In the era of millennials, businesses are flourishing at full speed!
This is the ideal time to invest in the restaurant business, an industry which has experienced a dramatic upsurge in the past decade.
With growing prosperity across developed and developing economies, more and more people are opting to eat out rather than dining at home. To deal with this growing demand, most of the successful restaurants around the world have decided to find solutions from technology.
Deloitte recently conducted an analysis on ‘The Restaurant of the Future’. They found that customers were becoming increasingly tech-savvy and this is something that the restaurant industry needs to tap into. When technology is used to place an order within a QSR, the frequency of visit goes up by 6%, and the average spends per visit increases by as much as 20%. Click To Tweet
They are just one of the many industry leaders who are predicting that restaurant profitability will gain a significant boost because of digital disruption. The restaurant industry was already expected to be worth $3.5 trillion in 2016.
That number is rapidly on the rise today, and it looks like technology can help it soar even higher.
Technology that Feeds on Real-Time Data
One of the biggest purposes of leading technologies in this day and age is to collect, interpret and analyze data. In the restaurant business, real-time data takes on huge significance, as it is this knowledge that can bridge the gap between staff, customers, product and administration.
The most difficult aspect of running a restaurant is management. Whether you’re running a small-scale local restaurant or a famous fast food joint, there is a need to manage staff members, multiple customers and, most tedious of all, the hundreds of ingredients that go into making your food unforgettable.
This is where technology steps in to create a large scale business impact by ironing out all the inefficiencies of a manual system. Traditionally, service and preparation were often impaired by a lack of availability of items or staff. Since there was no proper data collection taking place either, it was challenging for management to predict crunch situations.
Digital applications are now completely transforming this scenario. Staff members can now upload all data on to a single app, ensuring that records are accurate and up-to-date. This provides management with real-time and on the go data which in turn simplifies decision making and provides a much higher level of visibility than ever before.
This intervention translates into higher revenue in many different ways. Here’s some of the key ways real-time data can help build a profitable restaurant:
Real-time data keep a track on your existing stocks, helping you accurately predict the optimum time to restock. This can help the owners define the most profitable buying patterns as well as make sure all items are available when needed.
By offering complete visibility on staff attendance and productivity, real-time data makes the task of employee management much more accessible. Now the owners will know which staff to reward and which to motivate towards better performance.
The right restaurant app will also be able to provide you with real-time data on your tables, something which is essential for restaurants with big floor space. It ensures reservations are maintained and customers are optimally seated.
The biggest front-end benefit of real-time data is customer satisfaction. Now that you have the right information with you, customers can expect quicker service, better seating and availability of all items on the menu, which together lead to a much higher chance of them coming back for more.
The above ways are among the many which help in boosting profits. One of the best methods to find out if it works is to try it out for yourself. Foodics provides a full-scale cloud-based solution that helps restaurants around the world tap into the power of big data. Our digital application collects data for sales, inventory, stock, employees, customers and more. Click To Tweet
If you want to know how it works, then we’d be more than happy to give you a demo.