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About Author: Mano Ramakrishnan
Mano helps start-ups to write articles/blogs, build an audience and get more readers. His education and career has helped and shaped his research interests and desire to continue understanding various aspects of his field which includes space inspired or themed products from Online Space Stuffs.
What is Business Analytics?
An abbreviated to BA is nothing but Business Analytics which is a combination of technical skills, organization processes and applications. The main aim of BA is to get insight into the business based on the statistics and data to drive the planning of the business. It is also used to implement departments from sales to customer service and also to evaluate the wide operations of the organization. Generally, BA solutions use data, quantitative and statistical analysis. To measure the previous performance it uses fact-based data and also guides the business plannings of an organization.
Business Analytics Domain:
In general, the business analytics domains are the study of four important areas: descriptive analysis, databases, prescriptive analysis, and predictive analysis. In those, descriptive analysis is used to inform about past data, databases are for effective storage purpose, the prescriptive analysis is for optimization and simulation whereas predictive analysis creates models for prediction of future.
Domains within Business Analytics:
There are many domains are used within the business analytics. In those let us now discuss 10 domains.
The following are the 10 major domains within Business Analytics:
Behavioural analytics is termed as one of the recent developments in BA. It discloses the new insights into the customers’ behaviour of mobile applications, the Internet of things, e-commerce platforms, web and online games. The main function of behavioural analytics is to understand the enabling of accurate predictions and to analyse customers actions. It is also used to observe the customers actions in future.
The behavioural analytics utilizes enormous volumes of event data capturing for the raw user during the sessions of customers use game, application, website and also including clicks, navigation path, purchasing decisions, social media interactions, marketing responsiveness and clicks.
Financial services analytics:
The economic services which are produced by the finance industry are known as financial services. It surrounds a wide range of businesses that control finance, including banks, credit unions, insurance companies, consumer-finance company, investment funds, government-sponsored enterprises, accountancy companies, and stock brokerages. The financial services are present in all financially developed cities like Tokyo, New York, London etc.
Health care analytics:
Health care analytics is used to describe activities that can accept data collected outcomes from four areas: pharmaceutical R&D, preferences and patient behaviours, cost data & claims, and clinical data. The main purpose of health care analytics is to examine how clinical care can be developed excessive spending limitation. According to the IT health plan of ONC, the federal agencies will spread the use of electronic health information and health IT to increase the infrastructure of health IT, the transformation of health care delivery, and self-health management.
The process in which the price of services and products can be set by the business is known as pricing. It is considered as one of the parts in the marketing plan. By setting the price it may help in acquiring goods, market condition, manufacturing costs, product quality and competition. Pricing is termed as the important aspect of financial modelling and also in a marketing mix. Pricing can be decided automatic or manual process to sales orders and to purchase which are based on elements such as quantity break, sales campaign, fixed amount, entry price prevailing, and multiple orders combination.
Market Basket Analysis:
In the market basket analysis, we use one term called affinity analysis which is nothing but data analysis that discovers the relationships between activities of individuals and groups. In this process, the retailers pursue to know the customers’ behaviour in the purchase. The information can be further used in up-selling and cross-selling purposes. It also provides the retailer with the required information to know the buyer behaviour in the purchase. It helps in rewriting layout correspondingly, in new buyers capturing, and in the improvement cross-promotional activity.
It is the subdivision of behavioural analytics which takes information from web application platform and rather than from users. It can break into different groups. Those groups are known as the cohort. It allows seeing the patterns understandably across the user’s lifecycle. The main aim of cohort analysis is to analyze actionable information and to present them. The relevancy of situation is must be there for a company in case of dealing such information. The database consists of many thousands of entries and it made very difficult to achieve actionable data. Whereas the cohort analysis allows to drill & knows the users’ cohort to get the behaviours understandings in the better way.
In enterprise optimization the coordination, execution, integration, planning can be done in a systematic process. The main aspect of enterprise optimization is to get the maximum possible profits under the present marketing conditions. Enterprise Optimization is referred to as both art and science. Linear programming is used as the mathematical tool for EO. It also defines five resource types: Sales opportunities, Information, Capital, Production capabilities, and Procurement options.
Marketing analytics is referred to as the exchange relationships management. It also creates relationships with satisfying users. It is also defined as the set of institutions. The processes that come under marketing analytics are: communicating, creating, exchanging, and delivering. The marketing analysis is mainly responsible for anticipating, identifying, and satisfying customer needs. In the process of bringing the product to the customers includes market targeting, broad market research, and also market segmentation.
Retail sales analytics:
The retail sale is a process by which selling products to customers through multiple methods to get profits. At present, retailers are making a different type of stores, an assortment of optimal product, supporting services, overall market positioning of stores and customer services. The word “retailer” comes from the French word “Tailer” which means to clip, divide, and cut off. It is the process of selling the products to the end-users directly. Retailing has mostly occurred in service establishments.
Supply Chain Analytics:
It is a system of people, information, organizations, resources, and activities involved proceeding a product from supplier to the end-user. The activities of a supply chain are the transformation of raw materials, natural resources and components that are very much helpful in delivering the product to the customer. Supply chain encloses with proper planning and management in almost all activities including procurement, sourcing, logistics management activities, and in conversion. It also enhances the coordination with channel partners.
Business analytics has appeared as a high capacity based business authorizer both in public and private sectors. It is considered the fastest emerging field. The main advantages of implementing business analytics are improving performance, discovering business opportunities, making important decisions, and predict new trends. Thus the domains in business analytics play an important role in getting the required output.
Anji Velagana, a graduate in Electronics and Communication Engineering from Jawaharlal Technological University, Kakinada. He is currently working for MindMajix Technologies as a content strategist. Contact me on LinkedIn and Twitter.
A chatbot is a conversational application that interacts with a human user via live chat interface. It is a voice-enabled software that serves as a virtual assistant to a customer seeking support from a brand.
A simple chatbot has a stock of common customer queries and their answers. When a customer poses a question, it churns out the pre-recorded response to that question. More sophisticated chatbots are powered by Artificial Intelligence (AI) and Machine Learning (ML). They use Natural Language Processing (NLP) and Natural Language Understanding (NLU) to device answers to more layered questions specific to the user.
In the banking world, AI banking chatbots are redefining the way business is done. They are replacing traditional banking services with more advanced and personalized services. According to a Gartner report, about 85% of the world’s banks will employ AI to interact with customers by the year 2020. A Juniper survey indicates that chatbots in banking will result in an estimated savings of 8 billion dollars by 2022.
AI bots save time and increase productivity. With their introduction, banks are witnessing a rise in customer satisfaction and employee productivity. Let us analyze in detail the top 3 ways in which AI conversational apps can enhance customer banking experience.
Personalized services in real time
AI chatbots are quick. They waste no time in answering customer queries. They rely on NLP and NLU to come up with the most appropriate answers to the specific questions of customers. They also converse like humans so users do not experience any difficulty in interacting with them. Whether it is account details-related or loan-related, chatbots provide personalized answers, suggestions and tips to users in real time. They also resolve issues, market the bank’s latest schemes and inform users about changes in banking regulation. This helps the bank build a fantastic relationship with its customers and fosters customer delight and customer retention.
Enhances employee productivity
Because chatbots do most of the menial work related to customer services, they free up the bank’s employees and help them focus on more pressing issues that cannot be handled by AI. Employees find more time to devote to complex decision-making tasks and leave the day-to-day simple customer queries to the bots. Chatbots also manage employees’ personal details like salary, leave, etc., and allow them to access, review and update the data with minimal hassle. This saves plenty of man hours for the bank and enables workers to make better use of their time in office. This in turn translates to improved customer service and more happy customers.
24x7 customer support
Chatbots are available round the clock. Consumers can chat anytime they like and have their queries answered and complaints registered. They don’t need to wait to speak to a human customer care executive on a weekday during business hours. It simplifies communication and makes things very convenient for the user. It saves time, aids prompt action, and prevents small problems from snowballing into larger unmanageable ones. Most importantly, the customer feels valued and cared for, which is vital for building a healthy relationship with the customer.
Chatbots are the future of customer service. They are conversation-enabled software programs that interact with consumers through live chat interfaces. They take people’s queries and complaints, and offer relevant answers. They solve routine problems and make appropriate suggestions for smoother transactions.
If you own a business that’s growing steadily, you might want to take stock of your customer service capability. Would it be wise to invest in a chatbot or should you continue with traditional human customer support? Chatbots are expensive no doubt. But given the cut-throat competition, shying away from an upgrade might cost you in the long run. In the following paragraphs, we will help you identify where your business stands on the automation trajectory, and understand whether or not you need a chatbot.
This is a clear sign that your customer base is increasing and you have more customers to serve on a daily basis. While you might be managing fine just yet, in future it might lead to longer queues and call wait times, resulting in dissatisfied customers. Plus, executives tire out towards the fag end of their shifts causing a drop in customer engagement and call quality standards. Chatbots, on the other hand, are computer applications that never experience fatigue and have the ability to handle tens of thousands of queries simultaneously.
A Mckinsey report states that 75% online customers expect assistance within 5 minutes. As a chatbot does not have any working hours, never falls sick and never goes on leave, you can serve your customers round the clock throughout the year. Consumers can call in anytime and have their issues resolved instantaneously. This will go a long way in building a strong relationship with your stakeholders. This is very critical in banking industry where the need for AI based customer support assistant is rapidly growing.
A survey shows that 83% online buyers are more likely to complete a purchase if they have a virtual chat assistant walking them through the ordering process. Therefore, if you are into buying and selling goods online, getting yourself an AI-driven chatbot to serve customers and suppliers could be a worthwhile investment.
A new survey shows that customer service call centers spend about 60% of their time answering simple questions that can easily be handled by an AI-powered chatbot. If your customer support team is doing the same, maybe it’s time to get a chatbot. It will save you a lot of man hours which can be utilized to do more complex tasks that warrant human intelligence.
If you have plans of expanding your business in future, investing in an AI conversational app might be a shrewd decision. It will support far more customers in far less time. It can offer accurate solutions to simple day-to-day issues. It can also prevent small problems from getting out of hand and keep your business running smoothly.
There is so much to do in the life of a busy entrepreneur and yet, there is so little time. Therefore, every entrepreneur must understand the importance of productivity in their lives and also how should they maximize their time. There are plenty of tools, services, and apps available in the market that can help you enhance productivity, save time, and do more in less time.
Find below a list of some of the best productivity tools which will help you become a smarter and a productive entrepreneur, thus saving your time.
Let’s get started!
Make more time for the work that matters you the most with Asana. It helps you coordinate all the work that your team does together. This way everyone is aware of what needs to be done, what is due, and who all are responsible for doing it. It helps you plan and structure your work in the best way, assign tasks and share details, and set deadlines and priorities all in one place. Stay on track and follow tasks and projects through every stage. Eliminate roadblocks, pinpoint risks, and create visual project plans to see how every step maps out over time, all with Asana.
Calendly helps you schedule meetings without any back-and-forth emails. Setting it up is easy, let it know your availability preferences and it will do the rest of the work for you. Once you have set everything up, you can then share your Calendly links through email or embed them on your website. It undoubtedly makes for the best automated scheduling software for you and everyone you meet. It helps you connect with your clients, prospects, and contacts and works with your calendar to automatically check your availability.
Trello helps you organize anything and everything with anyone. It brings a shared perspective to any of the life’s projects in a fun, rewarding, and flexible manner. It literally helps you accomplish anything right from collaborating with colleagues to planning a vacation. It’s intuitively simple cards, boards, and lists helps you go from idea to action in just seconds. Planning with Trello is really fun and its features are flexible enough to fit any team’s styles.
4. Google Docs
Google Docs can prove to be a very powerful tool for an entrepreneur since it lets one instantly create shareable documents, presentations, and spreadsheets that can be viewed and edited by any team member. It is free to use and you can write, create, collaborate, and edit documents from wherever you are. Its smart editing and styling tools bring your documents to life and help you format texts and paragraphs. You can choose from hundreds of fonts and add images, drawing, and links, all for free.
Franz is an all-in-one messaging app which combines major messaging and chat services into one application. It currently supports Facebook Messenger, Whatsapp, Slack, WeChat, Telegram, Google Hangouts, Hipchat, Skype, GroupMe, and many more. It is just the perfect tool to manage multiple private accounts and businesses all at the same time. It also allows you to add each service many times. It doesn’t matter whether you are managing a customer care team or just want to keep in touch with your contacts or friends, Franz got you covered.
DerButton is an all-in-one tool for video calls, payments, scheduling, and invoicing. With it, you can literally save a full working day every week. Manage your business with different tools without any tech skills required. DerButton manages your day to day tasks and helps you run your business hassle-free.
Evernote makes you feel organized without any efforts. It helps you prioritize and capture ideas, to-do lists, and projects and ensures that nothing falls through the cracks. With it, you never have to lose track of your deadlines and tasks. Manage everything from personal moments to big projects and capture ideas and inspiration in pictures, voice, and notes. It works across all the devices and in the offline mode too so you can stay organized irrespective of where you are.
LastPass simplifies your life by remembering all your passwords so you do not have to remember them all. It removes the obstacles for you and lets you get back to the things that you love the most. All you need to do is install its extension in your browser for accessing and saving your passwords. You then need to create an account with one long secure master password and LastPass would do the rest for you. You can then explore LastPass vault and view, manage and add items into your LastPass account. Forgetting and remembering passwords will become a thing of the past with it.
Connect your apps and automate workflows with Zapier. It moves information between your web apps automatically so that you can focus on the other more important work. It is basically an easy automation for busy people. All you need to do is link your web apps, pass information between those apps with the help of Zaps (workflows), and get more done and build processes without any coding required. It has a simple fill in the blank setup, completes actions automatically, and lets you start workflows from any app.
Save your time managing social media for your business with Buffer. It makes it easy for marketing teams and businesses to schedule posts, manage all their accounts, and analyze performance in one place. Instead of going to six different networks you can check analytics and schedule content from just one place for all your social accounts.
I hope this curation helps all the entrepreneurs out there! I believe that when you have the right tools in place, you will always find yourself more efficient and productive. Which amongst these is your most preferred one? Have I missed any other important tool in this list? Let me know in the comments below.
Here’s why fashion businesses have moved from the traditional outsourcing model to building up their inhouse competencies:
Business Context: Unless you are the Kardashians, you understand your family better than an outsider. You know exactly what the business needs at a given time as opposed to a hired hand. When an activity is outsourced to an ‘expert’ outside the organization, they tend to make decisions without taking the business context into account. For example, a particular store might have lower sales because it had a new store manager and all the employees at that store are not aligned to his/ her objectives and practices. But an outsider looks through various forecasting tools and systems and has decided that a particular line of products, which would otherwise perform well, has to be discontinued.
Helps the business be more agile: Brand preference is no longer a thing. The choices are endless. And everything is needed here and now. But consider a business that has their decisions outsourced. Predictions for the season come in on Day 1. Orders are placed, and the production begins. When the products are displayed on Day 30, they realize that Cyan is in vogue and will be sold out by Day 35. A decision needs to be made on the spot by the store manager. But corporate has centralized operations to a team outside the country. Day 40, the store has completely sold out Cyan and is turning back customers. Day 75, Cyan is no longer in vogue, but the store is filled with Cyan pop ups and unsold merchandise.
Quicker access to Data: The tech stack is complex, and data resides in multiple silos. The company has invested in so many tools and systems and has hired contractors from those providers as experts. To pull out a simple daily dashboard and present it in a format that is relevant to every store is a massive exercise. Even worse when every store manager wants the insights to be presented the way THEY want it. Compare this to an inhouse team that has a system that unifies data from all the different systems and empowers business users to build their own dashboards, the way THEY want it, and you’ll see why outsourcing is not in fashion anymore.
Lower TCO over time: Fashion houses have long been hiring external experts, consultants and hands to execute campaigns. But there is a problem. The problem of volumes. Executing multiple campaigns is turning out to be an expensive affair. As a short cut, there are services offered by multiple consultancies and outsourcing companies that allow business to do ‘bare minimum’ marketing. Who bears the brunt of it? The customer. While agencies focus on each customer engagement as an activity, they tend ignore terms like segmentation and personalization. Corporate CHQ might have contracted them to design fancy looking newsletters or trigger based sms messages that go out in a set frequency and the customer is pounded with unrelated messages that results in churn at the end of the day. More and more fashion businesses are realizing this and are bearing the upfront cost of analytics software that help them achieve personalization at scale. And they are now seeing the ROI with more customers engaging with the messaging and increasing spend with specific brands.
Bringing in a data driven culture – In the world of Amazon, the fashion business is no longer just an art. A business that ignores the science part, is no longer relevant. Data-driven marketing has transformed from an innovative approach to a fundamental part of fashion marketing. Strategies are now built on insights pulled from the analysis of big data, collected through consumer interactions and engagements, to form predictions about future behaviors. This involves understanding the data you already have, the data you can get, and how to organize, analyze, and apply that data to better marketing efforts. Crafting experiences and engagements based on data, has now moved to the board room and with access to real time data and insights, even to the store.
For a more detailed view on what some of the leading fashion retailers are doing with their in-house analytics teams, visit our website
Santosh Kumar is a senior marketing professional with extensive experience in helping business’ get the very best in BI and Analytics Solutions. If your business is looking to adopt and leverage analytics in any form, he is the person you need to be talking to.
AI powered financial advisors can provide personalized recommendation based on the customer’s past data and help them to make a better decision.
24X7 Customer Support
AI chatbots fixes customer support issues by answering customer’s questions in real-time and available 24X7
Personal Banking Services
Customers can request for a statement or check the account balance quickly.
AI Chatbots can promote better internal employee communication by making the information available from branches, field sales to the employees anytime, anywhere.
Employee Self Service
Employee support tickets, queries can be quickly resolved and many redundant queries can be easily answered by the chatbots to maximize the productivity.
Payjo is a leading Artificial Intelligence Banking Platform which is powering several financial institutions worldwide. Its AI-powered agent can be deployed across channels and provides 24x7 reliable and real-time automated assistance just like a bank representative.
It’s 2018. What’s the most revolutionary development in fashion over the past few years? Is it the check and plaid mania? Or maybe the shirtdress or the oversized, lightweight dress? Maybe it’s the apron and baby doll dresses that have entered the summer wardrobe (from the Halloween wardrobe)? The real answer to that question is data or much rather, the explosion of data that fashion houses are exposed to and the millions of ways that data can be interpreted and acted upon over the last few years. Shoppers these days are connected all the time, mobile ubiquity provides them the freedom to browse, research and shop where they want. You no longer need a customer to fill out a survey post their purchase, at a store, to understand who they are or what they like. You are now able to effectively build a profile of a customer using third party data sources like Instagram likes, for example, and get a pretty good understanding of their lifestyle before marketing to them.
If you looked at the fashion landscape and who’s really making the moolah, names like Amazon crops up. This is not right? They are not blue blood fashion retailer? Yet they are able to sell more fashion products than almost 40% of fashion retailers put together? They don’t have Giorgio Armani or a Coco Chanel suggesting what is the right outfit for every single customer? They don’t have a celebrity makeover team that is suggesting what color top a mother needs to wear to a soccer game? What they are good at is collecting data, deriving insights out of that data and acting on that data by putting the right product in front of the customer, at the right time, on the right channel.
You would assume that in this day and age, with all the power that data brings, increasing traffic to the store and getting customers to buy online should be fairly simple. Not really. The top challenges that fashion retailers are facing today when it comes increasing traffic are similar across the board and can be categorized into four main buckets:
To overcome these challenges the basic investment that’s needed for a fashion business is a Customer Data Platform (CDP) that gathers information from various sources like POS Systems, Online activity, Loyalty programs, CRM systems, third party data sources, etc. Once you have that in place, here are 5 ways you can exploit the insights and predictions to increase traffic to your store (online and off).
5. Churn management – The last hat tip is to effectively manage the customers that are about to or have churned. The lazy approach, taken by most fashion businesses, unfortunately, is to include them in a newsletter group that regularly gets updates on a sale or some branding comm. At this stage, the business has effectively given up on these customers in my opinion. The first step to effective churn management is to identify customers that are likely to churn based on visit history, purchase/ lack of, campaign response and overall engagement. You can then build rules and logic to entice them with offers and promotions that are most relevant to their micro-segment, and in today’s world, these can be done automatically by the machine!
Santosh Kumar is a senior marketing professional with extensive experience in helping business’ get the very best in BI and Analytics Solutions. If your business is looking to adopt and leverage analytics in any form, he is the person you need to be talking to.
Accounting software supports small business owners and businesses in many ways by eliminating their manual efforts to maintain accounts & streamline their business. The prime facts about accounting software is, you don’t need need to have expertise in managing an accounting software as most of them provides neat user interface to use.
It really saves lot of time by reducing manual efforts of accounting/book keeping. Its quick system allows us to do our work very efficiently and simultaneously multiple users can access the software This helps business peoples to save more time on accounting.
In the past accounting/book keepings were recorded in notes manually & most of the times all financial calculations were done at end of the month. It is really frustrating to get data on time in this old method. But now it is very simpler to get a report at any time we want and we can monitor our work very easily via computerized accounting/book keeping.
Cash flow management is a very important parameter in accounting because one should know the cash in & out or simply the cash flow in their business. Every time it’s difficult to check manual records and sometimes it causes huge loss due to manual errors. But this systematic accounting solutions offers brilliant cash flow management system by recording invoice & other cash flows.
Whether it is small business or big business, learning and adoption of new technologies and industry trend is really important. But most of the business users gets no time to learn or train in busy hours. Accounting solutions offers an easy and short learning curve for SMB businesses via tutorials, trainings and by professional customer support.
In manual accounting, human errors happen often because maintaining a large accounting file by a single person needs more attention and errors can happen easily. But in software driven accounting, manual errors are reduced & offers smooth working system for small business to be compliant with the regulations.
Scalability is one of the key feature in modern accounting solutions. Often, people work from home and co-workers can be placed across the multiple locations. The modern development in accounting industry offers more scalability & it is achieved through modern accounting software solution.
Computerized accounting solution offers best opportunities in boosting businesses. In manual accounting we can’t get required report easily, we have to search through the large accounting file manually and it’s very difficult to get this on time for urgent requirements. But computerized automatic accounting solution offers best accessibility and report generation.
Reports in digital format is one of the greatest highlights in accounting software. We can get reports quickly and we can track all our expenses, cash flow everything very easily. It offers better understanding about the revenue, expense and overall financial circulations in business.
Nowadays most of the leading accounting software companies offers mobile applications of their software in both android and iOS format. These applications can be used to do our all accounting tasks through our mobile like sending invoices, reporting, tracking, importing information & client details as well.
Tax compliance is one of the major problems in manual accounting. For tax filing, returns we have to apply manually before the filing deadline. Government is very strict in tax collection, we can’t avoid tax filing as it can lead to huge penalties. Some of the leading accounting software solutions has the ability of tax filing, return and solves all tax related compliance very easily.
From this article we can easily conclude that how beneficial is accounting software for small/medium businesses. While you plan to purchase accounting software be sure you read reviews and ratings from software discovery platform like suggestnext. You can get accounting software reviews, ratings, product demo and more information about product from suggestnext.
The fight over which restaurant gets to satisfy your appetite is surely heating up. With ~$800B sales last year, this is an exciting space to watch, especially now. Customer expectations are at an all-time high and the consumer behavior is simply changing. Before we jump in, let's look at what makes the restaurant business so unique.
Peculiarities of the Quick Service Restaurant Industry:
The average ticket value is low: Think about it this way, if you picked up all the bills from the last 10 times you visited a pizza chain and added it up, you probably won’t go beyond $1000. Juxtapose this with an apparel retailer and you would see that their average ticket value by itself is probably more than $1000.
Visit frequency is higher and cyclical: Compared to other retailers, the restaurant industry might see the same customers 8-10 times in a period of 6 months and before the frequency drops. Guest frequency is one of the most important metrics that a restaurant tracks.
Size of the meal matters: Apart from guest frequency, the moolah is made by maximizing the size of the order. A large coke with the burger? Small fries to go with that? You can try combo 1 if and get an extra burger by paying $2?
Customer tastes don’t vary much: Fashion trends may change with time, but a guy who likes pizzas, likes pizzas, for a long time. (Until he signs up for personal training at the local gym at least). A BBQ enthusiast might always order the same slow-cooked pork roast sandwich as opposed to a vegan who might order a vegan sandwich, at the very same outlet. And this taste does not change much over time.
The restaurant industry is unique for sure, but if you look closer, the mandates from their C level can be boiled down to three simple goals:
- Increase Meal Size
- Increase Guest Frequency
- Decrease Customer Lapsation
Gone are the days when oversized chicken costumes and cigarette smoking men, dressed as clowns were deployed as strategies to attain these goals. In today’s day and age, there are advanced tools, smarter analytics, and intelligible information that are helping restauranteurs devise effective strategies. With an increasingly digital-savvy customer, in a multichannel ordering environment, there is no dearth of data that is available for restaurants. The real trick is, however, to make sense of all these nuggets of information and derive insights that positively impact the Net Promoter Score (NPS).
Here are some examples of how some leading restaurant chains have put their data to work:
Identified Taste affinity clusters – A large pizza chain recently used millions of data points to arrive at 10 primary segments of customers and looked at their past purchase behavior to identify taste preferences. They identified that the large pizzas were primarily ordered by dine-in, family segment as opposed to the regular size pizzas which were typically ordered by office goers/ singles who visited the store. They even identified the times at which a certain pizza gets sold more and identified cross-sell items based on purchase behavior/ taste of a segment.
Buying behavior analysis- A burger chain took a different approach. They looked at purchase behavior across different channels to identify which menu items can be added to the combo for someone who orders through a mobile device as opposed to someone who prefers to visit the restaurant. They even used advanced analytics to get a single view of the customer by integrating their POS, mobile, web and social data to identify the customer and ensured that their messaging was consistent across all channels.
NPS and Feedback Analysis – A Chinese food chain used advanced analytics to integrate all the channels that they received feedback in (mobile, at location, social) to get a single view of the customer and layered it up with sentiment analysis. They used this data to give each customer a lapsation score which was then used to target them with unique offers depending on their lifecycle.
Store location analysis – Predictive models were used by a coffee chain to identify the probability of a new store succeeding in a specific location as opposed to a location down the street. They identified pockets of demand and the model prescribed a set of potential locations in a given geographic area. They then used this data to score and rank comparable locations to determine the best location and format for the new store.
With the onset of advanced analytics in mainstream restaurant business, the real question now is: As a customer, do they know what you are going to eat before you do?
Author- Santosh Kumar
Santosh Kumar is a senior marketing professional with extensive experience in helping business’ get the very best in BI and Analytics Solutions. If your business is looking to adopt and leverage analytics in any form, he is the person you need to be talking to. Linkedin , Twitter