About the Event
Data Driven F & B Revenue and Cost Management
The workshop is designed to enable revenue management professionals and business’s operational leaders to recognize the need to focus on the F & B part of their business. The competitive advantage of cost reduction and revenue optimization that a data driven approach brings towards operational decisions can have a massive impact on profitability.
The key components of the workshop are as follows.
a. Introduce ‘Zoho Analytics’, a Business Analytics Tool
The workshop will deploy live data from Vedatya’s F & B operations generated by a POS called Rista. It, therefore, uses actual data to demonstrate business analytics through a tool called Zoho Analytics to generate reports that answer key questions.
Correct data from the POS system is a key pre-requisite for any system to provide meaningful information. Data that has errors or is incomplete, i.e. ‘dirty data’, is not use worthy and therefore needs to be fixed first.
b. Cost Management Implications through a Three Tier Approach
The training will focus on strengthening cost management efficiencies for an F & B operation from three aspects – Purchase Management Efficiency, Inventory Management Efficiency and Production Management Efficiency. Live data through a range of reports will be discussed to establish the massive opportunity for businesses to save cost by following a data driven approach. The critical role of end users is to ask relevant questions and make valid decisions based on the outcomes. The array of business analytics reports will provide the trainees a perspective on how their specific questions can be answered effectively through appropriate use of data.
This real time ability to conduct a diagnosis of the issues or challenges and then take corrective actions as a dynamic process is a key take away of this workshop.
c. Dynamic F & B Revenue Management
This section of the workshop is focused on reviewing performance data (sales trend, covers, revenue per cover, etc.) to identify opportunities to improve revenue performance. The approach is likely to make ‘menu engineering’ a dynamic activity with routine actions to push the agenda for revenue optimization for higher profitability.
The workshop will introduce a strategic approach wherein data driven tactics and strategies drawn from three categories – (1) all-purpose strategies, (2) strategies to use when a restaurant is busy (hot), and (3) strategies to use when a restaurant is not busy (cold) – can be put in place based on the analysis of the current performance indices. A case study of successful implementation of this approach will be shared as well.
The full day workshop will be delivered in an online mode for a registration fee of Rs. 4,500 (all inclusive).