While big data may sound intimidating – the ability of data can and should be used in businesses of all sizes. Small restaurants that are using modern Ipad point of sales systems, like Appsels POS , have a abundance of data at their fingertips and with a bit of analysis, it can be transformed to make business-boosting decisions.
Analyzing data doesn’t always to be sophisticated . With a strategy in place, it’s easy to take your data and allow it to work its magic. As per below is a set of basic framework on how to utilize business data and turning it into insights and decisions.
Always define your objectives!! Before lunging straight into your data, which can be overwhelming, start by thinking about the rationale and the need for data. Define specific objectives like:
1. Understand what my 3 top selling items are each week
2. Know which hours are the busiest
3. Average spending per customer
Collect and organize your data. Once you have an objective in mind, you should collect the corresponding data. If your objective is related to sales, collect data from your sales reports. For item specific performance objectives, pull the item mix reports.
Analyze your data. Once you have your data in front of you, you can analyze the information. With Appsels, your reporting suite provides intuitive analysis to simplify this process. View your top 10 products, hourly sales reports, items sales mix report and more.
After you collect and analyze your data, it’s time to turn that data into a decision. If your goal was to trim down your menu, use your analysis to identify the lowest performing / profitability items [DOG] and eliminate it. Or identify a superstar waiter reward that individual with additional incentive.
Whatever action you decide to take, you’re sure to have a set of data backing that decision.
With sales data, it becomes possible for restaurants to make menu adjustments like removing dishes that are low performing or doubling down on the top sellers.