Plate IQ

Restaurant Analytics on the Menu

 

A Plate IQ spend analysis report for limes.

Damian Mogavero’s book, The Underground Technology Tour: How the New Metrics of Today’s Top Restaurants are Transforming How America Eats, dives into the incredibly effective ways leveraging data can quite literally transform today’s restaurants.

Mogavero states that data “enables the restaurants to focus on key areas to train their staff and really concentrate on certain menu items. That provides revenue and a more consistent guest experience.” That's the value of Plate IQ. It’s not the technology alone, but its ability to provide crucial insights into your business.

Mogavero goes on to talk about a case study in which analytics was able to pinpoint a server’s fear of opening wine, and how simple training increased wine sales and her tips: “Not only did the server make more money, the restaurant made more money and the guests got a better experience.”

Mogavero believes that the trend right now is high quality food in causal spaces. But there’s a lot of competition, furthering the need for a solution that can handle the landscape. “Competition is high, food costs, labor costs are high. The role of technology is absolutely critical … so that you can be profitable and the guests want to come back.” 

But it’s not all burgers and fries-talk. An analytics-driven solution such as Plate IQ gives greater transparency, which means helping business owners catch theft, too. “Unlike a human, an algorithm can comb through hundreds of thousands of transactions in seconds to find transactional fraud.”

Technology is also a tremendous help with labor costs. Scheduling the right talent at the right time to meet the demand patterns of your restaurant.

“You really need to understand and use technology as a competitive advantage to make sure you’re scheduling people at the right time. By aggregating all this data and really understanding the demand patterns, you’re able to schedule the labor when you need it. And that’s going to help you drive revenue.”

Now more than ever, restauranteurs are looking for solutions such as Plate IQ to compete, as much as they are looking to create the next trend.

“People are much more open to data because the software is very simple to use. But I also think people realize the pressures with competition and prime costs — your food, beverage and labor costs — so you really need to find a way to use the data for better scheduling, for better procurement, and really understanding your trends is critical.”

Our clients can vouch for that.

 

Plate IQ

Plate IQ

Plate IQ is an automated accounts payable solution that helps restaurants save time, improve the accuracy of their data, and gain insight into their expenses by automatically extracting data from uploaded invoices.