In the restaurant industry there is so much information flowing through the systems every day. These little bits of data are known as big data. Big data includes items such as the information on a sales/order ticket, the number of customers who came in after 5pm and ordered the special, the amount of overtime paid out this week, and so much more.
These bits of information are floating all around you, and until now they might have seemed to be the purview of accountants and IT nerds. But now this big data can change the future of your restaurant through the use of a business intelligence software.
Big Data and Business Intelligence
Business intelligence software makes all those little pieces of data go to work for you. With big data and business intelligence software you get powerful information. This information can affect your bottom line in a positive manner, as well as increase sales while decreasing costs and improving customer satisfaction.
Just what types of information can you gather from a day in your restaurant? Among the items to be included in your big data are:
- Data from point of sale (POS) – what did the customer buy, how many were in the party, what time did they dine?
- Data from marketing campaigns and social media ads – including such things as the number of likes and follows on your social media pages.
- Inventory data – which items move and which sit in inventory for over a week. What is the cost of the inventory you carry?
- Scheduling data, overtime paid, staff attendance…how much revenue does each staff member generate?
- Unstructured data from outside your restaurants including weather patterns, traffic patterns, number of mentions on internet forums, networks and chat rooms.
With this collection of data from both traditional and digital sources with the assistance of business intelligence software you can increase your revenue and decrease your costs.
High tech companies like Amazon, Google, Yahoo, LinkedIn, and Facebook have been using this information to increase their bottom lines for decades. Now this business intelligence is available to you.
Value of Business Intelligence
These tools now allow you to take advantage of many other IT tools that, until now, you saw as beyond your reach. IT tools such as predictive analytics can give you new insights into the minds of your customers, and that information can skyrocket your business.
The results from the use of these IT tools can include your ability to enhance your customer service, build and increase the loyalty of your customers, maximize the return on investment (ROI) from your marketing, and increase your profits.
In conclusion, big data – structured and unstructured – includes all the little pieces of data that pass through your restaurant daily. Until the advent of business intelligence software, this data was unusable in the management of your restaurant system. However, with business intelligence software, a whole new world of analytics and predictive analysis opens up for you. Now you can use all that data to improve your restaurants bottom line.