A restaurant is a business that most probably operates on very tight margins. There are various factors in between marketing, supply chain management, and employee turnover that a restaurant has to deal with a plethora of variables.
What if a restaurant could be able to maximize its profits without using any expensive methods? The restaurant should create an algorithm that creates billions of points of data. That will give some meaningful results. There are many critical drivers of success such as branding and some unique operations but one of the main thing that keeps the restaurant apart from their competitors is the data that tells them about their customers, what their preferences are, and after that they can know how to create food faster and tastier.
As the whole world is getting towards digitalization, the operational and functional outlook of the restaurant is getting reshaped, all the major independents are clinging to the data in the hope that it will help them to succeed in this modern business landscape. There just arises one problem for restaurants that few stakeholders would know how to extract meaningful insights from it. For example, a modern restaurant POS software will help the restaurant owners with various things like if the restaurant requires the extra ingredient, the POS software will help them. But if the restaurant is looking at its data in order to increase or decrease its stock of the ingredient, then they could be missing out on some sort of revenue. It’s the only place where data analytic can be a blessing in disguise for the restaurants.
In this competitive world, all the restaurants are facing too much competition. For a manager, it becomes integral to analyze all the metrics and reports associated with their operations. With the help of new technologies like restaurant POS software and with the increment of tech companies that are making the APIs available in the space, restaurant data is becoming useful for everyone.
Big Data Analytic
Big data can be defined as the large volumes of data that are constantly stored and generated by various software solutions such as POS software that a restaurant can use. There are many of the best restaurant POS software India which many of the Indian restaurants use in order to increase their revenue. For many of the restaurants, this software begins with how a customer pays for their food and places their order. Some of the restaurants which work on a high scale may even use more technology software on their payroll. This means that there is a need to invest in a reliable analytic solution. For example, a restaurant may be looking at big solutions to understand their data and how to use the data in the most effective and efficient way. If it is compared with those restaurants that work on a low scale, then they don’t need to stress over big data, as they don’t need multiple software like POS software. In short, it can be concluded that they don’t generate and need enough data. For such restaurants, it is better for them to concentrate on finding the data which useful and is being produced by the POS software. In today’s time, all kinds of restaurants are generating more data than ever before, which makes data analytic an exciting space to explore.
How Big Data Analytics improve Revenue and Sales
While it can’t be said that by using the best restaurant POS software India and with the help of data analytics it will increase the revenue of their restaurant as it isn’t any silver bullet that will do, but they present a restaurant with robust and actionable insights that will help them to make invaluable business decisions,
For example, if the restaurant evaluates sales metrics like how much revenue is being generated per server then it will help them to identify the staffing issues that would be affecting their restaurant profitability. If a restaurant server generates the same amount of revenue throughout the week and also if the revenue is being generated at certain hours of the day, data analytics will help them to identify where the losses have occurred, and sometimes they might be able to benefit from the additional manpower.
Likewise, if the restaurant wishes to analyse the data from their CRM, then it can be used to identify that why certain items of the restaurant are sold well and others aren’t, who ordered what and how much of quantity of it, and they can know front-of-house insights. This will further help the restaurant marketing business to change and improve their menu, as they can evaluate what food is being ordered and in what quantity, and after that they can introduce more new items to their menu. Also, the restaurant can know about the categories of their menu and add appetizers and entrées to their side items and beverages as they are most popular which will help them to decide which items they need to highlight while they are doing their market campaign.
There are many benefits that a restaurant can gain from data analytics and some of them are:
Those restaurants that are truly competitive are utilizing analytics solutions such as POS software for a variety of use cases, including:
- Customer profiling: It is a way of creating various portraits of their customers that are based on factual information, such as how they buy the products or their customer service interactions.
- Operations improvement: Data analytics improve the operations of the restaurants in order to increase their revenue.
- Table turnover optimization: After having the data the restaurants will be able to know their order history then it will take less time for their customers to place their order, which will automatically reduce table turnover time.
- Sales forecasting: Data analytics help the restaurant to know how much increase in sales will take place and for that how much ingredients they will need for that. It will further lead to an increase in revenue.
Digital Web Services (DWS) is a leading IT company specializing in Software Development, Web Application Development, Website Designing, and Digital Marketing. Here are providing all kinds of services and solutions for the digital transformation of any business and website.
