By now you’ve probably heard of the term, Big Data. Technology is making it possible to collect the information that we are producing all the time and to analyse it for different reasons. Big Data has been used for a range of purposes from medical (using DNA analysis to inform medical decisions) to rescuing people in natural disasters (by making disaster maps based on tweets). It can also provide an insight into consumer needs by supplying information on spending that can be used to tailor business offerings. So how can Big Data be used in the restaurant industry?
Big data has been described as the holy grail of insights into consumer behaviour, spending habits and ways to effectively reach your target market. As a result, many corporations and industries have boarded the bandwagon and started collecting data of their own. However, the value doesn’t lie in the data: it lies in what you do with it. Larger organisations like those in advertising, finances or marketing have reaped the rewards of data analytics, but big data is just as valuable to the restaurant industry.
You may have heard the term big data. You may even have heard that big data and the analysis of it can benefit you. As a restaurant owner, you want to drive sales, attract customers, offer promotions, and do other things that will increase your revenue. And while it may not seem like big data can in any way drive restaurant sales, the active analysis of information collected can act as a basis for a variety of business decisions that can help you understand your customer, optimise marketing efforts and boost your sales.
New and emerging technologies are always intimidating until we realise how they can positively impact our lives and businesses. Remember the big scary ‘cloud’? Once we got to terms with what it entailed, we reaped the benefits of being able to collaborate remotely, securely store information, and minimise the need for on-site hardware. The next tech term to take the world by storm is big data. Again by removing the fear of the new, it’s apparent that big data really is just what it says: a substantial amount of data. Combine this large amount of data with powerful analytics and you have endless opportunities to improve your operations.
We live in the era of digital information. There is a digital version of almost everything, and information is also collected and stored on the cloud. While this is truly convenient and remarkable, it is also quite scary. Living in the era of digital information also means living in the era of big data breaches that can greatly damage your brand. Your point of sale software collects scores of valuable data ranging from the restaurant’s financial information to private contact information of patrons, and if not properly secured, this could all become public information.