Friday, December 26, 2014

Different aspects of the Restaurant Business that Analytics can play a role

This is not a very uncommon question. We get this from our customers and potential customers all the time. "What are the various aspects of my business that Data Analytics can help?". And, we at Datamattic are generally very happy and excited to answer that question. In fact we want our potential customers to ask that question since it gives us a chance to highlight the various areas that we can play a role and demonstrate the value we and Biriyani, our restaurant analytics SaaS product offer. For our existing customers we want to highlight the newer areas that they are not leveraging and use this opportunity to help them.

It's very natural to think that analytics can be applied to all the areas as long as there is data. While that is true, its important to focus on the areas where there is maximum leverage to move the needle and get the return for the dollar and effort spent. Sometimes we ask "What do you want to achieve?" Our experience at least has taught us to focus on the ultimate goal or at least prioritize to work that way.

So, now the question is "What are the different areas within the restaurant business that benefits from Analytics?" We have broadly classified/ identified the below areas within our product - and this is based on our internal research and by talking to various restaurant operators, small and big across various segments. And please note, as the world of the food industry (Food 2.0) and restaurant tech changes, this will evolve too, but this is our perspective 1.0.

  • Financial Analytics
  • Food Analytics
  • Customer Analytics
  • Employee Analytics
  • Promotion Analytics
  • Inventory Analytics
  • Peer-Store Analytics
  • Floor Analytics
  • And last, but not the least... Social Analytics
Sounds good? While each of the above areas/ categories to apply analytics in a restaurant is very self-explanatory, it is important to understand in detail what each of it really means. More importantly, what are the different questions to ask or what are the questions to solve under each of this category is key. Data is a dead being. It just sits there in your systems, taking up space in your database or your POS system, useless. It does not offer you any insight, information or recommendation. And you don't get the answers if you don't ask the question... and its worse if you end-up asking the wrong questions.

So, what are the questions that are important under each of the above categories? Well that needs more time and will find a way into my next post. Keep watching this space!

Disclosure: Why are we interested in this space? - Because we strongly believe that restaurants can save or make more than $500/ Month by doing Restaurant Analytics. Explore Biriyani, our new Restaurant Analytics product for Small and Medium restaurant businesses.

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