A lot has changed in the world over just the last the few decades and the lion’s share of it has to do with the mind-blowing sophistication of technology and this includes what is known as Business intelligence (BI). For those perhaps out of the proverbial loop, BI is a widely encompassing term that describes the myriad of software applications utilized for the analysis of a company’s collected raw data. In regards to the restaurant business, this would include such aspects as analytical processing of Internet data and the various tools for querying and reporting that have now become increasingly vital for businesses to thrive.
Better prepared with pertinent and wide-ranging information, restaurant owners can more fully and profoundly exploit findings related to risk and performance and grasp how past, present, and future decisions have affected and will affect their businesses.
Companies that take advantage of BI can even use artificial intelligence to boost online activity, such as finding new ways to source reservations and carry-out. When one can improve the understanding of diner preferences and habits and is thereby enabled in strengthening customer relationships, it is a no-brainer as to why BI has become so integral a part of overall business strategy. Indeed, having these insights into customer interactions are arguably the most important weapon in the battle for more customers.
Here are some tips to better exploit Business Intelligence:
The Effectiveness of Third-Party Reservations
Internet restaurant reservation systems can be a big driver of customers for restaurants. Certainly such channels are wisely exploited by restaurant entrepreneurs, but the revenue models used by these services can be rather opaque and make it a challenge to discover true costs and ROI. A BI tool can provide a picture to determine which models are working and expose those that are less effective.
With revenue management software constantly updating forecasts of business throughout the work week, it is important to plug in all that data into an effective analytics solution that exploits robust integration methodology to make sense of loads of constantly changing information. There are a few suites that accomplish this feat. One example is Infor ION, which helps in mitigating data consolidation processes that once had to be handled manually. This product enables the integration of Infor and other third-party software applications and allows better informed and faster business decisions, often without the need of IT involvement. The guidance gleaned helps restaurant owners to better see into the future and improve upon performance.
Better Data Visibility
Data is out there in abundance, but the way in which it is received can make it difficult to act upon. A flexible software tool with powerful capabilities to assure proper integration is what can provide the needed context and fuller data usability. An application portfolio assessment utilizing application portfolio management (APM) software helps with the management of enterprise IT software applications and other software services. APM gives managers an overview of a restaurant’s software applications and metrics to determine the benefits of each and how well they function together. Such aspects as a software application’s age, how frequently it’s used, how expensive it is to maintain and the quality of its relationship to other applications, allows management to better determine if a particular application should still be employed, updated, or eliminated.
Comprehensive Enterprise Optimization
Enterprise optimization works to apply revenue management to all aspects of a restaurant’s operations. This can review any input, output, and tactic employed in the business to discover how one can enjoy better results through the application of analytics, including employee planning, food and beverage purchasing and more. Expenses for these aspects of running a restaurant business can lead to less healthy profit margins if not properly addressed. Having understandable access to all this helps management in every area of the business to make decisions that will be better aligned with their objectives.
Resistance is Futile
When a restaurant owner ignores the collection and interpretation of data at every level of the guest experience, it may put them at a disadvantage. With so much empowerment available through analytics, one can achieve more than ever before with the proper access to, (and interpretation of), data. Exploiting BI, owners can achieve a notable competitive edge through the optimization of operations and improved guest experiences.