As a leading supplier of data solutions, you are no doubt aware of the importance of data within the foodservice industry. Data-driven insights can help you to identify trends, analyze customer preferences, understand competitors, and much more. Yet with such a large amount and variety of data to work with, how should you begin? This guide will explore how to effectively evaluate and understand restaurant data sets for the best results.
The use of data within the foodservice industry has become increasingly prevalent over recent years. With new technology and digital development comes more data. And with the current pandemic pushing restaurants to become more digitized, the amount of data has grown even more. But with so much coming in, how can you make sense of it all?
To begin, it is important to have an understanding of the different types of data that can be found within the foodservice industry. This data can be categorized into two main categories: restaurant sales data, and customer data. Restaurant sales data includes information such as menu item prices, sale volumes, customer orders, and more. On the other hand, customer data will include details such as customer demographics, spending habits, preferences, and more.
To accurately evaluate and understand restaurant data sets, it is crucial to understand the different data sources available. First and foremost, this includes information from Point of Sale (POS) systems, such as customer orders, sales volumes, and order history. This information is extremely helpful in understanding customer preferences and purchase behavior. Next is the data from customer loyalty programs, which can be extremely insightful for developing marketing and loyalty initiatives. Finally, restaurant technology companies such as Brizo can provide you with a variety of data to work with, including menu data and restaurant tech coverage.
Once you have an understanding of the different types of data and sources available, it is time to tackle the research and analysis. To start, use Brizo’s foodservice market intelligence platform to set up your data contacts. This will allow you to easily consolidate its sources and create customized dashboards. From here, you can set up various research and evaluation methods, such as tracking market trends and competitor analysis.
When researching, it is best to focus on specific goals and objectives. For example, if your goal is to monitor competitor sales, focus on tracking their menu items and prices. Or, if your goal is to maintain updated customer preference, track customer orders and loyalty programs. The key is to focus on research that is relevant to your business goals.
Finally, use analytics tools to further interpret and analyze the data collected. This will help you to identify trends and gain a deeper understanding of the data sets. With the insights gained, you can make well-informed decisions to support your restaurant technology business.
With restaurant data sets becoming increasingly large and complex, evaluating and understanding it can be a challenge. But with the right approach and understanding, you can use the data to your advantage. With the power of data, restaurants can better anticipate customer needs, trends, and competitor strategies. This guide provides an overview of how to effectively evaluate and understand restaurant data sets so that you can make the most of your data.
