How BI analytics can improve the health of Restaurant Business
Restaurant owners are resting on millions of data – from information of employees to native or pwa mobile apps, supply chain logistics to touchscreens, e-commerce numbers to social media ratings.
According to BCG out of ten restaurant brands eight can extract and access number of data from various sources, but, only two in ten are implementing that data to maximize their business profits.
These are the following ways by which analytics can improve the operations and maximize the profitability of any restaurant business
Sales and Marketing
Implementing business intelligence tools or business analytics software can extract various key insights on the performance of business like stores and products, the achievements of resources, and sales target competitions – everything in real-time dashboards. If sales reports are negative during the first phase of a day, knowing that providing offers can improve the day’s performance immediately – unlike seeing the report after two days and then making decisions. Also with the help of customer data, restaurant owners can use these data to promote certain offers to attract these customers and also it will open a way for one to one campaigns on channels which the customers prefer. In this way analytics help in improving marketing techniques for restaurants.
Business intelligence can directly create an impression on business to increase operational efficiency. Implementing data analytics for restaurant to check the performance status on key operational metrics such as logistics time, cook time, customer wait time after orders, more. In addition to these analytics also help in keeping the track of operational cost and provides valuable information where either operational or logistics costs can be reduced.
Using analytics for restaurant can help customers to search and locate the best place to have their preferences also along with this it can help new entrepreneurs to detect the best place to open a restaurant where it can attract more crowds. Analyze the capacity of a new site location, using various techniques like geo-location and guest demographics to predict the number of visits of potential customers per day and probable sales. On comparing these basic KPIs the best site for a restaurant can be find.
In the current scenario Mobile Apps are a great medium to improve customer engagement, by implementing mobile app for a restaurant through in-depth analytical understanding can increase the profitability of restaurants to a greater extent. It helps to detect certain KPIs like time of customers ordering foods, customer locations, and how customers interact with restaurant via app and also mobile apps will engage customers with push notifications in real-time by notifying them about different promotional offers or new menus.
Advanced business analytics software is capable to increase the satisfaction of customers by various means like channel and store, providing deep analysis of customer feedbacks and also how Net Promoters Score (NPS) critically affects the performance of the restaurant. Implementing analytics, can identify both broad (across-store) and narrow (within a store) reasons for dissatisfaction of customers and the ways to rectify the mistakes so that the restaurant can achieve a higher point in customer satisfaction.