MarketMan Info

About MarketMan

MarketMan provides restaurant concepts with inventory management solutions that are otherwise missing. Before technology became a player in back-of-house operations, managing inventory was somewhat archaic.

Now, MarketMan bridges the gap between the operator and vendor through the software, which in turn allows restaurant operators to reduce both food costs and the time that goes into inventory management. The entire operation runs through an easy-to-use cloud-based platform that can be updated on a phone, tablet or desktop.

 

Company History

Five years ago, Noam Wolf and his co-founders Igal Wolf and Or Mintz recognized a large gap in restaurant operations, specifically when it came to back-of-house. Wolf and his partners came from more than a decade of experience pioneering mobile apps and technology development globally in Israel, and were looking for their next venture. As technology was becoming increasingly popular in the restaurant space, they noticed a section of the restaurant that was completely overlooked. That’s why they founded MarketMan.

Originally established in 2013 with a vision of creating a restaurant supply network in which both restaurant operators and their suppliers will be able to collaborate and manage every aspect of the restaurant supply chain, MarketMan provides restaurant concepts with inventory management solutions that are otherwise missing.

The MarketMan Difference

MarketMan’s typical customers are both multi-unit and single-unit operators with growth plans. The platform solves several key challenges in the operator’s life, of which the first and foremost is control. Operating a single restaurant is a challenge, but adding more locations makes the process exponentially harder. When digging into why this is so challenge, these are the three key problems that MarketMan solves:

  1. Supply and Inventory management: Inventory is one of the biggest challenges in the everyday life of a restaurant’s general manager, and about half of every restaurant’s prime costs. Managers must make sure that they have just enough inventory to serve their customers, but not too much as this would end up as “shrinkage”, meaning waste and theft. Ordering and receiving supplies, comparing what the business uses with what it should be using and identifying and eliminating waste are practically impossible without great software. MarketMan allows managers to place orders to all their suppliers using one single app, count their stock and get analytics and actionable insights about their inventory.

  2. Accounts Payable Management: Businesses in the food and hospitality space receive hundreds of bills per month from their purveyors. It’s really hard to keep track of that information, including how much is owed, who owes credits and why are some invoices missing. how much do I owe? With MarketMan’s invoice scanning app, operators simply take a snap of any bill and the system automatically reconciles it for them in their inventory and pushes the data to whatever accounting system they are using. It automates the whole process and eliminates the need to type in data or deal with paper invoices.

  3. Menu Management and Pricing: Executive chefs know that menu engineering is key to their success. While trying not to compromise on their vision, concept and taste, they need to make sure that they utilize resources efficiently and price menu items correctly. On day one of their business, it’s possible to do this using Excel. But what happens as time goes on? Ingredients and suppliers might change, pricing definitely fluctuates and the sales mix may vary between locations, seasons or trends. MarketMan shows operators their real margins on those items. It directs them toward what to sell and what they need to fix. It’s a moving target that requires constant attention, and by implementing those daily changes, operators increase their bottom lines dramatically. By simply instructing waiters to sell one dish over another during a certain time period, portioning a dish differently or renegotiating the price of a couple of key ingredients, businesses can greatly improve their profit margins.

MarketMan’s Success

Since its inception five years ago, MarketMan has allowed for an average of two to five percent reduction in food costs within the first year of implementation, and clients report an average 50 percent boost in order efficiency. The company also now has also grown on a global scale since its founding—MarketMan currently has offices in London, Israel and maintains its global headquarters in New York City. Right now, there are more than 2,500 restaurants in 18 different countries using MarketMan to streamline their business operations. The platform has also seen more than 150,000 recipes built in its platform, and over three million purchase orders have been submitted worldwide.