Top Metrics to Track With Restaurant Business Intelligence

One of the reasons increasing sales can be challenging is missing out on restaurant trends. Keeping up with the latest food craze requires monitoring customer behavior and preferences, and without the right technology, that can be an uphill battle. Before you know it, you’ve missed out on growth opportunities.

One way to keep up with the trends is by tracking key restaurant metrics using business intelligence. Not only does it allow you to increase sales, but it also provides you with valuable insights into your business so you can take the necessary steps to optimize operations and increase profitability.

Here are the top metrics to track with restaurant business intelligence:

Sales by Order Types and Location

Tracking sales by order types and location allows you to understand which types of orders are most popular (such as dine-in, takeout, or delivery) and which locations generate the most revenue. 

When you identify your biggest sales drivers, you can allocate resources appropriately and focus on promoting the order channels and locations your customers prefer best. It helps you avoid spending your marketing budget on ineffective campaigns, resulting in a higher ROI, profits, and customer satisfaction.

Sales by Staff

This metric allows you to identify which staff members drive the most revenue and which ones may need additional training or support. By identifying your best-performing staff, you can motivate them further through incentives. On the other hand, you can empower your underperforming staff by providing further training.

Incentives and training will encourage your staff not just to take orders and payments, but also to recommend high-profitability items, upsell great options, and personalize their service to every customer. They can help you drive success in your restaurant business.

New Customers and Loyalty

Tracking new customers and loyalty is another key metric for restaurant business intelligence. Remember, it costs less to retain customers than to acquire new ones, so measuring customer retention rates and analyzing the metrics of your loyalty programs can help you determine whether your marketing efforts bear fruit or not. Furthermore, you can identify trends and adjust your marketing and loyalty programs to engage your customers better and drive repeat business.

Inventory and CoGS

Tracking inventory levels and CoGS helps ensure that you are minimizing waste and maximizing profit. With restaurant business intelligence, you can monitor inventory levels in real time and receive alerts when supplies run low, enabling you to make purchasing decisions before your stock runs out altogether.

If you operate multiple restaurant outlets, advanced restaurant analytics will also show the inventory levels in each location. That way, you can transfer stock from one location to another with just a click, saving time and money. 

On the other hand, monitoring CoGS value allows you to see if your menu items turn a profit or increase costs. Business intelligence data can help you determine if you need to adjust prices, redesign your menu, bolster your marketing efforts, or phase out low-profitability items.

Order Cancellations

Finally, tracking voids is another key metric because they significantly impact your bottom line. It is crucial to identify and address any patterns in canceled orders to pinpoint their cause and work out a proper solution, like providing more thorough staff training or adjusting menu prices to reduce voids and increase profitability.

Final Thoughts

Restaurant business intelligence is essential in tracking key metrics because it empowers you to make data-driven decisions to set your operations up for success. By tracking the metrics mentioned above along with other relevant KPIs, you can gain a deeper understanding of your business and customers, and make necessary changes in your restaurant. So, start leveraging the power of restaurant business intelligence today and stay on top of your operations!