Using data to back up pricing is a necessary practice in today's quick serve restaurant industry. With paper thin profit margins and the need to react quickly and efficiently, it is time to start looking at the bigger picture of pricing intelligence. This is a piece of the business that cannot stand alone and must be paired with a robust system that can update menus on the fly and reduce the cost of rolling out new pricing.
Data sitting in a data warehouse is worthless. Well visualized data is your friend. Data presented in such a way that it turns itself into knowledge is the foundation of success for any modern business.
You don’t have to guess about trends, blips, or market validation. It is important for your sales to drive your decision making when it comes to the quick serve industry.
This is a proactive approach to a reactive segment of the industry and it can change the way the entire business functions, making the entire process smarter and more efficient.
Data flowing throughout your entire system will help you automatically make the most intelligent decisions using algorithms that can determine if you have excess stock to use up by a certain date or see sales trends and respond accordingly.
This data can help to drive more than just pricing, but automatically determine a product's return and quickly replace underperforming products with more profitable ones.
The purpose of the proper data integration is to make fast decisions and to keep profitable products that customers love available and keep the pricing flexible.
Bulding an intelligent system that can bring data into the entire business will help everyone make better, smarter, and faster decisions.
Customers are demanding robust systems that are personalized to their preferences. Setting up a solid structure with pricing intelligence is the first step in creating the future of the quick serve restaurant experience.