How Restaurant Data Leads to Better Business Decisions
Data-driven restaurants are 23% more likely to survive. Imagine having a crystal ball that tells you what restaurants need in real-time, from tech demands to inventory requirements. Data analytics serves that purpose for restaurant tech companies and food & beverage manufacturers and distributors.
By analyzing this data, you can gain insight into operational efficiencies and potential growth opportunities.
How Data Can Affect the Restaurant Industry?
Data-driven suppliers are better positioned in the market. It unveils genuine market demands and performance insights. For instance:
- Insightful Analysis: Discover what’s on the menu and potential ingredients restaurants use with your tech or product.
- Spotting Trends: Use analytics to recognize shifts in restaurant tech needs or ingredient demands.
- Guided Decisions: Insights dictate where improvements are crucial.
- Enhanced Offerings & Revenue: Insights can refine tech features, product quality, or distribution methods.
By analyzing this data, manufacturers and suppliers can pinpoint where to make changes. A valuable insight can lead to better service and more profits.
How to Use Restaurant Data in Making Better Decisions?
Suppliers can better align with restaurant needs and anticipate market shifts with data. Here’s how leveraging restaurant data can lead to strategic choices for suppliers:
- Inventory Management: Monitoring which ingredients are frequently used can guide suppliers in efficient production and distribution. For instance, suppliers can adjust their offerings if restaurants consistently run out of a particular sauce type.
- Know the POS: Find out which restaurants use what type of point-of-sale systems.
- Understanding Restaurant Choices: Knowing what products a restaurant has can give suppliers insights into interest and potential demand. For instance, stocking a specific ingredient might indicate market trends.
- Predictive Analytics: Use past restaurant data to forecast future product demands or tech needs, helping suppliers stay ahead of the curve.
- Evaluate Supplier Performance: Suppliers can assess their standing by checking prompt deliveries and the value offered. Feedback from restaurants can guide improvements.
- Trend Forecasting: Suppliers can anticipate upcoming product or tech trends by studying order patterns. For instance, analyzing data to identify which tech solutions are gaining traction.
- Customer Feedback: Reviews and feedback from restaurants offer direct insights. If a tech solution is problematic or a product isn’t up to standard, immediate action can be taken.
- Forecast Accurately: Predictive tools, especially those capturing real-time data, can help suppliers anticipate restaurant needs, ensuring timely deliveries.
- Boost Relationships: Suppliers can customize their offerings by understanding restaurant preferences fostering stronger partnerships.
- Pricing Strategies: Understanding the demand and cost associated with products or tech allows suppliers to set competitive prices that also ensure profitability.
- Operational Efficiency: Suppliers can optimize their production schedules and delivery timings by identifying peak demand periods. For example, if a certain product is in high demand during specific seasons, production can be ramped up accordingly.
How to Get Started with Restaurant Data Analysis?
- Gather the Basics: For tech companies, start by understanding the Point-of-Sale (POS) systems’ capabilities. They can offer insights into restaurant operations, from sales patterns to in-demand features.
- Leverage Technology: Advanced technologies can provide insights not just into restaurant behavior but also into how restaurants interact with their tech and supply chains.
- Analyze External/Online Reviews: Platforms like Yelp and Google can offer feedback on how restaurants perceive your tech or products.
- Stay Objective: The best decisions are data-driven. Avoid basing decisions on mere observations. Rely on concrete metrics, be it from POS data for tech companies or direct feedback for manufacturers and distributors.
- Opt for Data Enrichment Tools: Restaurant data enrichment tools like Brizo FoodMetrics offer invaluable data for restaurant tech and supply companies. With data from over 1.4+M establishments in North America, it’s an industry goldmine. From tech integrations and preferences to ingredient trends, Brizo offers insights for various business needs.
Remember, the best choices come from the best information.
In the dynamic world of restaurant supply and tech, instinct isn’t enough. Data analytics offers tangible insights, revealing opportunities to enhance offerings, drive profitability, and meet customer demands more efficiently.
With Brizo Foodmetrics, you can access a user-friendly platform that turns complex data into actionable insights, aiding in better data-driven decision-making across various facets of your business.
Ready to drive your restaurant’s success with clarity and precision? Explore Brizo Foodmetrics now.