We are in the windy city, Chicago to attend the NRA show. It is the biggest food & beverage show in the country, and we’re excited to be here for the first time and show off our latest food and beverage analytics solution - FAB!
Everyday, food & beverage businesses collect a ton of data--from customer transactions, product inventory levels, back- and front-house operations, social media engagement, and sales, to COGS, staff turnover, and wage costs. But a lot of companies don’t have the technical and financial wherewithal to make sense of all of this vital data. With paper-thin margins and continuous pressures to improve profitability, businesses need to adapt to constant technological changes to be relevant, to compete, and more importantly, to be profitable. That’s what we at Third I are here to do - help you compete on analytics and be more profitable.
Third I’s Solution: FAB (Food and Beverage Analytics)
Third I has developed a F&B-specific solution called FAB to help businesses reduce costs, improve profitability, manage inventory, monitor labor turnover, and keep customers coming back for more.
FAB helps you report on critical functions including sales, operations, procurement, and social media to help you find answers to these questions and more:
What are my highest selling or lowest selling products?
What is my meal session flow analysis?
Which side item should I promote with my main to get the optimal menu mix?
Who are the most loyal customers and how often do they give me business?
Am I doing a good job planning my roster to achieve the highest productivity?
How long do my customers have to wait before they are served?
How is the change in food prices affecting my cost of food?
What’s my inventory turnover rate?
How are all my social channels performing?
What’s the sentiment - are they speaking positively of my brand or are they unhappy?
How Else Can FAB Help My Business?
We designed FAB keeping in mind how critical it is for our customers to look for ways to constantly reduce costs, avoid wastage, and improve operations. With paper-thin margins, it is an imperative for anyone in the business to optimally use the data and technology available to them. FAB is designed to extract the most insights so you can get a complete view of the business.
FAB can help you improve food operations like stock and inventory levels and also monitor customer wait times. Managers can improve their labor cost and allocation by comparing productivity with time of day while also monitoring employee schedules, behavior, and staff turnover. Sales managers can easily see how various locations are performing compared to their target goals and understand product performance and the optimal menu mix that will yield the highest ROI.
FAB also offers actionable insights such as which menu items to sell, who your target audience is, and how you’ll keep customers coming back for more. You can create guest profiles to track your consumers’ favorite and least favorite dishes while also getting a pulse of their sentiment when they talk about your brand on social media. Tracking and monitoring your customers’ satisfaction has never been easier. With these insights along with channel performance, being able to adjust your promotional strategy as and when needed is highly valuable.
Take it as food for thought, but FAB for insight. If you are at the show, stop by and say hello at booth #10805 or check out the3i.com/FAB to learn more.