Success Story
How NDT Development Enhanced Cost Management at The Cove Club
Collaboration
Over Easy Office (OEO) proudly partnered with NDT Development, a visionary leader in hospitality-driven real estate, to enhance operations at The Cove Club in West Palm Beach. NDT is renowned for redefining spaces through its portfolio of innovative dining and nightlife venues, including Lola Hospitality Global Bistro and N’AMO, which exemplify sustainable culinary practices. This collaboration aimed to implement effective inventory management solutions that would further elevate the unique experiences offered at The Cove Club.
The Challenge
NDT Development recognized the need for improved vendor item management and a comprehensive analysis of food costs at The Cove Club. With a focus on creating exceptional culinary experiences for its members, NDT sought to implement a system that would provide insights into actual versus theoretical food costs. This would not only help in monitoring food usage but also enable informed decision-making regarding inventory and vendor management.
Our Approach
Over Easy Office stepped in with expertise in inventory management, particularly through the Operations Module in Restaurant365 (R365). We offered tailored solutions, managing recipe items, purchased items, and sales items within the inventory system. Our partnership began by addressing price variations and their impacts on the Profit and Loss Statement (P&L), ensuring that NDT had a clear view of the financial implications of their operations.
Key actions included:
Implementing a Robust System: We tracked and analyzed theoretical and actual food costs, providing insights for better financial management.
Item Price Change Alert & Review: Our experts diligently monitor item price changes, promptly notifying NDT of any relevant adjustments. We meticulously review these changes for accuracy and assess their impact on profitability, ensuring that NDT stays ahead in cost management.
Unit of Measure (UoM) Management: We simplified the management of diverse measurement units, handling conversions to maintain uniformity across vendors. This ensures precise inventory management—from ounces to pounds or liters to gallons—centralizing purchasing and standardizing recipes for consistent operations and enhanced cost control.
Streamlining the manual inventory process to enhance efficiency and accuracy.
Results Achieved
The collaboration yielded significant improvements in cost control and operational efficiency.
Inventory Accuracy: We achieved a remarkable 98% accuracy in inventory input, drastically reducing the manual load of the inventory population.
Informed Purchasing: With accurate purchase recommendations based on multiple vendors, NDT could optimize their supply chain and manage costs more effectively.
Enhanced Decision-Making: The implementation of actual vs. theoretical food cost analysis empowered NDT to make strategic decisions that align with their commitment to quality and authenticity in the culinary experiences they offer.
Efficiency Improvement (%)
Conclusion
Through the partnership between Over Easy Office and NDT Development at The Cove Club, we have set a new standard for inventory management in hospitality. Our collaborative efforts not only improved operational efficiencies but also reinforced The Cove Club's mission to provide its members with an exclusive, sophisticated, and engaging environment.
Additionally, our ongoing support in operations for Restaurant365 (R365 Ops Support) ensures that NDT Development can continuously optimize its processes and maintain excellence in its service offerings. We are confident that NDT Development, and particularly The Cove Club, will continue to succeed with its commitment to quality, innovation, and exceptional member experiences.