Think about all of the things you could do with unlimited data and insights about your sales. Now, think about all of the things you could do with future data and insights about your sales?
Consider the following questions.
- Which food and beverages are selling best at your restaurant or bar?
- What should you order more of for Halloween?
- What should you order less of for a rainy week?
With predictive analytics, you’ll know the answer to all of these questions.
The future is no longer about present and past data, but, predictive data. Essentially, sales forecasting software works by using artificial intelligence technology to predict which menu items are more likely to be ordered based on historical weather, event, and holiday patterns.
With accurate forecasts, hospitality managers can tell what their sales will look like in the future and plan accordingly for them.
In addition, these insights are not only intelligent, but accurate. With precise data science, hospitality managers can rely on the information to increase sales. There is no longer a need to estimate what will sell well.
As a result, failing to figure out what’s going to be in demand can easily be avoided.
Planning is scary. However, it can be a lot less scary with the right data and resources. Imagine not having to guess or estimate which and how much product to order.
Operations would become much more cost and time-effective. That’s why knowing exactly what you need in stock is essential to optimizing sales and increasing your bottom line.
Besides these major sales advantages, analytics can be used for reducing waste by not over ordering products that are unlikely to sell. In other words, costs can be saved by only ordering what’s going to be in demand.
For example, it can help you refrain from ordering foods that are going to go bad due to low popularity or seasonal changes. With this knowledge, you won’t have to worry about throwing away extra stock and thus, losing revenue.
Fortunately, software with this feature already exists.
For example, WISK recently updated their bar inventory app to include an analytics feature. In addition to inventory management, beverage costing, and bottle ordering, the app now allows users to forecast sales based on a variety of factors including the weather, events, and holidays.
Furthermore, analytics software can be used to pair top selling foods and beverages together for the purpose of promotions. Just by looking at data, you can determine what customers are ordering a lot of together.
As a result, you are given the opportunity to promote these successful pairings at your establishment.
Overall, whether you run a restaurant or bar, not incorporating analytics into your management system is like taking inventory in the dark. It’s just not practical, accurate, or cost-effective. That being said, artificial intelligence is quickly becoming the best tool for increasing sales in the hospitality industry and we must start to embrace it.