How Data-Driven Decisions Help Restaurants Stay Competitive

Today data is an increasingly important part of how restaurants create value, both on the demand side (how consumers choose a place to eat, make a reservation, give their order, and pay their bill) and the supply side (detailed preparation and food resource-management records that enable restaurants to optimize inventory and reduce waste). To remain competitive, restaurants need to change the way they approach business decisions; they need to shift focus from food cost to revenue management and exploit opportunities for scaling up. Based on their research, the authors offer six strategies to guide strategic and operational decisions.