Business Intelligence at the Restaurant Industry

 

Good day, everyone!

Glad to see you coming back for more digital information.

Before going deep into today's topic, let's make a quick recap. At this point, you already know the basic but accurate information about SEO. Also, you realized that having a smart kitchen is possible by IoT. By the way, we hope to see your business more digital; if you still have questions about making this transition, you can also check our Instagram and LinkedIn page for more tips and info.

Another important topic that you learned was how your clients could pay due to Fintech technologies in the past weeks.

Today's topic is Business Intelligence or BI; I will try to explain to you in the most straightforward ways what it is, how it works, and most importantly, how you can use it for your business. Let's start!

What is Business Intelligence?

BI is when tools, technologies, and methods work together, collect all the data, and analyze it. After the operation, BI delivers specific information or knowledge to the company. The purpose of BI is to find what positive changes are needed to make, such as in some particular process and how the company can grow up. (Silva, 2021). In other words, BI transforms complex data into valuable information for the company or the business.

In the past, this process used to be managed by the Manager or for one specific department. Nowadays, it is possible to deliver this activity to one software.

BI software provides solutions for companies that want to have better use for their data, i.e., for online booking systems, all the information provided such as cellphone, email, or age can be gathered. In the end, the BI system can summarise the data to find what better deals you can make for your clients.

You might be wondering how it is delivered; the BI software reports can be as easy as you want, from an Excel spreadsheet or a complex report; this might be adapted according to your needs. (Frankenfield, 2021).

Components of BI system

BI offers through a meaningful report valuable information such as:

•          Analytics
•          Data and process mining
•          Reporting and logical analysis
•          Benchmarking
•          Data Warehouse
•          Data collection storage
•          Decision Support

(PİŞKİN, 2019)

Source: oficinadanet.com.br

 

Differences between BI and IoT

At this point, the BI information might sound so familiar compared with IoT, so to make it easier for understanding, here are some differences

• The most important that must consider is that IoT refers primarily to devices, while BI is more linked with data and information that you share with one particular software

• The big data provided by BI involves human data, while IoT is more about machine data that come as we learned before from devices such as sensors.

• BI analysis reports can rest for a short period before determining what actions the business or company must be taken. IoT project time is almost immediately since it shows the specific areas that need to be fixed. We are not talking about a process; we are talking about machinery technology issues.

• BI displays the results for all the information that you must need, and IoT detect issue by issue as it is detected

It will be unfair to choose one of them for your business. The two systems can deliver better solutions, and as it was explained, the timing performance is different between them. So don't hesitate when it is about great technology.

How does BI apply to restaurants?

One of the most critical assets in the restaurant industry is quality. People couldn't mind if the food takes more minutes than usual, but they will be pleased if the food and drinks are good.

For restaurants not detecting some issues to fix, such as the temperature or the water quality, can affect a domino effect in many aspects; BI helps the owners have a better performance understanding according to the data.

Restaurants can use data to understand the menu items that run off more often and which don't so owners can reduce food waste.

Source: Youtube

BI and decision making

BI software can guide restaurants owner into the best strategy for the business. By predicting future trends, the data provided will be more helpful so owners can know more accurately what menu items are needed to get more or which specific hours the business might be busier.

When the person in charge of analyzing the BI results has historical business data, the BI can provide the best information to make the organization better organized, more productive, and more efficient. (Troy, 2022)

Best 5 BI tools in 2021

Now that you have a better understanding of how does Business Intelligence operates for companies and small businesses, you might be interested in taking a look into the top 5 of BI tools used in 2021 (Biswas, 2021):

·         Microsoft BI

If you already trust Microsoft, you won't be disappointed by its BI power system. Microsoft BI offers a wide variety of dashboards and reports to be painless in decision-making.

·         Zoho Analytics

This Indian Tech allows business owners to analyze from basically any source provided, such as spreadsheets, files, or online storage services.

·         Google Data Studio

Easy and very intuitive to use, Data Studio is part of the Analytics 360 suite family of Google. The service offers the facilities of transforming any information provided into more valuable data such as graphs and charts that can make more understandable the process

·         Qlik

Another very easy tool for those ones who are looking for less complexity on the process but great results. Same as the others, after consolidating the data given, meaningful insights can be taken for the businessman with no interpretation problems in between.

·         Tableau

This is another brand that Marketers and users, in general, must keep an eye on. Since is very intuitive for any type of person, from analytics, executives, marketers, IT people and many more. The vary of products that Tableau have are more than BI software.

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Author: Karen Amezcua

#SEO #BusinessIntelligence #BI #SmartBusiness #DigitalMarketing #BIRestaurants

References:

Biswas, D., 2021. Analytics in diamag. [Online]
Available at: https://analyticsindiamag.com/top-business-intelligence-tools-in-2021/
[Accessed 18 February 2022].

Frankenfield, J., 2021. Investopidia. [Online]
Available at: https://www.investopedia.com/terms/b/business-intelligence-bi.asp
[Accessed 18 February 2022].

Paragyte Technologies, 2017. Medium. [Online]
Available at: https://medium.com/@paragyte2/the-difference-between-big-data-internet-of-things-iot-13402bb96a80
[Accessed 18 February 2022].

PİŞKİN, O., 2019. Powerzeka. [Online]
Available at: https://powerzeka.com/bi/business-intelligence-and-power-bi/
[Accessed 18 February 2022].

Silva, D. D., 2021. Blog de Zendesk. [Online]
Available at: https://www.zendesk.com.mx/blog/bi-business-intelligence-que-es/
[Accessed 18 February 2022].

Troy, 2022. ICSTD. [Online]
Available at: https://www.ictsd.org/how-restaurants-use-business-intelligence-systems/#3

[Accessed 18 February 2022].