INDUSTRY NEWS
By Mike Shipley, Analytics & Insight Solutions Director at Fourth
Competition in the food and beverage industry is higher than ever before. In fact, around 60 percent of new restaurants fail within the first year, and nearly 80 percent close before their fifth anniversary. There are many reasons why these restaurants fail, from location choice to food and labor costs, but most importantly, many restaurants lack the right technology to manage operations and make data driven decisions that impact the bottom line.
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Food & Beverage Magazine
Actionable data is the key to better mitigating risk and monitoring hefty expenses, but until recently, there were no affordable or easy-to-use solutions available to restaurant operators to help manage this overwhelming responsibility. All operations data was being done in spreadsheets which made it time consuming and difficult to bring all of the different types of restaurant data together to see the interdepencies and correlations.