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2019 Thinking Points - Restaurant Data

Posted by Kira on 12/21/18 4:04 PM

The following content stems from a presentation by Dave Bennett, CEO of Mirus at the Mirus User Conference (MCON) in 2018.

Next Level Thinking

Every useful piece of data is connected to other bits of information in the restaurant business. All of the things a restaurant does every day are related to serving its customers. It makes sense that the data created in the process is also connected. Not all of the connections are clean and easily understood, though. Just the opposite. There are certain business artifacts that support this confusion of data. They are the final “systems of record” where everything ends up at the end of the business process.

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Effectively Integrating Restaurant Data

Posted by Kira on 11/13/18 11:03 AM

Access to data intelligence is changing the way business is conducted; It especially can change and benefit the restaurant industry. Restaurant executives can make smarter choices with regard to the growth of their business, given more powerful tools.

The decision to find a solution that delivers greater access to your restaurant data was slowly evolving. So why did you make that decision? Chances are, you had a system in place where your POS and maybe back office systems were providing you with some basic reports. Your restaurant executives wanted to get answers to pertinent questions. Their process was to merge all of that information in excel. But what we know from that method is it’s extremely time-consuming and often erroneous, due to human error. So you've decided to partner with Mirus to provide your company with a data warehouse that allows you to combine all of your restaurant data in one place.

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Topics: Restaurant IT

Restaurant Fraud: How Do We Prevent It?

Posted by Kira on 10/10/18 10:28 AM

I’m A Good Person. Most of the Time...

Have you ever stolen anything? Did you get caught? When you were caught, was it your first time stealing? Even the most ethical employees can make bad decisions when something is right there for the taking. There’s too much temptation, even for those who usually make the best decisions.

No matter how much you trust your employees (managers included), you MUST be able to check thoroughly on their daily activities to find potential irregularities. When your employees make poor choices why should YOUR restaurant business pay the price?

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Topics: Restaurant Loss Management

Accessing Restaurant Data: One Company's Success Story

Posted by Kira on 7/13/18 2:11 PM

Too Much Data

Restaurant companies collect a lot of data on a daily basis from all the systems they have in place. How they organize, combine, analyze and distribute that data can have a big impact on the overall success of their business. Certain restaurant companies seek help from outside sources. However, some business intelligence and performance management software can be complicated and difficult to use and understand, using jargon that’s meant for IT professionals. This isn’t very helpful for a financial analyst, for example, who needs specific information and has to report to executives waiting for answers to pertinent questions.

Furthermore, many of these BI alternatives aren’t capable of getting all the data from all the sources. Thereby only being partially helpful. So the Financial Analyst needs to fortify the missing information. He/she needs to piece the data together using the only other way they can think of: Excel.

Over time, especially as their business expands, they begin to realize this way of putting information together can not filter manual errors and is extremely time-consuming. Sometimes restaurant executives can spend all their time creating reports and be left with no time to review them. Additional challenges, as a result, can be:

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Topics: Restaurant Data Warehouse

Why Restaurant Inventory Should Integrate With Sales Data

Posted by Kira on 6/21/18 3:21 PM

We’ve talked a lot in these blogs about the importance of restaurant data and the fact that each system a restaurant uses houses a plethora of information. We’ve mentioned in the past that each solution can provide reports, but these systems do not communicate with each other effectively. Operators are forced to manually piece details together to get a more detailed and accurate glimpse into how their restaurant companies are performing. However, manually piecing bits of data together on a spreadsheet can be tedious and problematic. We often refer to this process as "Excel hell".

The goals for most restaurant businesses are the same, drive sales, improve and streamline operations, and keep customers satisfied and coming back. Let’s take a closer look, specifically into the importance of merging Inventory and Point of Sale (POS) data to achieve these objectives.

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The Difference Between Product Mix & Market Basket Analysis

Posted by Kira on 6/7/18 3:55 PM

First things first, what are the definitions of product mix and market basket analysis? What benefits do restaurant companies gain from using these two analytical methods?

Product Mix Analysis

Product mix is a tool restaurant executives use to make decisions about menu items. Product mix reports can show a restaurant’s top selling vs bottom selling items, the percentage of the overall menu, the percentage of overall sales for a day, week, month, etc. By studying these reports, restaurant executives can find new ways of reaching their customers through promotions, etc.  For example, a restaurant business can learn from a product mix report that chicken sliders were top sales last month. Offering a variety of sides and drinks that pair well with the chicken sliders would be a good way to increase sales. By paying close attention to costs the restaurant business can increase their profit margins also.

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Topics: Restaurant Custom Reporting

Why Your Restaurant Business Needs A Data Mining Solution

Posted by Kira on 5/11/18 10:09 AM

What exactly is data mining? It’s the practice of examining large databases in order to generate new information that can make your restaurant business that much more successful. The data mining process identifies patterns and trends and enables restaurant operators to sort through useful information to quickly get answers to pertinent questions. Restaurant executives can use this information to increase revenues, cut costs, and decrease unnecessary risks in their business. Additionally, large databases contain hidden insights that can help your restaurants improve customer satisfaction, forecast sales and ensure the success of marketing initiatives.

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Topics: Restaurant Data Warehouse

Getting The Most From Your Restaurant Guest Loyalty Program

Posted by Kira on 4/5/18 9:39 AM

Since the inception of your restaurant business you’ve probably tried a variety of methods to engage, grow and retain your customer base because you understand that getting to know your customers and their behavior patterns is crucial for your business. And we know that it is more cost-effective to retain an existing customer than to acquire a new one. However, from the perspective of data, the check number is the only identifier for a customer’s activity. So unless you are using a guest loyalty program that identifies the customer’s name, email, phone, etc., you have no idea who the person is on any given check.

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Topics: Restaurant Marketing

5 Reports To Improve Restaurant Customer Satisfaction

Posted by Kira on 3/8/18 11:48 AM

What makes your customers happy when visiting your restaurants and what keeps them coming back? Is it the quality and taste of the food? Polite and speedy service? Customer fulfillment, or lack of it, will ultimately affect your restaurant business in a significant way.

Restaurant executives study reports pertinent to their specific departments (Finance, Operations, Marketing, etc.) but no matter their department, there are factors that overlap amongst these departments. One major issue is customer satisfaction. There are many variables that can affect customer satisfaction and by looking at the right information, restaurant companies can utilize a way to measure the key metrics important to executing a memorable dining experience for their guests.

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Topics: Restaurant Custom Reporting

The Do's And Don'ts of Increasing Restaurant Profit Margin

Posted by Kira on 1/18/18 11:13 AM

Finding new ways to maximize the overall profitability of a restaurant business is on the mind of every restaurant owner. Whether you have a few restaurants or a few hundred, you’re constantly trying to think up ways to beef up the profit margin. Your executives analyze the numbers, think up ideas to control costs, cut down on food waste, offer Limited Time Offers, cut back labor hours and eliminate overtime, all with the ultimate goal of increasing profitability. But what steps are taken to ensure that any of these ideas will prove successful? Are they examining performance metrics in order to track and evaluate what steps are effective and which areas need improvement?

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