In an era when terms like Data Scientist, and Analyst are commonly used in mass media, it is important to understand that interpreting data can be complicated. It is easy to draw the wrong conclusion. I touched on this point in my material for Restaurant Finance Week last November. You should take caution when measuring your restaurant performance during this Covid period. Read on to see why what you see may not be what's happening and how a poor analysis can lead you to the wrong conclusion.
We have been sharing a story this year on the progression of Covid-19 and its impact on the restaurant industry. After months of steady improvement, there are signs that the situation is getting worse for the industry. The speed of the decline also seems to be increasing, at least in some segments.
The news and social media are filled with stories about dramatic new technologies like Augmented Reality (AR), and Artificial Intelligence (AI), and how these technologies are going to revolutionize every day life. Business Intelligence (BI) is part of those story lines, and the term suffers the same misconceptions and misunderstandings as AR or AI. These terms are broad categories of software, services, skills, and systems, but are not specific products or solutions. These terms are useful for discussing concepts and potential uses, but are not very useful to companies trying to apply them.
With changes taking effect across the restaurant industry in response to COVID 19 (full business shutdowns or limited operations), I'd argue that if you pivoted and changed direction and now offer online ordering, delivery and curbside pickup, then understandings around operational execution, while always very important, are even more critical. Visibility into and clarity around that execution is necessary to your long-term success.
And that visibility comes from your ability to transform your data into actionable information which, in turn, delivers clarity for you and your team.
The Roaring Twenties has a lot of similarities to what has been going on in recent times. In the early 1920's, it was a time of hope and prosperity. With WWI over, the economy was booming, jazz was all the rage, women's rights was a critical topic, and people were out spending lots of money.
According to the Mirus Index, January closed with the best sales and traffic performance since 2015. Traffic, in particular, has been an industry problem for most of the last 5 years.
At Mirus, the job of an Integrations Specialist, is to help restaurants figure out which systems should be integrated immediately and which systems can wait. It’s important to prioritize integration because the process requires a bit of effort and focus. However, if done right, the business will begin to gain reporting insights that will turn into actionable intelligence.
In this article, we will focus on the benefits of integrating financial data. The content presented here is meant to be an introduction piece dedicated to thinking about why it is important to integrate financial data and how restaurants can increase profitability and decrease losses through proper data analysis.
Topics: Restaurant Performance
There are several reasons why integrating operational data for your restaurant is an ideal choice. From keeping tabs on sales and labor to essential reporting and more, integrating data is simply a must. For more insight on integrating operational data, we had a moment to catch up with Mirus Integration Specialist Kadiata Diop, better known to friends and colleagues as Jet.
What does integrating data mean and why is it beneficial for your restaurant? With Mirus’ services, it’s all about ease-of-use. “What that means is looking at all the systems a restaurant may have and deciding which data points they want to see, bring in, and integrate into Mirus so that they can run reports of analysis on that data all in one place, “ says Jet. Convenience is the name of the game and with professional data integration, reporting can be achieved all in one place.
Topics: Restaurant Performance
Mirus is happy to report that our clients, as measured by the Mirus Index each day, are outperforming both the industry averages, and the government's numbers in the 3rd quarter.
2019 is a pretty good year, so far. But, according to Black Box Intelligence's latest report on sales and traffic, both were negative for July (-1% and -4%, respectively). Both were also negative, albeit marginally, in June (-0.01% and -3.1%, respectively).