Big Data, Big Money For Restaurants
The term big data refers to large, diverse and fast-growing volumes of different data
types that can be quickly collected and analyzed. Many restaurant owners and executives
remain unsure about how these data translate into top- and bottom-line benefits.
A 10% increase in data accessibility will result in more than $65 million additional net
income for the typical Fortune 1000 company.
Data analytics represents a dramatic change in the way in which restaurants operate.
Where restaurant owners and operators previously needed to rely upon experience and
instincts, they can now utilize unbiased, data-driven information as they make decisions
affecting every part of their business. In addition, data capture and storage capabilities
have drastically increased and continue to grow at a fast rate. The widespread availability
of big data and the associated processing technologies bring with them new demands,
challenges and opportunities.
Although restaurant owners and operators can utilize analytics in several indirect ways
to increase revenue, we will focus on only the direct methods. Data analytics allows your
restaurant to benefit from the following objectives: gain a deeper understanding of your
customers; measure your business in real-time through alerts and dashboards; optimize
your menu; and predict your restaurant’s future demand.
“Hiding within those mounds of data is knowledge that could change the life of a patient,
or change the world.” (Atul Butte, Stanford)