Startupfest: Unforgettable + Unconventional: Supplying a Solution to Inventory Management
Located in Montreal, Startupfest is a three-day long event featuring the best and brightest entrepreneurs, founders, investors, and mentors. Attendees are exposed to high-class content through interactive roundtables, inspirational speakers, and valuable how-to sessions. Genesis employees, clients, and graduates are present at Startupfest this week to absorb all it has to offer. This article is the third of three installments that featured Genesis representatives and how they fit with this year’s Startupfest theme: Unforgettable + Unconventional.
Tracking inventory within the quick service food industry can be a daunting task, and often involves a great deal of time and resources. Restaurants typically deal with issues like food wastage, counting errors, and inconsistent forecasting. Genesis portfolio company Fytics has developed an innovative system that can easily resolve these common restaurants woes. Founder and CEO of Fytics, Jon King, is on deck at Startupfest this week taking in all it has to offer.
Fytics is an intuitive inventory management system that tracks inventory as it is used. Using a Fytics smart handheld or a personal iOS or android device, employees can simply scan inventory as it is added or used. With already installed training videos, employees can learn how to use the system in under four minutes. This streamlined process allows restaurant owners to reduce their inventory time by up to 60 percent.
Further breaking conventions, the data accumulated from the handheld device is displayed in a dashboard, allowing users to gain valuable information on food wastage and costs. The system also offers automatic re-order points and predictive order sheets to analyze and forecast inventory levels. By better enabling themselves to manage inventory data, users can save up to 30 percent on food costs.
Fytics is quickly building its customer base by getting local restaurants on board as customers. By the end of 2017, the company is hoping to attain 130 customers, ideally including their first franchise.
By going against the grain of typical inventory counting mechanisms, and providing an invaluable solution for restaurant owners, Fytics embodies the theme of “Unforgettable + Unconventional.”
See more photos below as a snapshot for our time at Startupfest 2017: