BinWise, Inc. Launches New Product for Restaurant Group Owners And Operators

BinWise, Inc. has developed a new product, BinWiseEnterprise, for restaurant owners and operators with multiple locations.

Jan 28, 2013, 09:05 ET from BinWise, Inc.

SAN FRANCISCO, Jan. 28, 2013 /PRNewswire/ -- BinWise, Inc., the leading cloud-based software managing restaurant beverage programs, is excited to announce the launch of BinWiseEnterprise on January 31. The product will provide restaurant owners and operators with a bird's eye view of summary financial data for all of their restaurants on a consolidated dashboard.

BinWise has developed a dashboard of consolidated sales, perpetual inventory, purchases made by restaurants as well as dollars spent by vendor, and other key metrics such as top categories sold, and price range of sales. Restaurant owners can view this information over customized date ranges, compare restaurants side-by-side, and investigate any red flags that arise.

"More than 65 percent of our current customers are restaurant groups with multiple restaurants," says BinWise President and CEO Doug Hickey. "We believe this is a powerful tool for restaurant managers and owners seeking to run an efficient and successful business. To have this much information at your fingertips is priceless."

Beverage Directors and Sommeliers will be able to make more intelligent purchasing decisions through the top categories sold and price range feature. Knowing which wines sell best in each restaurant and market will allow buyers to keep a tighter inventory.

"We're giving the power back to the buyers," says Hickey. "With the ability to view the purchasing percentage from specific vendors and distributors at a macro and micro view, restaurant buyers will have more visibility into how much they are spending and discounts received."

Through an overview of consolidated sales and purchasing, restaurant managers and owners will now be able to more closely oversee how their beverage program is run and manage cash flow.

"With over $2.5 million in wine and liquor purchases across five locations and a wine club program, I needed a system that would give us the whole picture while being able to dive into the details," says Chad Mackay, President and COO of the El Gaucho Hospitality group. "BinWiseEnterprise is the solution we've been looking for. This should be the gold standard for restaurant owners that are looking to maximize their return on investment and provide them with the insights to achieve breakthrough in their business." 

BinWise clients spend a per restaurant average of $60K per month through the RealWineLists purchasing platform, and a per purchase order average of $1K. Alcohol sales are the highest source of revenue for restaurants, accounting for up to 75 percent of profits. With BinWiseEnterprise, restaurant owners can now manage its most profitable asset. 

"We started using BinWise's RealWineLists at inception in 2007," says CFO of Mina Group, Paula Kaduce. "We believe the new BinWiseEnterprise product will help us run our business more efficiently by having a visualization of our company's financial health on one dashboard. It's an innovative concept for restaurants and will soon become an industry standard."

About BinWise, Inc.

BinWise is the only way to smoothly run a successful beverage program in a single application.  The company's first product, RealWineLists, was created by wine professionals for wine professionals. The cloud-based software links purchasing, barcode inventory management, point of sales and real-time wine lists, available on pdf, html or iPad, on one platform.

BinWise provides transparency to restaurant beverage management and is being used by restaurants, hotels, corner bistros as well as Wine Spectator Grand Award winning restaurants. Restaurant groups currently using RealWineLists are the Thomas Keller Restaurant Group, Mozza Group, Alta Marea Group, Rosewood Hotels, CorkBuzz and A16. Clients use BinWise to manage not only wine, but also beer, spirits, cocktails, non-alcoholic beverages, cigars, food and glassware.

BinWise was funded in March 2012 by ACP, a private equity firm based in New York and is based out of the SOMA neighborhood of San Francisco.  

SOURCE BinWise, Inc.