How to Cook Up Valuable Information Out of Your Raw Restaurant Data

As a restaurant owner, you have a lot on your plate. Along with taking care of menu offerings, marketing initiatives and guest experiences, you also have to come up with an uncompromising vision and robust business strategy. Fortunately, advances in software technology can help you achieve the desired automation and integration in your restaurant business.

Technologies are helping restaurants achieve an unprecedented reach to customers while streamlining different processes. At the same time, restaurant management software and statistical analysis software are making it possible to get measurable outcomes out of the goldmine of ‘restaurant data’.

Restaurants collect a lot of data every day from internal and external sources like point of sale, customer feedback, social media, employee feedback, and a lot more. If optimized, the raw restaurant data can be cooked up into powerful information for achieving higher performance and gaining competitive edge.

Take for instance, McDonald that leverages big data to optimize guest experiences. McDonald serves 69 million people in 118 countries each day and sells around 75 burgers every second. It generates a vast amount of data every day and leverages it by creating a data-driven culture and using advanced trend analytics tools.

Similarly, your restaurant can also drive performance by applying insights received from data analytic tools and other enterprise technology solutions. Read more to know how.

Menu Optimization

When the menu is too broad, service at your restaurant may slow down. Similarly, when the menu is too narrow, sales opportunities may diminish. Fortunately, menu engineering through analytic tools can help in maximizing profits and customer satisfaction. Menu engineering allows the analysis of popularity and profitability of different menu items. Accordingly, popular food items can be placed on the menu to increase profitability per guest.

Customer Segmentation

Knowingly or unknowingly, restaurants collect customer related details in terms of menu preferences, demographics, and other important characteristics. If such customer-related information is analysed in detail using the CRM module of restaurant management software, valuable insights can be received for creating personalized marketing initiatives. Accordingly, the customer engagement will increase leading to higher profitability.

Staff Optimization

According to a recent study, staffing is the biggest pain point for around 30 percent of restaurant owners and managers.

Fortunately, statistical analysis software can help in demand forecasting, so that restaurant managers can staff-up properly to meet increasing customer demands at a particular time of a day/ day of a week. Further, restaurant management software allows them to track employee work hours, analyse labour costs and take actions accordingly. The software consolidates all important metrics to measure staff’s performance, and provides analytic results.

Operations Improvement

Achieving consistency in the quality of food offerings, standardizing recipes across outlets, tracking inventory and ensuring timely delivery of orders are important metrics to ensure efficiency in restaurant operations. Good analytic tools can help in tracking the speed of food delivery and making improvements accordingly. Analytic and demand forecasting modules of restaurant management software can also be used for keeping food wastage to a minimum. Accordingly, restaurant managers can adjust purchase orders and manage inventory.

Marketing Analysis        

Restaurant owners and managers need to have a strong grip on big data for getting the most out of marketing initiatives. Based on marketing insights about what types of content are drawing more engagement, restaurateurs can plan their promotions across all social media platforms. Social media marketing insights can also be used for drilling down into different times of a day and days of a week when people respond to posts in large numbers. Accordingly, you can decide when to organize promotional events at your restaurant. Through time segment analysis, restaurant owners can also gauge the market cannibalization of any new product in the menu or the latest marketing campaign.

Do you still think that big data is the interest area of digital giants like Amazon and Zomato only? Think again! It’s time to leverage the power of big data, and tailor your offerings according to preferences and tastes of your esteemed customers.

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