Data is the new gold. It has taken a place in the global economy’s pedestal, especially with technology as a fast-growing industry with new advances every month.
Data analytics has paved the way for the phrase data-driven decision making. It has become such an integral aspect of business processes that it has impacted how company owners and managers arrive at pivotal decisions on how to thrive and survive economic losses and embrace new tools and solutions.
But it is confusing to navigate for many people. Looking at columns and rows of numbers without proper knowledge of how they are interpreted can be intimidating. Resources can also lose their current value — for business owners, this means missing out on revenue opportunities and potential customers or worse seeing your business fold right before your very eyes because it has not kept up with the times.
Just like oil, data is refined and used in a way that gives it value: it’s not enough to simply have access to it. One needs to harness its power.
We previously discussed how restaurants can earn more with data analytics, so read more below about the benefits of having accessible analytics:
- Identifying areas of improvement
- By analyzing and comparing performance data, restaurants can identify instances of underperforming or obstacles in order processing. This doesn’t mean that all hope is lost. As we live in the age of online food delivery, customers have already seen the convenience that food delivery has to offer — improving processes = enhancing customer experience.
- By monitoring key performance indicators like delivery times and kitchen efficiency, bottlenecks can be identified and addressed. It’s time to step up your game.
- Optimizing marketing strategies
- As cranky as some of us get when we’re hungry, it’s undeniable that food tastes best when shared. In the case of restaurants, this means making the business visible to customers so staffs’ efforts aren’t in vain. Analytics can help restaurants track customer trends, such as peak ordering times and popular menu items, allowing owners to make more informed decisions about inventory, staffing, and promotions.
- The way to customers’ hearts is through their stomach, but the way to stay on their minds? Promotions! Let them be reminded of you and how your menu items are so much better in every new restaurant they decide to try. But in order to do that, you need to:
- Knowing your customer
- Part of a customer’s experience is the joy of being recognized: it’s why some of us feel a little giddy whenever a barista asks us if we want ‘the regular’ at a cafe we frequent. Analytics help restaurants gain a deeper understanding of their customers, including demographic information, purchase history, and preferences, which can help them tailor their services to better meet the needs of their target market.
- You’ve made your move in hopes that what you have to offer is a perfect match for your customers, and is what the market is looking for. But how do you know if it does or doesn’t work?
- Marking with metrics
- Analytics help restaurants pinpoint their ideal key performance indicators (KPIs), which they can use to measure the effectiveness of their marketing campaigns and promotions, which can help them make better-informed decisions about where to allocate their advertising budget.
- Like diamonds in the rough, these insights just need to be uncovered.
- Unfortunately, these tools are often expensive, inaccessible – sometimes needing to be requested or available for a very limited time – and worse, to be exported across multiple platforms.
The right restaurant software for you ideally has built-in analytics with 24/7 accessibility, data that can be filtered by specific date and time, and even analyzed for you – conveniently prepared in a comprehensive and easy-to-read business report. We may just have an all-in-one platform in mind … klikit. It can address your restaurant’s analytics needs – we do the analyzing for you through comprehensive summaries and customized business reports. For us, your growth is valuable and it is our mission to help you become better-equipped for it.