Category: Analytics

How QSRs Minimize Waste With Restaurant Analytics?

Quick Service Restaurants (QSRs) operate in an extremely competitive space. Both existing competitors and new ones (with innovative product lines) are doing their best to cannibalize your share of the customer wallet.

What must a QSR do to improve its business performance? Spend more on marketing to attract and retain customers? Compete on price? or Aim for more efficient operations to improve margins?

Well, you can do all three and more. But if there was one aspect that you could focus on, it would be waste minimization.

How to get insights on wastage

Reducing wastage is on every QSR chain’s wish list but is seldom worked upon. The reason: it’s not easy to calculate the wastage. Following is a simple way of calculating wastage.

The aggregation of the total cost for food and complementary packaging of all the menu positions that cannot be sold due to expiry date or other quality issues.

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Is Data Science Too Costly To Implement For My QSR?

Data Science can cost you a pretty penny – that’s what you have heard. The prevailing notion dissuades many small and mid-size QSR from deploying analytics.

Why Is Data Science Costly?

The notion that it stems is from poor implementations that push up costs. Businesses often use the traditional IT approach to deploying analytics and get lost in the IT weeds. They focus all their energies on provisioning IT for setting up data and processes for managing it economically. The approach is more focused on “Data” than on “Analytics.”

There are other factors too that give QSR analytics its costly reputation. These include the high initial set-up costs and staffing costs. A QSR will need to hire a developer, a Hadoop engineer, a data scientist, a technical business analyst and a database manager to get all the skill sets needed for an in-house analytics implementation. For a small business, this can amount to a monthly expenditure of about $50,000!

But, not all data science is costly.

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Challenges faced by QSR in today’s globalized world

If there is one business where time is money – in the literal sense, it is the QSR business.

The Quick Service Restaurant (QSR) business has seen phenomenal growth globally in the last decade and it continues to grow at a blistering pace. There are few key reasons why there are over 200,000 fast food restaurants in the United States and it is estimated that 50 million Americans eat at one of them every single day. The main value proposition, of course, as the name suggests, is the speed of service.

The food is highly processed and prepared almost in an assembly line manner. The ordering and serving processes as well are standardized resulting in a minimum order to delivery time and a consistent experience. And of course, affordability is also a key driver. As is evident, the key challenge is then to differentiate your offerings and drive margins while operating within the pricing and process constraints inherent to the industry.

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Three reasons why ComTec

Companies today are awash with operational data. Whether it is an employee punching in timesheets or a client filling out a service feedback survey, each and every business process generates incremental amounts of structured and unstructured data every second. Most companies, though successful in gaining visibility at an operational level, rarely attempt to generate insights and leverage this data.

Most companies, though successful in gaining visibility at an operational level, rarely attempt to generate insights and leverage this data.

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