Has Data Become More Valuable Than Oil?
Read an article on this very subject. Think about it, every day you can find something in the news about businesses using data to make more money. With that in mind, I wondered if Mirus clients were ahead of the curve? If they are, could their actions of leveraging data be paying for itself?
I recently had the privilege of sitting down with Terri Pham, one of our account managers. She works with Mirus clients daily, helping them with all kinds of things. I asked her, "Could our reporting software pay for itself?". She immediately said "Yes" but before I try to reiterate what she explained, I thought you might want to hear it straight from her. Check out the short video below.
Low Hanging Fruit
Terri explained that in the first six months of using a reporting platform like Mirus, you could hone in on "low hanging fruit." This could be theft, labor, sales, etc. Focusing on one restaurant location, using only sales and labor data integration, Mirus can consolidate enormous amounts of information. For example, you can see labor as a percent of sales by hour to help easily identify where opportunities exist to improve labor allocation. This can not only help reduce labor costs by helping to more closely balance labor to sales demand; it can increase throughput and improve customer satisfaction. Having access to concise and accurate data, leadership can more easily create action items to help teams focus on areas that will both save money and drive sales.
For instance:
- Which stores did 50% more than they normally do and why?
- Which stores are experiencing low sales and what's going on in those restaurants?
- Are employees riding the clock?
- Is there theft?
Conclusion
Terri says it's important to work smarter, not harder. If you are not leveraging your business data, you may suffer because of it. After six months of honing in on "low hanging fruit," you'd want to begin to broaden your magnifying glass across more restaurants and then leverage more data by integrating more data source systems.
If you'd like to learn more, check out this article on 5 labor alerts.
What Are Your Thoughts?
Is your data worth more to your business if it can increase profits?
Are you currently leveraging business data? If so, how? Do you use spreadsheets? Software?
About Mirus:
Mirus is a multi-unit restaurant reporting software used by operations, finance, IT, and marketing.
For more information, please visit: www.mirus.com
Watch Mirus reporting demonstrations and client insight on our YouTube Channel
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