ComOps - Strategy & Commercial Operations as a Service’s Post

Data is the secret ingredient that helps restaurants thrive in the digital age! From choosing where to dine, to making reservations, ordering, and even paying the bill, data plays a crucial role in creating value for both customers and restaurants. Restaurants now have the power to optimize inventory, reduce waste, and make smarter business decisions, thanks to detailed preparation and food resource-management records. Want to stay ahead of the competition? Here are six game-changing strategies to take your restaurant to the next level: 1️⃣ Shift your focus from food cost to revenue management. Embrace data-driven insights to maximize profits. 2️⃣ Leverage the power of technology. Embrace online reservations and ordering systems to streamline your operations and attract tech-savvy customers. 3️⃣ Embrace the art of personalization. Use customer data to create tailored dining experiences that leave a lasting impression. 4️⃣ Optimize inventory and reduce waste. Let data guide your purchasing decisions and minimize food spoilage. 5️⃣ Scale up your business. Identify growth opportunities based on data-driven market trends and customer preferences. 6️⃣ Stay agile and adapt. Continuously monitor and analyze data to make informed decisions that keep your restaurant ahead of the curve. #RestaurantManagement #RestaurantStrategy #DataDrivenRestaurants #DigitalTransformation #RestaurantSuccess #ebt #uae

Data analytics is crucial in the restaurant industry. Collecting and analyzing data can assist owners in making informed decisions, thereby maximizing profitability. On the client side, restaurants should track lead times: - For dining: from the time of reservation (online or by phone) to the payment via POS. - For takeout: from the time of ordering to the collection of the item. - For delivery: from the time of ordering to the delivery at the destination. Understanding clients is essential. Using historical data, owners can comprehend: - The average meal preferences of clients. - The time required for each client to complete a transaction (from order placement or reservation to payment or item receipt). - The average spending per hour for each client. - The preferred service (dining, takeout, or delivery) for each client. Based on this information, restaurants can prioritize bookings from high-value customers and reject others. They can focus on the most profitable and loyal clients or those with a positive reputation. Data can also help in understanding the restaurant's hourly occupancy trends throughout the week. This aids in managing inventory, reducing waste, optimizing reservations and queue times, implementing personalized seating policies, offering customized menus, optimizing staffing, managing payments, and balancing order channels (dine-in, takeout, and delivery) to maximize profitability. Identifying clients who spend the most per hour can enhance Return on Equity (ROE): Return on Equity (ROE) = (1) Net Profit Margin x (2) Asset Turnover Ratio x Financial Leverage = (Net Income / Sales) x (Sales / Total Assets) x (Total Assets / Total Equity) (1) Net Income/Revenue: Attracting clients who purchase high-profit margin items. (2) Revenue/Average Total Assets: Attracting clients who do not occupy space for extended periods but spend significantly. My deepest congratulations to Jelle de Vries, Eirini Spiliotopoulou, Debjit Roy, Ph.D. for the useful and interesting article! One of the best ones I have ever read.

🍔 Exciting Times in Fast Food Innovation! Wendy's is embracing a game-changing approach with dynamic pricing, a strategy well-known in the travel industry. Check out this insightful article from Food & Wine shedding light on Wendy's new venture: https://lnkd.in/gM9erG3C Dynamic pricing has been a staple in travel for years, allowing businesses to adapt to demand and optimize revenue. Now, Wendy's is bringing this concept to the food industry. It will be fascinating to witness the ripple effects and customer response. In an era where adaptability is key, industries are finding inspiration in unlikely places. #Innovation #DynamicPricing #FastFoodRevolution #wendys #adaptiveleadership #optimizeyourbusiness

Learn how companies are using virtual brands and digital channels to drive growth. A tech titan tries his hands at running a restaurant. Again. https://ow.ly/kWkJ50RzYEK

Should restaurant operators consider a hybrid delivery approach? Learn more insights from Drivosity CEO in this latest Forbes Council contribution article. #pizza #pizzadelivery #POS #QSR #fooddelivery #restauranttech #delivery #foodtech #lastmiledelivery

The #restaurant industry is no stranger to relentless change. But how can businesses get ahead of potential disruption and quickly adapt? Read how the power of data, insights, and analytics can be an operator's biggest asset in the ever-changing landscape via QSR:

Dynamic pricing at fast food. Wow. This allows companies to set variable pricing that can fluctuate up and down throughout the day, depending on the time of day. "Businesses are able to change prices based on algorithms that take into account competitor pricing, supply, and demand, and other external factors in the market,” This could be a new trend with fast food. Interesting. #business #technology #culture #innovation

In the history of terrible ideas in fast food, this one is going to be high on the list of the worst. The Wendy's Company plans to experiment with surge pricing in an age where: 🍔 Guests demand simplicity 🍔 Guests demand transparency 🍔 Guests demand consistency What’s more, this move puts Employees in the near-impossible position of explaining dynamic pricing to an already volatile group of Customers. A group of Customers who, oh by the way, have no shortage of easier (and let’s face it, better) options. The only thing colder than a Frosty will be consumer response to what will be a short-lived failed experiment. https://lnkd.in/eWMrY8AY #fastfood #fastcasual #quickservice #wendys

We're excited to share Brian Moroney's latest contribution to the Forbes Business Council, where he explores the strategic considerations restaurants must navigate in today's competitive delivery landscape. Brian discusses the crucial role of first-party delivery in sustainable growth and the strategic utilization of third-party aggregators. He presents a practical hybrid approach for achieving a profitable equilibrium and emphasizes the importance of data-driven decision-making. He also offers a comprehensive playbook for restaurants looking to optimize their delivery models. Check out the full article to access Brian's practical playbook for crafting a profitable delivery strategy and positioning your restaurant for success in the digital age! 👉 https://lnkd.in/gdRuyctm Forbes #FoodDelivery #RestaurantStrategy #FirstPartyDelivery #ThirdPartyDelivery #DataDrivenDecisions #LastMileDelivery

Ready to elevate to your next level of success? Curious how you compare to your peers in your neighborhood? Want to find out how to have your business stand out in the crowd? If you said yes to 1 or all 3 of those questions then TOAST BENCHMARKING is for you!