Sunday, January 24, 2016

Take advantage of Restaurant Analytics to maximize profitable decision-making

We spoke in large about the key trends for the next decade in hospitality technology. And Restaurant Analytics is one of the important ones. A powerful restaurant analytics performance solution should be an important tool in every restaurants operational management plan. If you are already looking for an Analytics solution for your restaurant, you can explore GENIUS - Our Restaurant Analytics solution for small and independent restaurants. If you are looking for more information, read on.

Restaurant Analytics

Restaurants are very tightly managed organizations and efficient operation could mean survival and that is where Analytics comes into picture. The field of Analytics (interchangeably used in many places as Big Data, Data Science or Business Intelligence and so on) is relatively new, but the core idea (which is Data Driven or Data Informed decision making) is not. We have always been in some form or fashion data driven organisms. Admit or not, we are always making decisions - when to sleep, what to eat, what to wear, where to go, what to buy etc. and all of these decisions are based on historical data which we call it experience or gut. Analytics is all about using quantitative facts to make decisions. Not just any decision, but good decisions.

Not taking advantage of Restaurant Analytics is costing you money

There are lot of questions that can be answered by an analytics solution. There are lots of categories, like Finance, Marketing, Inventory, Customers, Employees and so on. But restaurant owners and managers are busy with day-to-day operations of the business and don't have the time or skills to do data crunching and analytics. The simple truth is that owners and managers do not have deep insights on all the areas of their restaurant operation. And honestly, they don't have to have the skills. All they need to do to stay ahead is to ask good questions. And an analytics solution like GENIUS can provide answers.

Restaurants are operating in a very agile and evolving environment. So, its important to ask a lot of questions and get clarity on different aspects of their business on a regular basis. Analytics plays a significant role in answering those important and seemingly unimportant questions to be able to stay ahead and win.

Let's call it a simple test to quickly understand what you know and what you don't know about your restaurant. To be fair, we have kept the questions basic since we want to appeal to a broader set of restaurant base. If you cannot answer at least 7 to 8 of these 10 questions, you need help.
  1. What is the average number of items that your customers buy?
  2. What is the average revenue per check?
  3. What is the margin of various items in your menu?
  4. What are the most and least profitable items?
  5. What are the dishes that are commonly brought together?
  6. What is the LTV (life-time-value) of the customer?
  7. How frequently do loyal customers visit? What is the likelihood that they will not come back?
  8. What is the average check value of loyalists?
  9. What is the sentiment of your customers in the social media?
  10. What is the average revenue/ check by the employee? 

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