In today’s day and age, businesses are no longer simply running by experience and intuition. With the power of real-time data analytics, businesses are able to address and solve their problems as they come and consistently improve and adapt their services. Restaurants greatly benefit from having real-time data constantly streamed to them as improving their customer’s dining experience is an ongoing project, and especially so in the restaurant industry, where customers are exposed to a plethora of choices. Here are a few ways restaurants can benefit from real-time data insights.
Improving operational efficiency
Real-time data alleviates the problem restaurants face in terms of optimizing staff allocation and inventory management, both of which affect the customer experience and restaurant’s operations. By recognising peak and off-peak hours, restaurants can forecast potential labor needs, and avoid the extra overhead costs of over-staffing and the problem of longer wait times when under-staffed. Real-time data also allows supplies managers with accurate and consistent information about their inventory, highlighting trends in their stock usage and allowing them to forecast future stock orders accurately. With real-time data, restaurateurs are given a comprehensive view of their restaurant’s operations and insights to improve their business.
Creating more targeted promotions
Having access to real-time data enables restaurants to better understand their customers and their purchasing habits. Recognising what food or drink customers enjoy having, at what time and through which payment method allows restaurants to tailor marketing campaigns and promotions that lead to greater customer spending and bringing new patrons. For example, knowing that customers enjoy having a drink on Friday nights, restaurants and bars can create specific drink promotions to encourage these customers to bring their friends along. Real-time data is thus useful in personalising offers to customers’ needs and promoting the right offers at the right time – ultimately boosting revenue.
Grants immediate access to customer feedback
The true benefit of real-time data is that it allows business owners and restaurant owners to easily access customer feedback – be it regarding a recent promotion, price change or the performance to a new product that they have released. Knowing how well your restaurant is doing immediately grants restaurateurs the ability to make data-driven decisions– whether the promotion or new item is well-received and is translating to more sales, or if it should be taken off the menu to reduce losses. Ultimately, it allows restaurants to impact and improve their customers dining experience, increase operational efficiency and agility while improving their decision-making process.