Connecting the Dots with Technology
Technology-the ROI driver for Food and Beverages Industry
Supporting Your Configuration Management Effectively
A Report from the Front: Transforming IT to Enable Business Strategy
Eileen Baines, SVP, CIO, CoBank
Don't Forget your Foundation
Brian Anderson, Director of Technology, Modern Restaurant Concepts
Imagining a Sustainable Tomorrow
Jessica Almy, Director of Policy, The Good Food Institute
Internet of Things (IoT) Revolutionizing the Industry
Jeff Sommers, Co-Owner & Co-Founder, Izzy's Ice Cream
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Make Profits like a Pro with Data-Driven Insights
It does not make a difference if a restaurant has good food and an amusing concept but lacks in data that makes the brand a success. Industry leaders require insights from random sales data to the macro-level trends to create impactful and durable decisions as well as track their business progress.
FREMONT, CA: The most convenient method for restaurants to make statistical decisions is by considering and studying the data as facts cannot be overlooked, and they also give a strong foundation for the business ahead. It is crucial for the restaurants to figure out the essential data for individual operations from the massive pile of information collected, which can be used to drive profits:
Focusing on Service Speed:
In the fast-growing world, customers also lead a busy life, and instant or fast services can make a huge difference in their experience. Customers often aim at getting in and out of the restaurant within minutes, necessitating faster service and better quality food. Employees should measure the speed of service at each touch-point so that restaurants can spot the bottlenecks and either fix unnecessary processes or work with individual stores to modify the performances.
Keeping an Eye on Upselling:
Upselling is a vital tool utilized by quick-service restaurants to increase sales and track profits at both employee and store levels to accumulate valuable insights and elevate productivity. By upselling, companies sell more high-margin products and drive sales, while using it to recognize other issues in a store with more significant implications. Companies can drive incremental upcharges along with sales to help brands diagnose larger-scale problems that affect profitability down the line by monitoring upselling.
Making the Best Out of Promotions:
The brands can track the data around menu items and promotions to plan better for future discounts or deals. By monitoring the promotions, companies can easily differentiate between the endorsements, which are profitable and which are not. It is crucial for restaurants to understand if their advertising is flourishing or is just attracting customer traffic without having any beneficial impact.
By identifying the loss areas, companies can prevent the significant loss, and it is crucial to keep in mind that only a tiny percentage of the transaction can fail in the business. Besides, business leaders can make well-informed decisions about the acceptable risk for loss and possible impacts on customer experiences by analyzing the granular data and transforming it into actionable insights.