We all get the theory of a data-driven business. The software and systems that serve today’s hospitality industry enable us to amass a huge amount of information about how customers behave and operations perform. However, in practice, we often feel inundated. Data, data everywhere – but not much we can actually make use of.
The fact is, bringing together data from a range of systems and platforms has proved expensive and impractical. As part of the CGA Peach Business Leaders survey we found that, on average, businesses are spending 8.8 hours per week preparing KPI reports, while 1 in 4 estimate that more than 15 hours per week is spent on preparing reports. What’s more, 56% of business leaders don’t completely trust their reports all the time.
With such a huge manual effort to compile and analyse data, many businesses take the easier route of operating in silos and producing narrow reports that ignore the potential benefits of having a holistic understanding of the business.
Imagine, then, what it would be like to have a true 360-degree view. A picture of your operations that lets you see the impact of your decisions across the board. An understanding based on automated combinations and correlations of data from all of your different systems. You would save time and gain a more profound insight, with overlaid information revealing previously hidden trends. As a result, you can act quickly, decisively and effectively.
Fourth Analytics provides not only data and insight from our workforce management and purchase-to-pay and inventory solutions, but also brings in feeds from a whole raft of integrated systems including:
- Customer sentiment from review sites
- Guest satisfaction scores
- Health and safety
- Learning management systems
- Financial management
- Task management
- Wi-Fi footfall data
- Weather forecast
- Employee feedback and pulse surveys
- Kitchen management systems
…any many more.
In fact, our library of APIs allows any technology partner to easily connect to the Fourth platform and share data. Which means that you can rapidly enhance the picture you get of your business, clearing the way for smarter, more profitable decisions.
You can find out more about how Fourth Analytics can help your business in our complimentary white paper.
5 Ways the Employee Scheduling Software Can Aid Your Communications and Smooth Out Business Operations
In a fast-paced environment such as retail, managers want daily operations to run as smoothly as possible. However, gaps in the internal communication flow can lead to frustrated employees, poor service, and increased turnover.
Metrics matter. Understanding which ones you need to care about can have a big effect on your bottom line. It’s up to operational leadership to measure them, monitor them, and make them not only the focus of their annual initiatives – but to make those metrics important for restaurant managers too.
Using spreadsheets for hospitality inventory management is inaccurate, inefficient, and unwise. Learn how poor inventory management could be making operators crazy and hurting your business.