The blog post is a how-to for restaurant owners or managers to collect and analyze data about their restaurant in order to make better and more profitable business decisions. Topics include pricing, staff and inventory predictions, popular and unpopular menu items, identifying and rewarding loyal/returning customers are discussed to lower expenses and increase revenue.

Key Takeaways:

• Every customer walking in, every food item ordered, each new tweet or Facebook post, every transaction recorded, each shift of employees working, any promotion offered are all the myriad forms in which valuable data is manifesting today.
• Cleaning and preparing the data poses a huge challenge and requires expertise to merge different data sets, convert them to usable formats, filter out the bad data and then set the ball rolling for meaningful analysis to be done on the prepared data.
• Hypothesis driven approach toward data analytics always proves to be the best when evaluated basis the returns on investment. This is also where the business understanding and judgment comes into picture.

“Hypothesis driven approach toward data analytics always proves to be the best when evaluated basis the returns on investment.”

https://www.qsrmagazine.com/outside-insights/turning-data-dollars-your-restaurant

Restaurants are now finding that Netflix may be cutting into their profits. Some speculate that the reason for this is because people are spending money on Netflix that would otherwise be used on dining. It’s not only Netflix that is cutting into restaurant profits, but also necessities like cell phones, data plans and the like. So how do restaurateurs combat this trend? Make your restaurant innovative and do something to draw customers in.

Key Takeaways:

• Higher costs lead consumers to look for cheaper options, which they have this year, thanks to lower grocery prices and the proliferation of prepared food at retail.
• Many costs have been rising in recent years. Apple released the iPhone in 2007, just before the recession, and helped unleash the smartphone craze.
• So consumers began buying the devices while also paying for data plans, which can tally well over $100 per month. Netflix began streaming the same year.

“Many costs have been rising in recent years. Apple released the iPhone in 2007, just before the recession, and helped unleash the smartphone craze.”

http://www.nrn.com/sales-trends/netflix-stealing-sales-restaurants