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What is Salavge?
Salvage is an app that works by an algorithm which allows restaurants/food and beverage sellers to track the amount of food they waste per day. The app essentially helps clients decide how much of which items to produce the next day. Salvage will provide 24-7 customer service that entails personalised and accurate data at an affordable cost to clients. To break it down the app calculates the average cost of goods sold in a week and the average cost of production for the week to find margin of wastage. The monetary loss due to food wastage is tracked over the course of a few months which allows the client to understand exactly by how much percentage profits have been impacted.
The target customer for Salvage would be food and beverage businesses that aim to minimize food waste and improve their operational efficiency. The consumer base consists of those whose main priority is looking for an affordable, data-driven solution to track and reduce their food wastage, ultimately increasing profitability.
What is the problem being adressed?
Food waste is a huge problem in India across all food industries because supply often exceeds demand. Around 74 million tonnes of food is wasted every year in India, nearly 10% of the country’s total food output. This causes massive economic losses of about ₹1.52 lakh crore annually. Households waste about 55 kg of food per person each year, making up nearly 60% of the total food waste. Food services, including restaurants, contribute a large share too — an estimated 20–25 million tonnes annually. This means that restaurants may be losing 8–15% of the food they purchase due to waste.
By decreasing the food waste we will be decreasing the greenhouse gases, carbon footprint, as well as, increasing the economic growth, sustainability and we will have a cleaner planetThe app is quite unique in comparison to the existing competitors as ideally it would provide personalised and accurate data at an affordable rate. The app would be suitable on all devices and would depict data on the basis of the menu of the restaurant.
How does it work?
1)Firstly Salvage calculates the average cost of goods sold in a week and the average cost of production for the week to find the margin of wastage
2) Calculates the amount of items to be produced in the next week is the average cost of goods sold in the previous week to meet current demands
3) Single inputs per month make user interface as smooth as possible
4) The monetary loss due to food wastage is tracked over the months to allow the user to understand how much percentage profits have been impacted
Comments
In my opinon, predicting sales is a gamble, and calculating demand and market conditions is difficult. I look forward to further development of your product!
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