Development and increase in usage of various technology-based techniques in the foodservice industry have really changed the way businesses view revenue. Though industry trends are quite tough to keep up with within this fast-paced market, these technologies help eradicate any operational issues like inaccurate menu forecasts, inventory management, and scheduling of employees, deliveries and more. Restaurant analytics are gathering, calculating, and collecting data to receive insights that the business can work on. It is putting in the data and understanding what the numbers mean for your business and is a great skill in hotel facility planning and management. Keeping a good watch on your analytics can help you understand where your restaurant is lacking and where it is actually gaining profit. This will help you target the lacking aspects of your business, eradicate unnecessary losses and also improve on the aspect that you can gain more profit and revenue on. This data can include the most ordered item on your menu, the kind of food waste your restaurant faces, the preferred methods of payment, and much more. You can boost your profits by 8% to 10%. Some cloud-based POS (point of sale) systems can also track every transaction your restaurant makes without you having to do any manual work!
Know about some tips on how you can use this data to your advantage, to boost your revenues:
Enhance guest experience
Restaurant analytics can give you extremely valuable insights into your customer’s minds. What they prefer, they do not like and what they expect, many such questions can be answered through this data. Using these insights to increase your guest experience may prove to be one of the best strategies for the growth of your business. Quick action on complaints and reviews can also be taken assuring the customers of your sincerity in presenting them with the best experience. Decoration, customer service, product prices are some examples of changes that can be made in accordance with the analytics data.
It is important for a restaurant to understand its menu and its customers well to grow. Appealing to the customers’ tastes will help you gain repeated guests resulting in increased reputation and revenue. Price addition, reduction, discounts and more can all be decided through this data helping you focus on the bestselling items from the menu. Know what your customers want to eat and leverage that. You can also make tweaks in some of the existing recipes in case ingredients that cause an allergic reaction to many people are present in the recipe unnecessarily.
Employees need to be efficient in a business to minimise time and costs. Performance analysis of your employees may help you access and act upon, regarding your employees. Tips and customer reviews may help you get insights into employee performance. Employee satisfaction is also important for efficiency so getting insights into employee reviews and complaints must also be taken into consideration.
Home delivery and take-away
The COVID19 pandemic has required everyone to maintain social distance and be extra careful about every move one makes. During this time, home deliveries and take-away services have really boomed. Improving these facilities would certainly create more customers and hence revenue. Here you must analyse if your packaging is satisfactory if the delivery is timely and in good condition, and also how efficient and professional your employees are.
Keeping track of your inventory and managing it well will be a great reduction of costs. It will also increase efficiency and reduce unnecessary food waste. This is not just important for the restaurant’s budgeting but also for the environment. The analytics will help you in not just inventory but also the hotel facility management since servicing and upgrades to equipment can also be scheduled according to the data provided.
Using marketing technology to gain analytical data on the market of your business will definitely help you in increased revenue. You need to understand the insights properly, identify your audience, their needs, and everything else relevant.
Using or leveraging restaurant analytics for increased revenue is a must for any business competing for the highly competitive market today. In hotel facility planning, digitizing and automating your business is very crucial for a business aiming for growth in the long run.