There is a science to running a successful business. That idea holds true in the hospitality and food service industries where crucial business decisions are made every day. At the heart of this science is data. Tracked from numerous sources, thoughtful analysis of this data can be the key to prioritizing needs, driving growth and so on. Below, we’ll briefly go over the importance of collecting data and restaurant analytics and how it be used to improve efficiency and, in due course, boost revenue.
First, how might owners and those in management find the data they need? One of the most important sources is a restaurant’s POS system, or point-of-sale system. Creating data continuously, this set of devices, software and payment services is an essential part of a business today. Merchants use the collected data to manage sales, generate labor reports, track inventory and even keep an eye on customer reviews.
How can the pieces of data amassed by POS technology be used to grow an eatery’s profitability? The answer lies in restaurant analytics. By inspecting immense amounts of POS data, restaurant analytics can reveal in-depth understandings of operations, which may then lead to actionable insights. Rather than simply comparing data sets, it takes all the available data and places it into a clear narrative on what is working and what needs to be tweaked.
These findings may be used to reduce food waste and operating costs. By evaluating recipes, portion sizes and inventory levels, for instance, opportunities to cut back expenses are illuminated. These opportunities could entail a wide range of solutions. From condensing overstocked items and adjusting inventory levels to enhancing employee training and revamping the customer experience, there are so many ways restaurant analytics could be used to improve the bottom line.
All these benefits and more like them can be even more impactful for those running a restaurant chain or multiple restaurants. Offering a more unified overview, sophisticated analytics software can take the data from separate sites and compile it. That way, owners may get a more concise look at the bigger picture and where their efforts should be redirected.
With the right tools, running a business can be streamlined and the customer experience improved. Restaurateurs from all sorts of establishments would be remiss to overlook the power of data and how comprehensive data analysis changes business for the better.
Want to learn more about restaurant analytics and what data should be tracked? Check out the accompanying resource.