The restaurant industry has experienced an unprecedented level of disruption due to the pandemic, with many restaurants having to pivot their operations while facing newfound challenges. Many establishments are now relying on timely restaurant data sets to make better and informed decisions as they continue to navigate the “new normal”. However, restaurant owners and operators need to be aware of certain considerations to ensure the accuracy and impact of the data that they use to make their decisions.
Data sets referred to in the restaurant industry focuses on both the hospitality and business side of the restaurant operations, covering topics such as restaurant analytics, operations, Food & Beverage trends, and technology. Here are the top 10 considerations that restaurants and operators should consider when researching data sets for their restaurant:
1. Data Sources
It is important to determine the source of the data set being used, as well as its validity. Data sets can come from a variety of sources, including government agencies, third-party organizations, and associations. Additionally, be sure to take into account any disclaimers or restrictions of the data set’s license.
2. Content
When evaluating the content of the data set, determine what pieces of information it focuses on and how helpful it would be in making decisions. Is the data set comprehensive enough to cover the topics the restaurant would need to make informed decisions?
3. Geographical Scope
It is important to understand the geographic scope of the data set being used. Certain data sets may be limited to certain cities, states, or countries, while others may provide insights and data that span entire regions or globally. Knowing the geographic scope can help inform decisions for restaurants and operators that are dependent on the location of their business.
4. Accuracy
The data set should be reliable and accurate. Make sure to corroborate all data with other sources to ensure accuracy and correctness.
5. Timeliness
It is essential to consider the frequency of when the data set is updated or refreshed. This can vary among data sets, ranging from daily to quarterly or even annually. Restaurants and operators should use the most up-to-date data set possible.
6. Relevancy
The data set should be relevant to the issues and problems the restaurant is facing. For example, a restaurant might use the data set to assess trends in customer behavior or industry trends, such as the growing popularity of third-party delivery services or the spread of particular restaurant technologies.
7. Accessibility
The data set should be easily accessible and downloadable for quick and easy analysis and integration into the restaurant’s own databases and systems.
8. Security
Restaurant data sets should be protected against breaches and potential security threats. Many data sets are encrypted to protect against unauthorized access and data theft.
9. Cost
In addition to the cost of the actual data set, there may be additional costs associated with the data set such as the cost of implementing data sets into the restaurant’s systems.
10. User-Friendliness
The data set should be intuitive and user-friendly. This includes ease of access, data visualization tools and reporting capabilities.
In summary, restaurants and operators should use data sets to build a more comprehensive understanding of their current and future performance. When researching data sets for a restaurant, be sure to consider the source, content, geographical scope, accuracy, timeliness, relevancy, accessibility, security, cost, and user-friendliness of the data set. These ten considerations should be taken into account to ensure accurate and reliable data sets are used to make decisions concerning the restaurant’s operations and future prospects.
