Applying Analytics to the Restaurant Industry

As many of you know, I have just joined the team at Revel Systems (www.revelsystems.com) .  I am super excited to join a top notch startup who is changing the way the service industry is run.  I am fortunate enough to work with three of my favorite things every day – tech, data, & food ( grocery/ retail service ).

One thing that really drew me to this new job was the opportunity for data to influence the restaurant industry. From my time at WCG ( now W2O ), I learned so much about how analytics could drive a strategy for marcom or engagement. The real epiphany though of the “data” buzz words we have been hearing about over the last year though are really about tracking assets and being self aware of your decisions to simply forecast your own decisions and refining your plan for better quality.

I am now a converted “foodie.” I dream of Michelin Star restaurant dinners once a year, and have begun to appreciate a good wine   or the different notes of a seasoned dish.  That’s the artist in me. However, the business side of me understands that their is a value of that dish – both perceived/ earned value and actual costs per plate.  The balance of the art and business of a restaurant is what I find so intriguing.  People pay for the value, but dont mind the cost.

The dream of the chef ( artist ) is to be able to produce tastes on a plate that can inspire the critic, but also make the account manager happy with the books. Understanding your menu / ingredient data can help justify how you shape your dishes, but also understand how you are using ingredients, and where you can be efficient with your assets.  Same applies to mixologists in the bar industry.  I feel that people are afraid to embrace data in that people may not want to know the cost of a slice of tomato, but really, once you understand the data, you have the power to make better decisions.  It’s empowerment.  People will always pay for art and an experience. Its just nice to be able to understand and justify the math behind art.

I love what I am working on with the Revel team. Its amazing to see what you can passively track from a POS system.  Let me know if you have any contacts in the service industry who are open to hearing about how data analytics and a sleek POS system can change how you do business.

-Patrick

Advertisements