Big Data used to be inaccessible to all but the largest companies, but the rise of computerized information means that restaurants large and small can now take advantage of it.
Although “big data” seems complicated, it’s just the process of collecting as much data as possible about customers in order to better serve them. Everyone realizes that understanding analytics is imperative to improving business operations, but few people actually know how to use it.
Previously, big data analytics was the domain of major corporations such as Amazon. Now, thanks to advances in software and hardware capability and access to cloud-based services, restaurants of all sizes can use big data software to mine information from their POS, marketing, accounting, inventory and scheduling systems.
Analyzing and understanding big data allows for restaurants to reduce waste and increase efficiency, particularly with food orders and labor costs. In addition, it allows restaurants to better predict trends for year over year sales.
Analyzing this data will help readers better understand customer preferences, improve menus and service, and improve operations providing customers with a better experience. This will ultimately lead to significant improvements in the bottom line.
Since competition in the restaurant business is at an all-time high, having an effective big data system is critical. Stay on top of your business and pay attention tot he analytics. Investment in reporting can pay off big when it yields a massive increase to your bottom line!