There’s Been a lot of Talk Lately About “Big Data” for Restaurant Growth

For starters let’s just demystify the term big data and call it what it is – your restaurant’s generated information.

Your “big data” is a compilation of POS, reservations, inventories, labor, performance metrics, and other numbers. So what is so different now as opposed to just a few years ago? Well, for starters, technology has finally started to make “mining” this data much cheaper and easier.

Back when I was a Director of Operations and nightclub owner, I had to spend countless hours creating Excel spreadsheets and pouring over Micros reports to compile usable analytics to make decisions. Now, this can be done by just asking the artificial intelligence in your smartphone software programs like Upserve, which is one of our partners at Cover Funnel.

New advancements like this are leveling the playing field for savvy restauranteurs that are taking advantage. Those who have their ear to the ground for new growth opportunities are dialing in on their consumer base and making better decisions using “big data”, which was once unheard of for smaller operators.

At Cover Funnel, we not only offer the software solutions we also take the added step of reading the data and creating actionable reports for growth. We have found this new strategy well received with our client’s needs. The goal is to work smart, save money, and increase revenue.

Restaruant Growth Analytics

The software we use now make it possible to know which dishes on your menu are bringing people back – and which are turning people away. In the past, many restaurants just went by sales numbers, but there was no way to tell if those dishes were creating repeat diners. Often, it was just a well-placed item on the menu, or sounded great, but in actuality, it was one of the worst in bringing people back.

Compiling sales data and tying it to the actual guest is the real breakthrough in these new technologies. It provides data that in the past was impossible to know. It allows for guest profiles that will set your team up for success at preshift meetings when they know the habits of the guest list every night. It sets the kitchen up for success when they get a report of the eating habits of those on the reservation list.

Actionable Intelligence

Want to know how your several restaurants are stacking up against each other?
Want to know where your comps are for the night?
Want to know your percentage of labor for the evening/month/year?
Want to know if your marketing efforts are paying off?

All of these and so much more are now available from your smartphone, and can be pulled up by asking artificial intelligence! What will they come up with next?

Accuracy and actionable intelligence are the names of the game now. The restaurant owners and decision makers that take advantage will rise to the top. Those that continue doing business the old way will stay at the same level or struggle to find their footing.

Big Data is Cheaper than You Think

The big win here is the simplicity and costs associated, you can have all this Big Data for a few bucks a day. I know a lot of restaurant owners, they are some of the best and hardened business people out there. It’s just a matter of time before the data wildfire takes hold and more innovation will follow.

The amount of management time saved is hard to calculate given that many restaurants weren’t reading their data at all! Cover Funnel’s Data Analysis service is meant to give small and medium sized companies the ability and expertise of a seasoned restauranteur at a fraction of the cost of a dining room manager. Or, we can simply set you up with the software and your team can take the wheel, you pay Cover Funnel nothing.

Reach out to Cover Funnel to learn more about what we can do to help your business grow. Data Analysis is the one tool that can push you through the plateau no matter how busy you already are.