Driven by Data – Creating a Culture of Analytics

Business Intelligence is no stranger to the food industry.  The era of “big data” was born from the corporate world trying to reign in massive volumes of collected information, but it didn’t take long for savvy restauranteurs to realize the untapped wealth of information held captive in our POS systems would revolutionize the way our industry operates.

That is exactly what both Compeat and Ctuit (now part of Restaurant365) set out to do almost 18 years ago.  As technology geeks with almost two decades of restaurant experience under our belts, we understand the uniqueness of the service industry.  We know that data doesn’t mean anything unless we can make it into something actionable to improve how we operate.  Our tools analyze and present data in a way that owners, operators, managers, supervisors, and staff can easily recognize patterns and ask the right questions to predict behaviors and make quick, informed decisions that impact the bottom line.

Compeat Intelligence has been focused on building an ad-hoc reporting tool that addresses the needs of the advanced Excel users to customize their own reports.  Ctuit RADAR has been known for its robust POS-centric reporting that includes over 200+ fixed reports as well as its Enterprise Report Designer (ERD) for more advanced users (SQL user/skillset).  Together we give operators insights into their restaurant’s Sales, Labor, Forecasting, Accounting, Site Administration, Inventory & Recipes, Employee Data, Event Management, AP & Contracts, Manager Log and more with easy to navigate reports.

As the restaurant industry moves even further toward data-driven decision making, we realize the importance of Intelligence having a level of comfort for every customer.  Some operators expressed the desire to dig deeper into their data.  To meet this need, the ad- hoc tool inside Intelligence will empower users to a level of “self-service” within their data, enabling power-users that work with the same analytics every day to explore unique patterns on their own.  This level of granularity can help them further uncover business trends and red-flag outliers that impact decision making through addressing labor and food costs at a granular level, deeper analyzation of every transaction, creation custom fraud alerts, and more.

Data integrity is key when a restaurant is relying on it to make important business decisions.  Compeat is uniquely positioned with a direct connection to POS, Accounting, Labor, Schedule and Inventory data, providing customers with more depth of data and ensuring the data being pulled into the Intelligence tool is accurate.

How do I get started?

According to the National Restaurant Association’s (NRA) Restaurant Technology Survey, 32 percent of restaurant operators consider their operations to be lagging when it comes to technology use; mostly due to concern about costs and difficult implementations. However, so many of these solutions are customizable and scalable that it doesn’t have to be that way.  Even though the journey of choosing a solution might seem overwhelming, there is a step-by-step process that can be followed.

Start by finding the right partner to help you through the process of adapting new technologies. Understanding the value of data integration between multiple products is essential to making the right choice. The amount of time restauranteurs waste logging in and out of multiple systems and manually reentering data (plus the added risk of human error) is costly to your operations.

Look for a provider that offers you choices and options with modular software that can be customized to include as many or as few features as you feel are necessary. A good partner serves as a consultant that can help you identify “the low hanging fruit”.  For example, if you are manually creating schedules, automating this process allows you to create a schedule 75% faster and reduce labor costs by 3%. Those cost savings can be used to fund the next step – perhaps inventory. The right partner should have solutions not only for today’s needs, but for the next 3 to 5 years.

Just keep moving through the process, and soon you will be in a much better place than you are today. Your only regret will be that you didn’t jump on the data bandwagon sooner; intelligently using data to drive the success of your restaurant.

Ready to learn how Restaurant365 can help you streamline your back office and discover profits?

Schedule a demo today.