The Power of Data Availability
Knowledge is power!
Some may say this is cliche, however, as it has been often pointed out, cliches are cliche for a reason. Underneath the overused idiom is a bedrock of truth.
Perhaps nowhere is this more apt than in the area of harnessing data in the QSR industry. The difference between accessing key data and missing out can make a huge difference in your bottom line.
Taking a holistic view of the data
Here at CLEARVIEW, we’re able to take information from all your various sources, regardless of format, and turn that into a cleansed, easy to digest snapshot of your key operating metrics.
As an example, let’s say you have multiple POS solutions in use across your organization. Sure, every location may sell common menu items, but the manner in which those menu sales reports can be vastly different depending on the system it originated from. CLEARVIEW takes all those varying results and turns it into one common, normalized, set of data for use within CLEARVIEW directly or downstream via your own data warehouse. Simply put, having that one common result set now allows for apples to apples comparisons like a restaurant or regional scorecards.
If you are running blind at a corporate level, you are going to be putting the burden on your franchisee to sell or market product or carry a product that isn’t going to sell. This then becomes an inefficient use of resources, both human and capital. QSRs are always fighting for customers’ dollars so if you are not taking full advantage of the data while others are, they are going to pull in those people with their promos that you are not.
Why Data Normalization is key
Quite often, the problem isn’t that QSRs can’t access key data, it’s that they’re working with disparate technologies that don’t know how to communicate with each other to provide this holistic picture we’re talking about. Here at CLEARVIEW, we’re able to provide what we call data normalization which simply means we can take the data from these different systems and turn it into timely delivery and access to the most current and relevant business data.
The ‘old school’ way of collecting data across several franchises was to have people that are dedicated to being on the phone and harass people to tell them what their sales were. They were constantly nagging people to send in their sales spreadsheets.
With CLEARVIEW, all that goes away. At the corporate level, we provide up to date, relevant and accurate insights for all key metrics to properly assess your business performance. In doing so, we minimize corporate HR resource overhead by eliminating the need to go chasing information. At the same time, we remove the burden from restaurant owner/operators and managers to compile the information and manually transmit it. This, in turn, frees them up to focus on running the restaurant rather than managing a back office, which will make them more profitable.
Of course, data availability is not just about sales figures. Having a supply chain able to distribute products to restaurants promptly without warehouses running short is also very important. One of the ways we can facilitate this is by providing current stock levels to either corporate directly or supply chain stakeholders. This helps ensure the supply chain is properly prepared to handle specific product level demands at a national, regional, or distribution center level.
This becomes especially important when a restaurant is launching a new promotional campaign. This is an opportunity for them to sell more products and it is easy to get excited about it. However, there is always the danger of either overstocking and creating waste loss or understocking which eats away at profitability. The access to both the raw data and predictive analytics in CLEARVIEW will help ensure maximum profitability.
In today’s day and age, data is a gold mine many businesses are sitting on without fully understanding how to mine it.
Let CLEARVIEW do the digging for you and help you turn data into profitability. Contact our sales department at +1 866 687 8027, or email us at sales@CLEARVIEWconnect.com.