Another detail worth a mention relates to the prospect of enhanced accuracy in planning. In essence, the stated platform accurately forecasts, averaging within 4% of actual sales. Not just that, it can also track daily performance against goals and trends from historical data.
Beyond that, there is MarginEdge’s enhanced recipe builder, which leverages AI to make digitizing recipes faster and easier than ever before. As a result, operators and chefs can now copy and paste recipes from Word docs, spreadsheets, or other sources directly into the platform, with no formatting finesse required.
Once they do so, AI jumps into action by instantly recognizing and organizing ingredients and instructions so to slash data entry time and unlock quick access of powerful tools like menu costing and theoretical usage analysis.
Rounding up highlights would be the potential for accelerated invoice processing. MarginEdge’s invoice processing engine, for better understanding, has seen a significant boost in both speed and accuracy over the past year, making up a leap which is powered by expanded machine learning capabilities real-time human-in-the-loop feedback from MarginEdge’s Client Services team.
Among other things, it ought to be acknowledged that a customer i.e. Rise Southern Biscuits & Righteous Chicken used these AI-powered forecast tools during early deployment, eventually realizing measurable gains across its 20-plus locations nationwide.
Founded in 2015, MarginEdge’s rise up the ranks stems from packaging powerful automation with industry best AI, including market-leading invoice processing, and sales forecasting. The company’s technology strives to, at present, do away with manual work, centralize financial data, and deliver daily real-time insights that drive smarter decisions.
MarginEdge’s excellence and scale in what it does can also be understood once you consider it currently processes more than 10 million invoices per year for over 10,000 restaurants across the US and Canada, while simultaneously automating 99% of invoice line item coding with unmatched speed and accuracy.
“We love how easy it is to use,” said Craig Benner, Area Manager of Rise Southern Biscuits & Righteous Chicken. “The data is always up to date and displayed in a way that’s digestible even for our new managers. It’s a great tool that we can’t wait to continue to roll out.”
