It is a common conception that data analytics is the next big thing for many of industries. Restaurants are no exception and this is visible. This blogpost is not aimed at pointing the benefits of restaurants sales forecasting, a tedious task we`ve already created a solution for. Nor to highlight what is restaurant data analytics all about. Our goal today is to share with you real-life use cases for data analytics. Restaurant owners & management teams – just take a look and pick some really nice restaurants data analytics ideas!
Up to date, we`ve discussed broadly what are the benefits of data analytics applied to a small, family-run businesses like coffee shops, restaurants, cake shops, etc. In this particular blog post, we are going to cover the areas where data analytics mathematical modeling can be applied if you are the owner or manager of a coffee shop. Stay with us, this is going to be useful.
Predictive and big data analytics are extremely hot these days, since the belief that the data is the new oil is taking over business managers from all sectors and industries. Data analytics for restaurants is also available even though the revenue of a particular restaurant location is not that big. But there are opportunities which make the difference between good and best.
It has been a long time since the work of a marketing professional doesn’t look as it was a few years ago. There were times when creativity had the best place on the main stage of marketing, now its place is stolen by data. Because, you know, data is the new oil.
Imagine you are selling boots and when it gets cold, the boots demand is naturally skyrocketing. This is for sure but if you are a store manager you`d like to have simple answer of a simple question:
How to make proper demand planning that actually works for seasonal businesses and products?
Web mining is the process within you are extracting insightful information from World Wide Web. It is possible at different scales and for different purposes. In general, web mining is the term used for data mining application within online collected information. Such technical achievement gives businesses pretty interesting opportunities for the e-commerce businesses and online entrepreneurs.
It is not a secret that there is a staggering amount of information located on the Internet. The annual internet traffic is rated as a 1 zettabyte per year. If you ever have wondered how much data is that, just imagine a cup of coffee on your desk is equal to 1 gigabyte. A zettabyte is the volume of the Great Wall of China.
Data analytics has huge potential to predict and forecast future performance and this is already proven in big companies full of historical data. With the declining cost of computation, the mathematical wizardry of predictive data analytics is already at arm`s length for small and medium enterprises lacking the resources of the big players.
To have a crystal clear notion of upcoming restaurant sales is crucial for efficient business. Sales forecasting is addressing this very issue with some interesting approaches.
It is true that a restaurant owner knows his business better than anyone. But it is also true that there are some wastes, not matter how good you are into business planning which is also time consuming. This is what sales forecasting is doing for restaurants – it manages the tiny balance between the necessary stock products sufficient to meet the customers demand while keeping wastage levels to a minimum.
Data analytics is hot all around the world and Bulgaria is not exclusion. The small European country has its data analytics scene and it becomes more and more crowded with a bunch of interesting companies dedicated to big data and analytics insights.
Running a restaurant is not an easy business. It requires a lot of effort which sometimes is so exhausting that you miss a bit or two. It is both pleasure and burden but at A4Everyone we believe that every business might perform better in terms of profitability. That’s why we listed 9 tips & hints that might act as profit boosters for any restaurant business.