How to Run a Profitable Restaurant Using Real-Time Data
Whether you are a big-time operation like Amazon or Google or a smaller independent restaurant, you can use real-time data from your business to gain insights and make smart, quick decisions that will ultimately make your restaurant more profitable.
So where do you get this data? Whether it’s information about staffing schedules, table turns or menu changes, you’d actually be surprised at how much data your restaurant is generating on a daily basis. You just need to make a point to collect that data and then use it effectively.
Now let’s say you have gathered this data. You must react quickly and that is a challenge for most restaurants. Let’s face it … the faster and more accurately you can access and analyze information, the better chance you have to make real-time decisions that will inevitably affect profitability.
Guest check analytics and other data gathered by your POS System is key, but your business may also have access to data from other sources, too, such as video security cameras, payroll services, or a customer loyalty application. If you’re not using all this different data , you’re missing out on important information that should guide your decision-making.
This is why many restaurant technology specialists recommend implementing a real-time “Big Data” service that gathers actionable data from a variety of sources and delivers it — in real-time — to the smartphones of store managers. This information can be used to help operators:
- Decrease Costs – by taking select staff off the clock when Overtime Alerts warn an employee is nearing overtime thresholds or when Labor Cost Alerts that show that sales are dropping off after a lunch or dinner rush.
- Improve Service – by giving special attention to special customers when the VIP Alert shows a big spending customer just ordered an expensive item or when the Prep Time Alert shows that Table 4 has been waiting more than 20 minutes for drinks.
- Prevent Wastage & Fraud – by using the Hardware Interface Alert to track when the Walk-in temperature goes above 50 or by using the Void Alert to identify staff who attempt to process a suspicious number of voids on cash transactions.
Even the smallest restaurants can profit from real-time data collection. And with increased competition, you owe it to your business to look into big data options that fit your budget.