As digital technology continues to grow, so does the amount of available data to be analysed. This presents a lot of opportunities and challenges for hospitality businesses looking to leverage data analytics to improve their operations, performance, and ultimately their bottom line.
In this post, we’ll be looking at why and how data and analytics can unlock potential in your hospitality venues, as well as the solutions that already exist to make this a reality.
Why is it important for hospitality businesses use data?
The reality is data and analytics play a crucial role in enabling informed decision-making, optimising operations, and enhancing customer experience. Customers are not afraid of using and reaching out via technology in restaurants, and pubs, so this is where business operators can tap into this potential through data and analytics.
Gathering and analysing customer data, such as buying preferences, behaviours, and demographics, allows you to create personalised offers, discounts, and content that you know will attract your clientele. Plus, it helps build loyalty through retargeting marketing campaigns.
By analysing data related to sales, peak hours and other metrics, hospitality businesses can optimise their operations and improve their bottom line. For example, data analysis on sales over time allows businesses to deploy the right number of staff for a given period and avoid being overstaffed when you’re traditionally slower.
Data and analytics can also identify trends across your products to see what is becoming more popular and what you can save money on purchasing.
Data analytics makes it possible to forecast demand and understand peaks and troughs in trading providing opportunties to identify trends and adjust their pricing strategies accordingly. Happy hour promos and lunch specials are a couple of good examples of product and pricing strategies driven by demand at a given period.
Studying target audience behaviour, especially current trends and special events are invaluable sources of data for hospitality businesses to use in their marketing campaigns.
It becomes easier to identify specific customer segments and personalise marketing messages targeting the segments’ needs and preferences. It can also help businesses optimise their marketing channels, using platforms that have the best reach, which can increase ROI for marketing spending.
How to Bring Data and Analytics to Your Business
Through a combination of strong leadership, expertise, and technology, your business can experience the following benefits of data analytics:
- Improved Customer Experience with Salesline
Hospitality is all about people, and the best way to provide exceptional experience is to make sure you’re always appropriately staffed with the right people. Salesline is a hospitality solution that connects sales data with time and attendance systems so you can dynamically roster your shifts and see the direct impact on service.
By having a near real-time view on sales and staffing you can meet customer needs and sales targets, which increases operational efficiency and can save on high variable labour costs.
- Enhanced Decision-Making Through Hospitality Platform
Collecting and analysing data from your entire business gives you deeper operational insights that can improve decision-making. Solutions like Quantaco’s Hospitality Platform are the backbone of business operations for hospitality businesses, connecting different systems and automating the flow of data.
Processing happens at high speeds, and you get a clearer image of your operational and financial position, making decision-making easier and more effective. Our hospitality platform is designed and tailored specifically for hospitality and gives you accurate, timely reporting you can leverage across the business, from marketing to finance.
- Increased Revenue Analytics with Cashup
Cashup is a platform that digitises the end of shift Cashup process, aggregating revenue movement across the entire venue with a cloud-based app. Through the comprehensive collection of accurate information it provides accurate financial reports that are not prone to human error or manipulation.
Paired with improved operational efficiency, having an accurate financial tool like Cashup gives you the data to manage finances more efficiently and enables you to earn and track your revenue and cash accurately.
- Digital Incident Reporting & Management with Star Compliance
You can also turn mandatory hospitality legislation into a strategic advantage by ensuring you have the right data and analytics on hospitality compliance.
Our Star Compliance platform offers a consistent approach and a single source of truth for staff training and incident reporting. The process is streamlined, giving you more oversight over incident reporting, accountability and meeting compliance requirements. Plus, you’re able to gather insights and manage staff development digitally.
Bring data and analytics to your business with Quantaco
By leveraging data and analytics, you can gain a competitive advantage by being more agile and responsive to changing market conditions and customer needs.
Take your business further with Quantaco’s hospitality-focused and technology-based solutions. With a decade of experience in the industry, Quantaco understands your unique challenges and potential for growth.
Visit https://www.quantaco.co/ to get started.