Miel,
LLC
Big
Data Business Analytics
Restaurants
Big data is everywhere
in our environment. This is accumulated in cash registers, with ticket sellers,
in servers, and elsewhere. The predictive analysis is applicable to fast-casual
oriented restaurants to understand the operational data and predict aspects of
their business. These restaurants are becoming more common and have been slowly
eating into the revenue of their larger competitors. In 2014 the top 500
restaurant report indicated an 11% increase for the fast-casual restaurant
sales.
As these have become
more pertinent and a force, they have looked for towards their data for
assistance with making their operations more efficient and improve performance.
As these restaurants have grown, the
cost has become more affordable, bringing the services more in reach.
The
restaurants are using this to answer the “why” question. Previously they
engaged in elevator analysis for their operations. They would report sales went
up X% this month from last month, and compare it to last year during the same time.
While this is fine, it did not provide the Why this occurred, which is more
important. To make a change for efficiency or better performance this has to be
known and understood.
As
applied, this has assisted with optimizing the menu, segmenting the customer
base, optimizing the staff usage, improving their operations, and analyzing the
work flow for the time of the day and the day of the week.
Big data has the
opportunity to assist incredibly with the business. The application merely needs
to be utilized.
Thank you.
Thought
for the day
A
statistician confidently tried to cross a river that was one meter deep on
average; he drowned. Averages are good,
but need to be coupled with common sense.
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