Every restaurant has the heart to give the best service to their customers that is why they keep on investing in upgrading the skills of their employees, choices of food to offer, and the ambiance of the store. But do you know that the business intelligent tool is also a big contributor to every restaurant’s success?
What is Business Intelligence Software?
Business intelligence software is also known as business intelligence tool which is typically used by most entrepreneurs. Nowadays, business owners are diverging from the traditional way of processing business data and trying to maximize the new technology through a real-time generation of the business report. The input raw data will be processed by the system to weigh the strengths and weaknesses of the business. This is a big help to monitor, manage, and decide correctly every area of the business that requires strict supervision.
Being part of the management can be tiring because you have to work with endless data sheet. You are probably exerting a lot of your energy just to list down and assure all guests reservations, kitchen inventories, inconsistent costs of the food, and employee schedules are done properly. This large amount of data can consume most of your time and it does not give a real time identification of problems with your business. All these tasks can be processed simultaneously with the help of the right tool. Choosing the right business intelligence software will help you to operate your business smoothly, foresee food trends, and upgrade the service.
How to Choose the Best Business Intelligence Software
Choosing the best one can be deceiving because there are a lot of available tools out there that are good at the start but you might regret at the latter part. Many companies will claim that they are the best business intelligence software but it always depends on the needs of your business.
CrowdReviews.com disclosed the type of business intelligence tool that your company needs. There are four types of widely used business intelligence software in the market – executive scoreboards and dashboards, online analytical processing analysis, ad hoc reporting, and operational reporting. Executive scoreboards and dashboards are one of the most common types of BI software. These boards primarily function as real-time viewing of crucial metrics and key performance indicators. The advantage of getting this type of BI software is to save your time in creating ad hoc report. Management can focus more on other things rather than spend their whole day writing special reports for the company. Thus, it also allows every user to customize all the dashboards from hiding sensitive information, up to showing crucial data for quick action.
The second one is online analytical processing analysis which addresses all concerns including the small details. The OLAP analysis can reveal the most advanced trends in your business and it also narrows down all the dynamic data from the most needed information up to the least needed information. OLAP is divided into three processes. The first one is the consolidation process, which allows you to summarize all the data received to analyze it in a different dimension. The second process is the drill-down procedure, which sorts out the data and finds related variables. The last procedure is the slice n’ dice method which allows users a thorough analysis of a particular data by removing a set of data. Online analytical processing analysis helps to fast track the performance of ad-hoc reports and sophisticated analytical questions.
The third type of business intelligence software is ad-hoc reporting which allows tech savvy and non-technical people to formulate a business report. This analytical processing makes all the information fresh enough and it helps you to create an urgent report in its best possible quality output. The last one is the operational reporting. Just like ad-hoc reporting, this type of OLAP also allows users to generate a report but it focuses on identifying operational mistakes. Everyone involves in the restaurant has a corresponding task and identifying those problems will refrain you from experiencing the same issue in the future.
These four types of business intelligence software functions differently depending on what type of business data that you need to process. When choosing the best business tool, you need to evaluate the needs of your business. What type of business data that you need to monitor and process urgently? Are there any repetitive problems occurring inside the business operation? Does the business need to generate special reports to help it grow faster? These questions need an answer from the owners itself. After answering those questions, you can have a full grasp of what will be the right business intelligence software for your business. It really helps every restaurant to manage all the business data and create a real-time report in every facet of the operation. Thus, having a solution to a problem will no longer be formulated overnight but it will be generated instantly.
Major Benefits of Business Intelligence Software to Your Business
The different features of intelligence software have big roles in lifting the business status in the competition. Every restaurant needs the best business intelligence software but it all matters with the features and benefits that a certain tool can give. When you get already a prospective type of business intelligence software, the next step is to check all the features you can get. Then, evaluate those features and foresee what benefits it can bring to your business. Remember that the reason you want to get better business intelligence software is to uplift the level of competency of your restaurant as what the other leading restaurants do.
According to CrowdReviews.com article, the best intelligence software must contain eight features and if one is missing, that should not be called as the best. The eight features are data sources, data filters, and data drill down, web-based client user interface, independent and interconnected data mashups, data visualization, security, dynamic data exchange, and print and export. These functions are necessary to achieve the goals that you want for your restaurant. You can read the complete details of these eight features that the business intelligence software must have before deciding to buy it at CrowdReviews.com
There are five benefits that the best business tool can give to your business. These benefits are the following:
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Examine high quantities of data
Think of all the raw data you are processing every day and these high quantities of data can be completed in a week time. But with the help of BI software, the raw data can be processed real time. You can immediately identify the strengths and weaknesses of your restaurant and meet the necessary solutions to be taken. If your organization processes a high volume of data, the business intelligence software must also have the feature of analyzing petabytes of data. But if your company is just starting to grow, it is okay to get BI software that can analyze the minimum number of data.
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Generate faster ad-hoc and operational reports
Reports are usually done after completing the whole computation of inventories and sales’ raw data. This manual procedure consumes a lot of your time and it can be frustrating to learn that you are losing money for almost a week already because of the late analytical process of business data. It can prevent by the IB software as the tool can help you to monitor and weigh instantly the latest update on your sales and inventory. In this way, you can get a better idea of generating an accurate report without taking much time as you already have the needed data to formulate an action plan. This will lessen your worries and save your business from losing a large amount of penny.
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Achieve business goals with team collaboration
It is a team effort when you use the BI software to your organization. Goal settings and campaign improvements are discussed within the organization as the reports are also shared with every employee. It creates awareness between management and employees about the standing of the company in terms of financial stability. This also promotes team collaboration and effort to sustain the business in the loop of the competition. The organization becomes united as they achieve goals as a team.
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Identify the trends
This benefit allows you to determine which areas in your business that does not contribute growth. You can eliminate those things to manage your business effectively. Hence, it boosts the company’s level of preparedness during peak seasons and unexpected bulk orders. The trends show which days are not gaining sales and which days are posting a high number of sales. If there is a dramatic increase or decrease in sales, users can immediately assess the reason behind those changes. They can identify variables affecting the sales of the restaurant and implement resolution in a matter of short period of time.
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Reduce risks and increase efficiency
Another benefit that BI tool can bring is to refrain from losing the business before it’s too late. Many restaurants are not aware that they are already losing money for a week because of the late business data processing. The traditional way of computing and processing raw data are no longer observed by most of the successful companies because they tend to maximize new technologies to outperform their previous achievements. The live process of business data also helps the restaurant to maintain a good relationship with their vendors and suppliers by assuring payments are delivered on time.
Food establishments are continuously growing as many small restaurants are also starting to make their own names in the commerce. How will you keep the momentum, is the key to expanding your business, and the ingredient of becoming successful. It is a valid conclusion about the business intelligence tool as one of the biggest contributors behind the stories of every successful restaurant. Read the best intelligence software reviews at CrowdReviews.com to guide you on how to choosing the right software for your business.
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