How Restaurant Analytics Can Make Your Business More Profitable

1. How Restaurant Analytics Can Make Your Business More Profitable With analytics invading enterprises across industries, including the multi-trillion dollar restaurant industry, restaurant owners today can predict their customer’s taste and preferences. They are making use of restaurant analytics software to compete with chefs at curating new and appealing recipes. With restaurant analytics, restaurant owners can interpret what makes their customers unhappy and what pleases them and meet their expectations, so that they come to their restaurant. Analytics for the restaurant industry is essential to understand the inner workings of your business and to know how you can improve it to foster success. Here’s how restaurant analytics can make your business more profitable: 1.Predict trends: Once you start using analytics, you will be able to find out what your holiday business is like, your busiest days, and your busiest times of the day. With these insights, you will be able to manage your staffing requirements and ensure that you are not undermanned for any shifts. 2.Create customer segments: Restaurant analytics evaluates customer behavior to categorize them into various segments. This will help restaurant owners create offers to attract them. For example, a family visits a restaurant every Sunday and orders food from a specific price range. Data analytics for restaurants can categorize customers with such traits and create a segment of such customers. 3.Identify new opportunities: Restaurant analytics will help you identify new prospects and improve upon it. For instance, with data analytics, if you see the number of customers ordering food online increase significantly, you can partner with food delivery companies and give your patrons a better online ordering experience. This will also enhance your digital presence leading to more customers and bigger profits. 4.Analyze gaps in your menu and optimize it for your patrons: A precisely designed, and strategically priced menu is absolutely essential for any restaurant. By evaluating consumption patterns, analytics can help identify the bestsellers and the dishes that are not so popular. Choosing the most suitable items, creating combinations that work well with customers, pricing them right, adjusting the menu based on seasons, and introducing new items frequently are some of the challenges that analytics can solve. 5.Help overcome shortcomings: Constantly improving customer experience is the key to running a successful restaurant. By evaluating data, restaurant owners can reveal the gaps in the dining experience and rectify the gaps. For example, if data analysis shows that long waiting time is putting customers off, you must hire more staff to resolve the issue. Restaurant owners must evaluate key areas that develop the overall experience such as ordering, pricing, waiting, service, ingredients, staff, weather, ambience, communication, and more. Based

2. on the insights collected, restaurant owners must come up with strategies to complete a winning experience. 6.Evaluate employee performance: Employees are an extension of the brand, so it is imperative for restaurant owners to empower them with the power of analytics. For instance, using a restaurant analytics platform you can find out about the employees who are performing well above average and reward them while train and motivate those who are underperforming. By evaluating data, you will also be able to track the rate of cross-selling/upselling products like desserts or starters. 7.Reduce waste: Using analytics restaurant owners can find out the products they are likely to require based on their shelf life with respect to demand at a particular period of the day, month, or year. Also, the insights given by data analytics will provide you the data you require to prepare schedules that will guarantee you reduce food wastage, maximize profit, and augment your restaurant’s overall organizational infrastructure. In today’s competitive but potentially rewarding restaurant business, you must take all necessary measures to get the upper hand over your competitors, and restaurant analytics will help you in your journey to be the best.