The modern world is reshaping the restaurant industry. Now major chains and outlets are relying on data analytics to succeed in today’s business landscape. But how the data analytics is driving restaurant revenue growth?
Some restaurant owners or stakeholders don’t even know the ways to extract meaningful insights from the data. For instance – You can get the data of the things like how many times extra ingredients were requested. But, if you just increase or decrease the stock of those ingredients using this data, you might be neglecting the restaurant’s profitability as a whole. Do you want your profitability to hit a negative note? Obviously not.
And data analytics is a blessing in disguise for such restaurant owners. With the competitive restaurant industry nowadays, restaurant owners should know how data analytics is impacting your food outlet/chain in driving growth. Let’s find out how you can use data analytics for the betterment of your restaurant.
Reduction in food loss
Data analytics helps you pay attention to the inventory that is what is going in and out of your kitchen. It makes your staff accountable for how they cook and deliver the food items. Food is the ultimate inventory for your restaurant. And you should not let your staff members over pile a plate or underserve any loyal customer. In simple words, data analytics helps prevent the misuse of expected items so that it does not ruin your reputation and the bottom line.
Smarter menus
Do you know how you can design smarter menus? Well, data analytics for food manufacturers can help you with that. It provides you with menu insights through which you can find out which food items are selling and which aren’t. You might think that your best-selling item is generating the most profits for you. But that may not be true. Point of sale data gives you the figures through which you can know the names of items customers are demanding more. Who knows that you will discover some lower-selling items with some hidden unlocked potential? Some dishes could need to be reintroduced too. You can then highlight such items and promote them to attract more customers. The right insights will definitely help you create smarter menus to achieve your restaurant goals.
In the endeavor to create smarter menus and optimize inventory without multiplying stress, restaurants are increasingly adopting the convenience of meal delivery services for their menus. One notable example is embracing no-stress meal planning with HelloFresh which simplifies both menu creation and inventory management.
Improves marketing
Your marketing strategies influence your business a lot. You can determine whether your efforts are giving you the desired results by taking a look at data analytics. This helps you design effective marketing strategies. Keep in mind that your marketing efforts should be constant. It doesn’t end after the guest starts coming to your restaurant. You can even think of welcoming the VIP guests with their favorite wine as a complementary item or even with a free dessert. Doing simple things like just knowing your guest’s names or their favorite food item from your restaurant can transform your business to a large extent.
Inventory data
Let’s talk about inventory now. You might be having a set system to manage the orders to ensure there is enough raw material every week to fulfill the demands. You need to just actively monitor the inventory data. You can use data analytics in managing the inventory to drive revenue. You can find out the popular food items on your menu and see if you have enough in stock. Actively capturing the data analytics won’t let you experience any missed sales opportunities or disappointed customers.
Helps optimize the labor cost
What is one of the biggest expenses in operating a restaurant? The answer is managing the labor. The right data analytics will help you identify the bigger picture in terms of slower shifts. You can then keep the cost as low as possible because fewer employees are needed during that particular period. Optimizing labor costs becomes easy with data analytics. For instance – the owner of the restaurant can analyze the data during the festive season and schedule a mix of temporary, part-time, and full-time labor. It will not only optimize the labor cost but also ensures that you keep running your restaurant at its highest capacity throughout the whole year.
Improves table turnover
Your restaurant should have a top-notch dining experience to attract customers and make them come back for more. Data analytics assist you in facilitating the orders by the customers and make them satisfied to return the next time, hence driving the revenue. Additionally, faster orders and payment improve the table turnover so that your restaurant doesn’t have unnecessary rushing of guests.
To make a long story short
Having rich sources of data by your side helps you put your investment in the needed food items or the right restaurant technology. It is not wrong to say that data analytics has the power to push your restaurant in the direction of growth to let you achieve the set goals and objectives.