How Analytics can help Restaurants be More Profitable.

The Restaurant industry is one of the most competitive sectors on the planet. Nearly 60,000 new restaurants open every year and shockingly 50,000 of these new businesses close each year. To make matters more interesting, if you make past your first year you'll most likely realize that the battle is not yet won, it just keeps getting more and more challenging as new trends emerge and the everlasting question remains: "how do I keep my Patrons interested in coming back?". While there is no definitive answer to this question, we can say that leveraging the power of Analytics can help sharpen your competitive edge. Data offers the power to gain an objective, accurate, and comprehensive view of your restaurant's daily functions.

The Importance of Analytics in the Restaurant Business.

The central role of analytics is helping understand the inner working of your business. Working with relevant key performance indicators (KPI) and controlling them via Data Dashboards you'll be able to track and measure your most valuable business insights. This will ultimately increase productivity and save money. Restaurant based analytics is crucial to the success of your business because it will enable you to make your business more efficient, more intelligent and more profitable. Here are some of the main areas in which the right analytics solution helps Restaurants:

1. Live Data Dashboards give you the ability to look at your data in multiple ways at once. You can look at historical summary of sales for example and jump right into the details of any month by just clicking on a data point on the chart.

2. The power of predictive analytics allows you to forecast demand based on other relevant variables. Using historical as well as real-time data you'll be able to formulate strategies that will help enhance the future success of your business.

3. The use of Prescriptive Analytics can help defining all the necessary actions to achieve any goal that would make your business the most efficient it can be. Whether it may be food waste reduction, seasonal revenue maximization or enhancing your supply chain, you will have a solution in place to develop innovative strategies.

Areas or opportunity in which Restaurant Analytics can help your Business

Here are some areas in which the right Restaurant Analytics solution can help:

1. Identify and monitor most popular items of your menu.

2. Determine if deals / specials are making more money than your menu's best sellers.

3. Understand what aspects of your restaurant are responsible for generating revenue.

4. How well is your staff schedule working in terms of costs, service and profits.

5. Develop seasonal strategies to drive your profit and customer satisfaction to new heights.

The ION difference

The right analytic solution is not something that anyone can sell you off the shelves. You have to understand the business fundamentals and also what is it that makes your business fundamentally different. That's where we come in. We help you define the right analytic solution which will help enhance your business goals and keep you afloat for many years to come providing the excellent service you always strive for. The flowchart below will help describe what the right analytic solution looks like:

Having all of your business data organized into business relevant data models will enable our technology to apply Analytical techniques and Machine Learning to help you formulate innovative strategies. Visualizations in the form of dynamic dashboard can be used to monitor business activity and growth resulting from the successful implementation of said strategies. ION will help keeping all your data up to date, your data models consistent and business relevant and help you update and formulate new strategies as your business thrives.

Ready to start using data analytics in your restaurant?, feel free to email us at contact@ionrva.com for more information!

Javier Cruz, M.S.A.

ION ANALYTICS | Cell: 804-356-4128 | www.ionrva.com