There are more than one million restaurants in the United States. Cumulatively, full-service and quick-service restaurants generated over $330 billion in sales in 2021 alone.
Despite the challenges created by the pandemic, the restaurant industry is alive and well. However, it’s also incredibly competitive, which is a major reason why roughly one-third of restaurants fail.
The good news is that your restaurant can gain an edge over the competition and improve its odds of long-term success by investing in analytics software and similar business technologies.
Thriving restaurants have learned to seamlessly integrate these solutions into their business models to optimize the customer experience and gain a foothold within their respective markets. Applying this winning strategy to your own business can help you fuel continued growth.
What Is Restaurant Analytics Technology?
Restaurant analytics technology captures a wide range of data and breaks it down into a digestible format. Once analyzed, the data is displayed in various reports. Analytics technology enables you to customize your reporting criteria to gain insights about specific facets of your business.
Imagine you want to calculate how much revenue you got from carry-out orders the previous month.
With the right analytics solution, you could set custom search criteria and generate a report that provides this information. From there, you could track carry-out sales month-to-month to monitor trends and identify ways to strengthen this revenue stream.
Businesses across all industries are realizing the value of analytics technology. That’s why the market size for business analytics solutions is projected to triple between 2020 and 2030.
Benefits of Restaurant Analytics Technology
Restaurant analytics technology provides you with detailed, actionable insights you can leverage to optimize business operations. You can gather and review data on virtually any aspect of your business, including individual menu item sales, inventory, profits, and revenue streams.
Each of these data points can help you better understand your business. Together, they enable you to identify the root cause of business performance issues to optimize your sales model and better serve your customers.
Unlock the Power of Analytics with Simpay
Simpay’s mission is to provide clients with capable 360-degree business solutions. We serve clients in a variety of sectors, including the restaurant industry. We offer multiple business management tools, including analytics software and Simpay Eats.
With Simpay Eats, you can provide customers with a simple online delivery experience that eliminates friction from the ordering process. The solution also gathers and analyzes critical business information, enabling you to better understand the online delivery process and its impact on profitability.
Are you ready to break through the barriers holding your business back? Now is the perfect time to leverage the power of analytics and add online delivery services to your business model with a reliable technology partner that has your company’s best interests in mind.