Data Matters: 60% of Operators Rank Top Buying DriverJuly 19, 2019
Enterprise Management,Trends & Insights
Data and analytics has become the main driver in point of sale purchases amongst restaurants as rapid advancements in technology shape businesses. Our recent Industry Insights Report with Nation’s Restaurant News found that 60% of restaurant operators require real-time data and analytics in their POS system. As a result, robust data is a necessary component to run a successful business instead of a beneficial option.
Growth in technological advancements is driving the ability to analyze data and better understand customer actions. Then, this fuels businesses to develop knowledge of the data and implement best practices to drive business growth.
“There’s little value in collecting data if it’s not used to generate new insights and drive decisions. Targeting and personalization efforts both require interrogation of data to understand where and how resources should be directed.” – Forbes
As business operators better understand the data and analytics from their operations, inventory counts, hot items, customer insights, and more are now available. Consequently, analyzing buying patterns, inventory levels, metrics and insights will improve the customer experience.
Analyzing popular items is a key component for business’ to increase revenue and maintain guest satisfaction. This includes evaluating the time of day the item is frequently sold, the quantity customers typically buy, and which area in the establishment the item is most purchased. From there, operators can drive more item purchases through keeping a higher quantity in stock and creating discounts and incentives.
It’s no secret why data and analytics has become the top driver for restaurants when making a POS purchase. Subsequently, the business will see success by analyzing important information to better understand guests. No matter the industry, every business has a similar goal to keep revenue at a steady incline. Robust reporting is now the key to driving success with omnichannel, cloud technology.