FoodTech The New Wave in Startups is Now Emerging in Latin America

By Luis Bermejo, Managing Partner, Alaya Capital

FoodTech The New Wave in Startups is Now Emerging in...

Five Lessons in Improving Customer Services from my 10 Years in Startups

By Todd Waren, MD, Divergent Ventures

Five Lessons in Improving Customer Services from my 10...

Farming for the Future the New Generation of Startups that are Redefining Food

By George Peppou, Founder and Program Manager, Cicada GrowLab

Farming for the Future the New Generation of Startups...

What's The Future Of Nutrition? Addiction

By Carter Williams, Managing Director And CEO, Iselect Fund

What's The Future Of Nutrition? Addiction

Time and Money Waits for None!

Food and Beverages | Tuesday, July 16, 2019

For every business, it is the money that speaks, and the restaurant industry nearly runs on that motto “time is money” along with appropriate time management.

FREMONT, CA: It is a widely heard phrase that time is money and in a business, each action starting from how the time is spent to how tasks are done carries a considerable magnitude. In order to increase the worth, wealth, and money, companies should always look forward to investing their funds and time on higher-value activities.

Each passing day, companies receive as well as try to understand a stable flow of information from every kind of source. For many organizations in the restaurant business, data reflecting how the company is doing flows from bistros to the corporate office and in the exteriors, across different levels of the company. Apart from the POS data, food purchases, speed of service, customer satisfaction, inspections, labor schedules, and loyalty facts and figures are a few of the handful sources of a restaurant data that is produced over time.

There has been a persistent conflict between two realities that focus on high-value activities and knitting together every available data across all the sources. Most of the restaurant companies prefer collecting the data from various sources and pasting them on a massive spreadsheet after copying them. After the spreadsheet is updated every day, it is circulated via email to everyone who wants it. Since it is being performed manually, there can be occasional errors in the spreadsheet that can be overlooked for days, weeks, or months, skewing the data either in a positive or negative course of action.

The time spent during copying, pasting, and distributing the information on the spreadsheet, employees get a very little understanding of the data and the succeeding steps to be taken.  As the metaphor reads, time is money, and a slight delay in action can cost millions of dollars across an organization.

When most of the time in a day is spent in maintaining spreadsheets, employees might be missing out on opportunities to dig deeper into the numbers and discover essential trends. It is significant to realize that employees need to widen the action plans to respond to the developments promptly and not waste time on mundane work that can be easily performed by automated technology.



Read Also

Copyright © 2022 All Rights Reserved | Subscribe | Privacy Policy | About us follow on linkedin