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As a restaurant, you know that running a successful business requires an understanding of the market. Knowing your customer base, product trends, market trend, sales and expenditures, and a host of other details are necessary elements for success in a competitive industry. And while it is possible to keep track of such data using tools and methods you’re already familiar with, there is an alternative. Restaurant Market Intelligence systems provide a wide range of data, all of which can be used to inform decisions both large and small. But what should you consider when looking into using a market intelligence system? Here are the top 10 things to consider.
1. Data Sources: When investigating a market intelligence system, it’s important to make sure you understand the sources of the data. Is it coming from point-of-sale systems? Surveys? Internal financial statements? Depending on your unique needs, you may want to look for a company that offers a variety of data sources.
2. Data Reliability: With any data-driven system, it is essential to ensure the data being gathered is reliable. Look into how the system sources its data and what steps are taken to ensure accuracy.
3. Platform Flexibility: With the fast-paced nature of restaurant management, it’s important to look for a system that has flexibility in its platform. If you’re looking to compare results across regions, look for a system that can be easily tailored to different segments.
4. Customization Options: Different restaurant businesses have different needs, and any system you choose should have the ability to adjust to your specific requirements. Look into whether the system can be customized to provide insights for any of your special needs or customer segments.
5. Analysis Abilities: What type of analysis can the system provide? It’s important to make sure that your particular needs can be met by the system, so it’s essential to double check the type of analysis available.
6. Data Security: As with all data-driven systems, data security is an important aspect. Look into the security measures that are in place to ensure that the data is not accessible by malicious third parties.
7. Data Visualization: If you’re looking to stay updated on day-to-day operations, look for a system that offers clear and engaging visualizations. This will help you quickly spot trends or areas of concern.
8. Integration Capabilities: Does the system integrate with other data sources or systems? This can be useful for those who need to synchronize data across multiple platforms.
9. Accessibility: For most restaurant teams, mobility is a must. Look for a system that is accessible from mobile devices so you can stay on top of your restaurant intelligence anytime, anywhere.
10. Cost: Cost is always a consideration. Different systems offer different levels of service, and some may include additional features or services. Before making a decision, it’s important to clearly understand what value the system offers both in terms of features and cost.
These are just a few of the things you should consider before investing in a market intelligence system. By understanding the features of the system, you can make sure you make the best decision for your business needs. With data-driven insights, you can build a more profitable and efficient restaurant.
