As the food and beverage industry continues to expand, some restaurant owners have turned to account-based data programs in order to acquire a better understanding of the industry that they are operating in. Account-based data (ABD) programs provide members with comprehensive market intelligence, insights,and analytics to help them make decisions and expand their operations. However, not all restaurants should take advantage of ABD programs as there are a few drawbacks to using them as well. In this article, we will explore the pros and cons of account-based data programs for restaurants.
What is Account Based Data?
Account based data (or ABD) is a comprehensive range of market intelligence, insights, and analytics that are used to make more informed decisions related to the restaurant industry. This information can be used to help restaurant owners analyze customer habits, track trends, and even pinpoint potential new locations. The ABD programs created by companies like Brizo provide a “board and diverse set of data”, including things like menu data, restaurant tech updates, sales prospects, and data enrichment.
Pros of Account Based Data
The greatest advantage of account based data programs is that they provide restaurant owners with a wealth of valuable information, including consumer habits, trends, and insights about the industry. This information is invaluable to restaurant owners who are looking to make informed decisions regarding their operations, particularly in regards to prospecting for new locations.
In addition, ABD programs can also be used to help streamline operations and identify potential production innovations. The information provided by ABD can assist restaurant owners in strategically expanding their business operations and helping them to take advantage of local industry trends.
Cons of Account Based Data
Despite the many benefits of utilizing ABD programs, there are a few key drawbacks for restaurants. First and foremost, the cost associated with ABD can be prohibitive for some restaurants. Companies like Brizo charge a significant fee for access to their ABD programs, which may be too expensive for some restaurants. Additionally, some restaurants may find the information provided in ABD programs to be overwhelming and difficult to interpret.
Finally, ABD programs are only as valuable as the information that is being put into them. This means that restaurant owners must be diligent in ensuring that they are inputting accurate and up-to-date information in order to get the most value out of ABD.
Concluding remarks
All in all, there are both pros and cons associated with account based data programs for restaurants. The many benefits of these programs are clear in terms of the information that they provide and the greater confidence that they can give restaurant owners in making decisions. However, restaurants must consider the potential downsides of ABD, including the cost and the need for accurate data input in order to get the most value out of the program.
