As digitization is shaping the functional and operational point of view of the hospitality industry, major franchisees are depending on data in the hope that it’ll help them succeed in this modern business landscape.
There’s just one issue: few collaborators know how to extract meaningful information from it.
For example, a POS software system will present restaurant owners with insights like the number of times an extra ingredient was requested. But if all you do after looking at this information is increase or decrease the stock you have for that ingredient, you could be missing out on a big chunk of profit.
That’s where restaurant data analytics can be a blessing in veil.
With the competition for restaurant customers getting savage, analyzing the insights and reports associated with your functions as it becomes fundamental to your role as a manager.
What is Restaurant Data Analytics?
Restaurant data analytics is the process of analyzing every basic insight related to your restaurant and converting them into meaningful insights, which can help improve menus and staff screening to restaurant policies and marketing campaigns.
Unlike restaurant reporting, which involves looking at a list of basic metrics to compare profit and loss between specific periods, restaurant data analytics allows you to do an in-depth exploration into the numbers to understand and perform better, and why your business is performing in a certain way.
How does Restaurant Analytics Impacts Labor Costs?
Labour is a big expenditure when operating a restaurant, so it’s important to be on top of your labour cost vs. your total sales. The ideal analytics solution will help identify slower shifts, which helps with keeping costs low as fewer employees would be required during that period of time.
Insights will also help you plan quicker and more thoughtfully on the basis of what days it most hectic when your sales are highest, and how much should you be spending on average labour.
How does Analytics Impact the Guest Experience?
When it comes to the customer experience, data analytics can spill critical insights about restaurant customer experience. Information like order preferences, reservation tables, and statistics can help you to tailor-made the dining experience according to customer needs. For example, you can offer a free dessert to guests on their anniversary or birthday, or keep cuisine likings in mind when sending out a personalized offer to customers.
And moreover, the analytics give you the expertise to keep up with trends and divide customers into groups. With historical restaurant data analytics from your restaurant's CRM to show current trends and build customer profiles, building relationships with your guests will help your restaurant strategize for the future.
Eventually, data analytics would push your restaurant business in a direction where it grows and prosper.
Good luck, BTRESTRO.