7 Things to Know About Business Intelligence Apps
Hospitality industry trends are changing post-COVID. Intense and rapid change has all added up to one thing for venues: sink or swim, adapt or disappear.
Business Intelligence apps are using real time data to help hospo workers and owners flourish in this new post-pandemic world by helping them to:
Understand the ebbs and flows of their businesses
Discover areas of diminishing return
Uncover and implement new efficiencies
Identify potential revenue streams to boost their bottom line – and business acumen skills
We spoke to Ivan Brewer, Managing Director at Peiso and Ryan Thompson, CMO of Restoke, to find out how Business Intelligence apps like theirs are helping to revolutionise the hospitality industry–and how Doshii is helping them do it.
Read on to discover the 7 important things you need to know about Business Intelligence apps and how they can help you with hospitality management today.
1. Things are Different Now – and They’re Not Going Back
Hospitality has changed – and Ivan Brewer’s watched it happen and understood the big picture.
“I’m very close to the industry,” he says, “and this makes me very aware of the challenges we are facing – increased wages, huge CPI increases that will flow to leases, increased purchase costs, and staff scarcity. I’m seeing 30 year industry veterans, multi-million dollar businesses struggling to make money.
“We can no longer hide behind being foodie people without the business acumen,” he concludes. “But Peiso can literally be the difference between a business closing and one thriving.”
Ryan Thompson of Restoke concurs, adding that workers in every industry – hospitality included – now expect more of a work-life balance than post-pandemic. That, he believes, will have an impact both on worker availability and rostering considerations. “We see a future where restaurant managers have better work life balance, allowing them to focus on what’s important: the customers!”
2. Business Intelligence Apps Can Help Venues Adapt…
“To be successful in hospitality means having a very clear picture of how your business is performing every day,” Brewer says, “and knowing what things to change if its performance isn’t both as expected and consistent with your goals. Peiso does that.”
Ryan Thompson adds that “with Restoke you can easily complete tedious back-office work like food costing, ordering, inventory, team management, accounting and more. You can also collaborate around routine jobs like preps, procedures, trainings and compliance. This means venues have more time to build a great work environment and high performing team that makes hospitality a joy to work in.”
While the way hospitality venues are run continues to evolve rapidly, apps like Peiso and Restoke can give venues the ability to understand trends better and to help venues ride the wave rather of being pulled under by it.
“There is no one dining paradigm,” Brewer emphasises. “That’s a key observation. It is a very nuanced industry. That’s what makes it so exciting.”
3. … And Help Them Save Money
When asked what hospitality trends they see going the distance post-COVID, Brewer and Thompson are pragmatic.
“Restaurant owners are often struggling under the pressure of high demand and staff shortage,” Thompson notes, while the higher cost of doing business adds additional pressure to the mix. “Rising food costs is a huge challenge,” he says, “and based on how often supplier prices change, making small adjustments to menu prices can save a venue on average $67k per year.”
…based on how often supplier prices change, making small adjustments to menu prices can save a venue on average $67k per year. – Ryan Thompson, CMO of Restoke
For Brewer, the prime concern is the need for businesses to remain on top of their finances by understanding their financial metrics and embracing business intelligence tools. “A dominant trend is venues reassessing their tech stacks,” he says. “Despite exponential increases in the investment venues are making in tech, the overall industry profitability hasn’t increased.”
4. … By Bringing New Revenue Streams to Light
Ivan Brewer emphasises that to tackle the issues above, businesses need to be aware of additional possibilities for revenue. He notes that Peiso assists with this by:
Sifting through data from accounting, rostering and POS interactions
Operationalising and making sense of that complex data
Creating an easily accessible window into business financial performance
Meanwhile, Thompson adds that apps like Restoke:
Give restaurant owners greater insight into their operational efficiency
Calculate food-cost percentages on sales data – with help from Doshii integration
Allowing venue owners to stay one step ahead of the game
5. Doshii Integration Makes All the Difference
Both Brewer and Thompson know that an increased need for strong business acumen backed by knowledge for venue owners often means an increase in tech. They also know that the sheer amount of apps and devices need to stay on top of it all can quickly become overwhelming. That’s where Doshii comes in.
“Australia has a vast array of food tech companies,” says Brewer, “and Doshii allows me to focus on developing features that benefit users, not just integrations.
”Doshii is the key to the POS ecosystem for Peiso,” he continues. “One integration, one point of contact. As a startup with limited resources, Doshii provides scalability I could never achieve without it. This partnership allows Peiso to help far more venues as a result.”
Doshii is the key to the POS ecosystem for Peiso. One integration, one point of contact. As a startup with limited resources, Doshii provides scalability I could never achieve without it. – Ivan Brewer, Managing Director at Peiso
6. Reach, Support and Integration are Key
This combination of reach, support and integration has also helped Restoke make the most of its platform, says Thompson. He notes that, “by accessing Doshii’s network of apps, Restoke customers will be in full control of their inventory and ordering without any need for mundane back-office work or data entry.
”We’re excited about this partnership,” he explains, “because it lets us bring our two companies together under one roof, giving chefs and cooks as well as restaurant owners greater visibility into how every part of their restaurant integrates throughout all stages, from prep through service.”
7. With Integration, the Future is Bright
When it comes to the future of both their industry and their apps, both Ivan Brewer and Ryan Thompson are full of optimism.
“We’re excited about a future where restaurants have a repeatable process that allows them to scale and bring what they love to more people,” Thompson says. “We’re also excited about more people entering hospitality who can now focus on creating great food experiences, rather than leaving the industry because they become disillusioned with the operational demands of running a restaurant.”
“I think we have quite a close synergy with Doshii,” Brewer adds. “By Peiso helping venues to be more profitable, everyone benefits; more staff are employed, staff paid well, suppliers paid and tech partners supported. “As Doshii evolves, and potentially adds inter-App functionality, Peiso will be there, hand in hand, on the journey.”
Curious about how Doshii and its buffet of Business Intelligence apps like Peiso and Restoke can help serve your venue? Get connected today.