-Data is omnipresent in the restaurant industry but is drastically underutilized at present. In the future, successful restaurateurs will need to leverage this data to develop analytics that will drive business decisions.
-The ownership of data is critical to the above endeavor. Only when it is clear who (restaurateurs, POS systems, reservation systems) owns what (transactional data, reservation files) can this information be fully exploited.
-To grow the business, restaurant managers must spend a significant amount of time each day addressing strategic, as opposed to operational, issues.
-Inspiration for analytics should be sought outside of the restaurant industry. By spending money getting to know its customers as opposed to simply impressing them, Harrah's has developed a business model that is likely to succeed despite the current economic crisis.
The recent increase in the adoption of CRM strategies across industries implies that customers are increasingly seeking personalized experiences in all facets of their lives. Although many industries have been quick to recognize and adapt to this trend, the restaurant industry has not done so. Whether one attributes the tardiness of this response to the familial nature of the business or to the economics of its operations is irrelevant; what does matter is that those restaurants that fail to customize their services will lose out on revenue in the future. By harnessing the power of data and analytics, restaurateurs, both present and future, can ensure that they maximize the revenue that they capture from their customers to ensure the longevity of their operations.
Take the above ideas, microwave on high for 2 minutes, and let sit. Contents will, no doubt, be extremely hot.
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