Category: Analytics

The Ultimate Cheat Sheet On Restaurant Analytics

Looking into the crystal ball of the future, a restaurateur could be wondering if there would ever be a time when she could track the brainwaves of her potential customers, know his weekend plans, and embed an offer that he could be interested in. Science fiction always exists. But cut to today, and we are on our way there.

Technologies like IBM’s Watson creating new recipes or restaurant analytics driving efficiency are all signals of where the industry is heading.

Today’s hospitality industry can prove to be a boon and a bane. While the opportunities with an open, data-powered economy, using tech like data analytics for restaurants are limitless, you could well be another statistic among what industry monitors prove 40% of restaurants close within a period of three years of starting.

Continue Reading…

5 Key Restaurant Analytics to Make Your Business More Profitable

Isn’t ‘eating-out’ the de-facto thing to do on the weekend? After a hectic work week, filled with the routine home or office café food, I’d jump at the chance to check out that untested menu item at the nearby restaurant.

Continue Reading…

How to Leverage Retail Analytics to Crush Your Business Goals

In some cases, science fiction turns into reality. One day I was in Walmart, where the screen on each section of product categories greeted me with my name, and the pricing was just suited for the budget it knew I would spend for that visit. Then, the distant song became louder, and my alarm woke me up. Fantasy dreaming, you think? Future retail store gazers are now looking to bring such concepts to reality, using a mix of advanced, always-on retail analytics and next best action systems.

Analytics in e-commerce is glorified, and you can choose from myriad examples to exemplify its success. But the online journey always has an offline impact. Read that again. Therefore, we cannot discount the advantages the offline retail world holds. But now, the offline world is disrupted. If you are in retail and are seeing shifting winds rocking your boat, our retail analysis insights will guide you to reach the other shore safely:

Continue Reading…

Top 5 Crucial Insights Derived from a Restaurant CXO Dashboard

Restaurants have long become integral to urban life. Ever since luxury and entertainment along tasty food have become quite a norm, the whole idea restaurants have witnessed changes. It is no more an eatery or a food joint, rather a business center where ideas meet and business wise, it has become a profit-making vehicle.  The domain of restaurant business is very different to that of a traditional business. Gauging vital insights on any running restaurant business is important. ComTec Solution provides an integrated approach to efficient restaurant business with Restaurant Analytics which are available on Restaurant CXO Dashboard.

Continue Reading…

Cooking Up Data Science In Restaurants

Data Science is a multidisciplinary field and draws on concepts from mathematics, statistics, information technology and computer science. It especially draws from machine learning, data mining and data analysis, to show a business what factors favor or do not curry favor, in the process of its growth.

How does this Data Science work

There is no single definition to describe the workings of data science, as it depends on various kinds of models, tools, and equations to collect data that is only sometimes structured. But it is true that Data Science is definitely a pragmatic solution to real life problems that exist within any business. It provides a blueprint to put a functional business process in place. Data science helps you act on the data you have gathered by building analytics around the gathered data and by applying models, the future business patterns are easily gleaned.

Factors to consider before getting into Data Science

Though a very creative and innovative field with a lot of the business owners and chefs artistically invested in it, running a restaurant business in today’s competitive world is anything but easy. Given that the margins in the food industry are thin and tight, one is forced to make it a science, to help strengthen the volumes.

Continue Reading…

3 Ways To Enhance Restaurant Franchise Performance With Distributed Analytics

Food and beverage businesses operate in a highly challenging environment. They have changing customer tastes, competition from newer sources (digital players), and regulatory controls to contend with. In such a scenario, ensuring profitability and competitiveness while driving growth and expansion is a tough ask.

For top restaurant brands with franchise programs, growth largely relies on the success of their franchise partners. Adding new partners to their network gets easier if existing brand associates are demonstrably successful.

To sum it up, viability with growth is what restaurant brands are looking for and distributed analytics for restaurants can deliver both.

Before we discuss distributed analytics and how it can help your franchise program, let’s understand the challenges that large restaurant chains with franchise programs face in the current market scenario.

2 Top Challenges with franchise programs in restaurant chains

Continue Reading…

Significance Of Menu Analytics In Restaurant Industry

What is Menu analytics?

One of the first and foremost contributors to the overall experience for a customer who walks into a restaurant is the menu design. The menu design is not just limited to the fonts, images, and colors used – It encompasses all other aspects including the range of items offered, the pricing, discount offers and much more.

‘Menu Engineering’ – a more apt term compared to ‘menu design’ – can deliver mind-boggling returns in short periods of time as has been experienced across the quick service restaurant (QSR)industry in recent times.

And it is best executed with the help of state of the art QSR analytics tools that are capable of drawing insights from the large amounts of data that any QSR outlet produces on a daily basis – including order data, inventory data, and customer data.

For many modern QSRs, menus are implemented with digital displays and are highly dynamic in nature making them even more fertile grounds for menu analytics.

Continue Reading…

Significance of Staff Analytics In QSR Industry

If you are in the QSR industry, you already know how much staffing optimization matters. And, it’s kinda’ obvious why it does. QSR operate on high volumes and small margins and promise quick, accurate and friendly service. Speed and accuracy with a smile thrown in is what works here. And as can be seen, all 3 are very closely connected to staffing.

Service speed and quality are highly dependent on the state of staffing, staff management, staff training and staff morale. Optimizing all of these parameters with only intuition and experience as a guide in what is essentially a rapidly changing customer and market context, is a tough ask for any restaurant leader or manager. And, that is where analytics can help.

Staff Analytics can enable optimization of all staffing parameters. With data-driven evidence-based staffing, employee and service quality can be a true differentiator for your QSR. Let’s understand how staff analytics can improve business performance in the QSR industry.

Continue Reading…

How To Segment Your Customers In Restaurant Industry

For restaurants, it is becoming more and more difficult to grow and retain market share. One of the main reasons is that their strategy does not provide a holistic approach towards customer experience. Customers today, walk into a restaurant with a much bigger set of expectations – over and above quick service – that includes personalized recommendations, attractive offers, loyalty rewards and more.

It is imperative for modern restaurateurs to be able to understand and predict customer behavior correctly to align their customer experience design accordingly. Advanced micro-segmentation capabilities brought to the table by the use of restaurant analytics are helping you do exactly that.

There are a number of ways to segment your customer base including those based on geographic and demographic parameters but the most effective ones are those that are based on behavioral aspects.

Continue Reading…

Significance Of Location Analytics In QSR Industry

It is an indisputable fact that location is, by far, the most important factor determining the success of a Quick service restaurant (QSR). Having said that, the significance of location analytics is quite often underestimated in the QSR industry.

The location is of paramount importance, not only for driving initial footfalls but also for customizing the menu offerings and executing marketing efforts in alignment with the local preferences. In fact, for a QSR chain operating multiple outlets at diverse locations, location analytics can be the single most important strategic driver of the entire expansion strategy.

Like every other component of QSR analytics, location data analysis can also create huge value for your QSR outlet. Below are just a few ways,

1. Zero in on the best locations

[bctt tweet=” Getting the location for your QSR outlet right is half the battle won. ” username=”uinsights”]

Continue Reading…