Data is considered as GOLD in today’s Digital era.
It is much expensive and useful than gold ever was!
As a restaurateur, who has invested in a restaurant POS or a restaurant management software, you also have a lot of valuable restaurant data that you can use to increase your restaurant revenue and ease your operations.
A detailed analysis of your entire operation can be viewed within a few clicks like
- Total Sales for the month
- Which day had the best sales
- What time of the day is most profitable to you
- How many of your regular customers visited your restaurant again
- Your most ordered Menu item,
….. and so much more
You have been sitting on this data for so long and it’s time to finally utilize it for the best.
Let’s get into the details
How Can You Best Utilize Your Restaurant POS Data:
1. Inventory Data
Inventory management is one of the most complex yet crucial areas of restaurant management. To this date, many restaurant owners keep track of the inventory manually. This tracking system is not just inaccurate sometimes, but also takes up a lot of time and you have to keep a separate human resource engaged for such activities.
Therefore, try to adopt a complete inventory management software or a good restaurant POS to track and maintain your daily inventory. Your restaurant management system should be capable enough to handle all these tasks easily.
You can utilize your POS to:
- Track current raw material stock on real-time basis
- Expiration date on your ingredients
- Order/Item wise consumption
- Department wise Inventory track
- Route management of inventory
- Food wastage
You can compare your previous data and track your inventory performance as well. In this way, you reduce your food cost, maintain your inventory, save a lot of time and optimise your restaurant operations.
With Petpooja, inventory management has been made much easier. You can complete your entire stock-keeping in under 15 minutes, giving your staff no reason to skip inventory time. A centralized dashboard also helps you to keep track of kitchen resources and requirements in all your outlets and franchise stores.
2. Sales Data
You are living under a rock if your staff takes orders in a notepad and passes it on to the chef and then reconciles the sales data with the same piece of paper at the end of the day.
Using technology and knowing the correct sales data is extremely important to get an in-depth analysis of your restaurant sales at any given point of time i.e. last month, last 3 months, this year, or based on whatever date range you decide.
You can use your POS system to find out:
- Daily/Monthly/Hourly restaurant sales
- Order summary for all outlets (All franchise or branches)
- Summary of all online orders
- Item/Brand wise Tax reports
- Sales during any Festival or special occasion
and many more such reports about your restaurant sales and profits.
This analysis will not just give you a deeper knowledge about your sales but will also help you make critical business expansion decisions. You can also compare your current sales data to previous data. A periodic analysis of sales data can help you set a benchmark for your restaurant in the upcoming month/quarter/year.
3. Customer Data
Given that customer is the king, their data surely holds the highest value.
Whether you are starting a new restaurant or own a well-established restaurant chain, keeping the track of customer data is very vital for your business growth. Now use your restaurant management system to easily collect customer information such as:
- Their birthdays, anniversaries, etc.
- Order preferences
- Favorite dishes
- Time and days of their visits
By knowing the above information you can serve your customer in a much-personalized way by providing them relevant offers and discounts. Easily track your data by using a Customer Relationship Management (CRM) software with your restaurant POS system. You can also use third-party loyalty programs to reward your regular customers and track what is the most bought item from those rewards in your restaurant.
This will contribute in increasing customer retention at your restaurant and also help your servers to in upselling other menu items that are not so popular among your customers.
The primary purpose of knowing your food cost data is to see how much profit you make from your restaurant sales. If you are not making a sustainable profit you need to know it beforehand so you can cut down on the losses, monitor cash flow, adjust revenue streams and try to change your restaurant operations strategy.
4. Food Cost Data
Using your restaurant POS, you can easily track your
- Fixed food costs
- Average cost per menu item
- Most profitable menu item
- Most popular restaurant dish
- Cash flow projections, and much more
Once you know the clear number of the food-cost you will be able to focus on displaying the items that provide you the most profit. You can decide on combos that will be least in cost and high in profit, marketing the food items that are profitable and popular, and many such other decisions to successfully run your business.
As the competition is getting more and more fierce, it is important to analyze your restaurant POS data in order to better understand your strength and weakness and gain a competitive edge. Using this approach, you can not only just run your operations smoothly but also take critical decisions based on the data.
Petpooja has recently launched a new Advanced Restaurant Analytics tool called Petpooja Insights.
Using this feature, you can view your restaurant data and reports in easy-to-understand graphs and chart representations. You can also customize your Restaurant Analytics Dashboard the way you want to. Leave behind the cluttered and boring reports and see only the data that matters the most to you.