Succeeding in the restaurant industry is no easy task.
According to the Washington, D.C.-based National Restaurant Association, a leading trade group, pre-tax profit margins range between three and five percent.
The high cost of rent, licensing and personnel are daunting. But restaurants face another obstacle: critics, not only professional journalists but amateurs who offer their opinions on social media. A bad review on Google or Yelp can undercut even the best-planned ventures.
The importance of quality is why a number of restaurants are using big data to develop a better understanding of consumer preferences and to improve their food and service. In some cases, these businesses have already achieved revenue gains as a result of their efforts. Read More