Every time your staff inputs an order swipes a credit card or seals a check; data is generated by your cloud-based POS system. Every Yelp review, Facebook post, and Twitter retweet, as well as the weather, hasan impact on your revenue.
All of that raw data is combined into easy-to-understand insights that assist you in making better business decisions with restaurant analytics. Every piece of data, from wait time to tip distribution, can now be reliably captured, measured, and given to owners in a simple and understandable manner, allowing for immediate action and long-term succession planning.
Simply put, restaurant data analytics is the process of evaluating all data points linked to your business and turning them into actionable insights that can help you improve everything from menus and staffing to restaurant policies and marketing efforts.Comparing sales and profitability over time using a prepared list of fundamental indicators, restaurant analytics allows you to go deeper into the numbers to better understand why your business is doing the way it is.
It’s time to consider what you want to learn now that you’ve narrowed down the method(s) you’ll use to collect and analyze data. Here are a few examples of organizations where restaurant management software analytics may be incredibly beneficial – and how you can utilize that data to improve your operations!
Improved Order Accuracy
To improve order accuracy, modern predictive analytics tools can connect directly to your restaurant’s ordering system. The majority of them can forecast what foods will be desired at certain times of the day. This also aids you in stocking up on supplies in order to meet consumer needs.
Increased Table Turnover
You’ll need to move the dining experience along with your tables in order to provide excellent service and hopefully generate repeat business. Customers may enjoy a casual lunch, leaving satisfied and likely to return for another meal, thanks to a restaurant software development POS system that can help with ordering and even allow tabletop payment.
Your consumers are the lifeblood of your company. The more useful information you can collect about them, the better! You can even start pulling analytics on your customers with improved technologies, such as loyalty programs. What brings them joy? What is it that makes them tick? It’s time to find out – and put that knowledge to good use!
Reduce Food Waste
When creating a menu, it’s critical that a restaurant owner understands the quantities of ingredients required to create a meal properly. You’ll be able to delve down into past and current inventory levels utilizingpredictive analytics. This allows you to reduce food waste by ordering only what you need when you need it and keeping track of your food costs.
Make Your Staffing Requirements Appropriate
Wouldn’t it be good to know which servers are your best and worst performers? Yes, we all have a mix of instincts and experience, but you should back up your decisions with statistics. Investigate further to determine the real cost of a faulty server to your company. Your restaurant analytics will be able to show you where losses occur and where you might be able to better utilize your labor if you have the same amount of kitchen and waitstaff throughout the week but only have extra servers on specific nights.
Employees are the ones who grin as they greet guests, prepare meals, and serve tables (hopefully). The greatest method to get actionable training ideas and insights is to have restaurant statistics on your staff’s performance. You can best help employees develop if you know where they are thriving – and where they are barely surviving.
Predictive analytics in restaurants can also be used to forecast future revenue and trends. You may forecast where your restaurant will be in the next couple of years by comparing past data with present figures. As a result, you can design plans and take initiatives to assist your company in achieving its objectives.
Strong digital marketing is one of your most potent instruments for filling seats, and you can observe the successes and failures of campaigns or adjust them to specific preferences, which makes them much more powerful.Tracking a campaign inside your POS analytics can allow you to compare sales data to evaluate if your efforts are bringing in more revenue or are a waste of time, whether it’s a weekly Taco Tuesday special or something more transitory, like a Mother’s Day prix fixe menu. If the latter is the case, you can switch to a more profitable technique.
By forecasting customer trends and busiest times of day, predictive analytics can assist restaurants in pre-planning upcoming shifts. This allows for improved BOH and FOH decisions, as well as adjustments to the restaurant’s floor layout.
The Bottom Line
To properly analyze data and run your restaurant at optimal efficiency, you don’t need to be a full-fledged data scientist. It’s simply a matter of delving into your analytics for each area of your organization, reading through the numbers, and maybe learning from your discoveries.You don’t have to make all of these adjustments at the same time. If you’re feeling overwhelmed by all of these categories, take it one step at a time. Or you can contact an industry expert such as IBR Infotech. Visit their website now.