Restaurant Analytics & Data Management Consulting Firm
The application of data and information flows have dominated restaurant Supply Chain Management (SCM) for the past 2 decades. As technologies have evolved, they have increasingly enabled restaurant supply chains to capture, manage, and analyze ever increasing amounts of data. Embedded in these restaurant analytics systems are the ability to handle high volumes of diversified data that traditional methodologies were unable to process efficiently (data streams from multiple distribution companies). This paradigm shift in data and information is referred to as “big data”, which enables deep knowledge for your restaurant Supply Chain. From an SCM perspective, big data can be utilized by various analytic procedures for descriptive, predictive, and prescriptive purposes that will help you make more effective decisions for strategic and operational thinking.
Innovation and pursuit of process excellence through advanced data management are nothing new for restaurant SCM professionals. After all, restaurant SCM has a significant effect on your bottom line. As a testament to the power of SCM to impact business, many companies are reforming their entire SCM landscapes and setting new standards with far reaching financial impacts increasing the bottom-line.
There is no doubt that restaurant supply chain as a business function has a strong culture of operational excellence connected with it. SCM professionals are cooking up tomorrow’s innovations – ones that will set new standards on how you purchase and think about distribution. How your products are traced from raw materials to the restaurant’s shelves is a big challenge for many restaurant businesses. The key in getting this done is better utilization of the SCM data.
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Big data enables the restaurant SCM professional to quickly model massive volumes of structured and unstructured data from multiple distribution sources. For SCM, this can help increase visibility and provide deeper insights into the entire supply chain. By leveraging big data, SCM can improve responses to volatile demand or when a supply chain risk comes to light.
Leveraging Master Data Management (MDM) at the scale of big data ensures that high quality and accurate data is driving your insights. MDM technology helps you explore the hidden relationships and gain insights that weren’t possible in the past.
Here are some examples how big data relationship management provides opportunities along the restaurant supply chain:
- Discover and manage supplier relationships more effectively, and understand who is doing business with whom. While many vendors use big data to learn more about their customers, the most successful SCM professionals will also use big data to better understand their vendors.
- Create comprehensive supplier profiles so that financial risk and other performance metrics can provide managers real-time analytics dashboards.
- Better understand vendors and their relationships with the company.
- Learn how suppliers interact through different channels and offer better product price management.
- Optimize inventory management and distribute products based on real-time demand.
Prioritizing the development of a big data analytics strategy will help your restaurant overcome these supply chain challenges. Cost efficiency, cost reduction, and spend analytics will continue as top business priorities in supply chain management. Embedding big data analytics in operations leads to supply chain efficiency.
Contact Supply Chain Synergy Consultants today to learn more about our restaurant analytics consulting services that are geared around ensuring your success!
Contact SC2 for a Consultation