Foodie Friday at last! I went out for breakfast this morning and as I watched my server typing my order into the Point Of Sale system, I wondered what was coming out the other end. No, not if my order had been captured correctly or if the ticket would print out correctly. I wondered if the owners of the place actually used the data that had just been gathered. Restaurants generate a phenomenal amount of data although I’d be willing to wager that a minority of them actually look at, analyze, and employ it to improve their business. Then again, I’d be willing to bet that many non-food businesses suffer from the same omission.
Think about it. A restaurant gets information from their POS system – what’s selling and how much does it cost. They see if something is more popular at lunch than at dinner. They can look at their reservation system to know when they’ll be busy and their seating record to know how many covers they’re selling. Smart ones look at how many parties of which size were kept waiting (maybe we should turn the 6-top into a 4- and a 2?). They know what drinks have been ordered. Their suppliers have data for them – what’s available and what does it cost? Then they have their own internal accounting – labor costs, etc. Each of those things relates to the other. But there’s more.
What’s posted on social media? Whats the most-photographed dish? What’s liked and shared? How many reviews and are they positive? What are they about? There’s a lot of data to collect from a multitude of sources – OpenTable, Facebook, Twitter, Yelp, TripAdvisor, Foursquare, Urbanspoon or Instagram. All of the former data is very structured and it tells you “what.” The social stuff, along with any loyalty data you might have is unstructured and it can help you to understand “why”.
Maybe if you overlay the daily weather during service hours you can infer a causal effect on any of the above. You can adjust what’s displaying on your drive-thru board when it’s busy to show the menu items that may be lower-margin but quicker to prepare in order to speed the line. If you collect emails (your reservation system does!), you can use Facebook or some other data provider to build out profiles so you can know your customer and better target your marketing.
My point is that every business has a similar capability these days. We might not have reservation systems but we do have online commerce or websites or apps. We need to be less intimidated by big data and more proactive with respect to learning about our customers and how they interact with our offerings. Does that make sense?