The competition within the food and beverage industry continues to grow on what seems like a daily basis. With new ideas and concepts coming out all the time, the demand to keep up with the times has never been greater. From staffing to menu decisions and food/beverage costs to new regulations, operating a successful establishment has never been more challenging. Bars and restaurants are adapting new avenues of business to help gain that competitive edge that will allow them to be successful. Data analytics is one such practice that has been integrated into the most successful bars and restaurants over the last few years. Utilizing the various pieces of data from the business, quantitative and qualitative techniques can be used to enhance productivity and increase business gain. The benefits that come from incorporating data analysis into the business plan of a bar or restaurant are often significant, at the very least.
Thanks to the development of cloud technology and “analytics-as-a-service” industry, food and beverage establishments are afforded the opportunity to gain valuable knowledge and insight that is provided by analytic companies that specialize. While management may view their existing basic POS data as the “end all, tell all,” performance can be driven to new levels with the help of specialized POS data analysis and advanced analytics. The following ways are how bars and restaurants are now able to convert their data into driven performance:
Menu Optimization– creating and evolving a menu that meets what your customers are looking for is an ongoing process. Whether you are providing too many options or not specializing enough, your menu can be optimized to increase profitability through analytics. Being able to cater to the needs of as many customers as possible is one important key to success in the food and beverage industry.
Customer Segmentation– the power to segment customers based on a variety of factors allow for an enhanced business plan that allows you to capitalize on each segment. Buying preferences, demographics, and other characteristics can now be used to create specialized promotions and menus to increase profits.
Optimizing Staff– while staffing payroll may be on the lower end of the cost structure for your bar, every little bit can help the profit margin. Even basic forecasting can help you optimally staff your bar based on the day of the week and the time of day. Being overstaffed and understaffed both cost you money, so utilizing analytics is crucial for staffing purposes.
Day/Week Time Analysis– instead of looking at the data from your bar on a weekly or monthly basis, analytics can help you break down your metrics by the hour or time of day for lunch, happy hour, dinner and post-dinner. Not only does this improve the insight regarding staffing needs and inventory but also to monitor how your promotions are functioning.
POS System and Employee Monitoring– When it comes to the hospitality industry, which includes food and beverage, service is everything. Being able to identify the weak or risky areas of your standard operating procedures or employee behavior is crucial for surviving in the bar industry. Glimpse is an outsourced data analysis company that focuses on identifying areas within the operations that can potentially be costing you money. Utilizing your preexisting POS system and digital imaging software, Glimpse develops audited reports accompanied with time-stamped images that identify the areas of risk. When you decide to incorporate Glimpse’s services into your business plan, the results will be significant. By correcting the high-risk areas, revenue will increase, and costs will be reduced. To learn more about how Glimpse can make and save your bar money, visit https://www.glimpsecorp.com/data-analysis-and-video-software-florida/.