Broadway Cafe - Business Intelligence
By: Cody Gibson • July 14, 2019 • Essay • 1,204 Words (5 Pages) • 2,028 Views
Business Intelligence
The following chart below shows twenty-six varied dimensions of business intelligence that can be gauged to help our company better understand our customer, their behavior, their buying preferences, their average spend and more. In the chart, I have categorized each value on a 1-5 scale. Values that are gauged closer to 1, and including 1, signify the most importance and those values categorized with numbers closer to 5, including 5, are those that I consider least or less important.
Dimension Value | Dimension Value |
Product Price 2 | Weather 2 |
Customer Gender 3 | To Go or Dine In Order 3 |
Quantity Sold 1 | Stock Market Closing Price 5 |
Order Date 5 | Employee Number 2 |
Payment Method 2 | Promotion Number 5 |
Product Cost 1 | Customer Age 3 |
Order Time 1 | Customer Religious Affiliation 5 |
Exchange Rate 5 | Manufacturer or Vendor Number 5 |
Interest Rate 5 | Music Playing in Store 5 |
Season 2 | Customer Name 5 |
Customer’s Political Affiliation 5 | Product Number 5 |
Store Hours 4 | Customer Language 3 |
Commission Policy 4 | Traffic Report 2 |
With this information being present, I can narrow down the following values to ten that I feel are of the upmost importance in us better understanding our business and molding our craft around. Of these values, the ten I feel that are the most important are as follows (in no particular order):
Product Price
Product price is an obvious measure of importance to any business, not just our own at the Broadway Café. For us, price (including our own and that of competitors) helps us to better increase our profit margin and stay competitive within our area and demographic. By collecting pricing data alongside numbers of orders in quantity, we can better identify which products are selling well and what products are selling not so well so that we can adjust pricing up or down or omit a product altogether.
Quanity Sold
Quantitative data is SO important to a business, and to me this is probably one of the more powerful values listed. When you can better understand your quantities of products sold you can in turn better understand patterns, whether something may be too expensive or too cheap, and help to better understand what buying objections a customer may have about a certain product that you offer. In addition, you can better understand your best sellers, what may be a good promotion for a product that maybe isn’t selling and many other valuable tools necessary in the longevity of our business here at the café.
Payment Method
Payment methods are also very important. If we can better understand how our customers prefer to pay, we can set up and organize more efficient ways for them to pay and organize loyalty programs etc. around this data. As an example, If we notice cash is more widely used, we can install more ATM’s within our location, and on the contrary if we notice more card payments we can consider the installation of payment kiosks or tablets so that customers can pay and receive their product more efficiently.
Order Time
We live in a very busy world, one that doesn’t wait around much for anyone or anything. Order time is important because by collecting this data we can better set an expectation for ourselves on what we feel is an accurate time frame for a customer to place and then receive their order. If we collect this data and dissect it we can find inconsistencies. These inconsistencies can help us understand if we need staffing increases or decreases, more efficient equipment, or even invest in capital projects to ensure that every customer get’s their coffee or baked good in a timely manner that meets or exceeds to expectation that we can GUARANTEE to a customer.
Season
Seasons are very important to understand in any business, and the Broadway Café is no exception. By collecting data about the season, we can better inhibit products that cater to that season. Who doesn’t love a Peppermint Mocha around the holidays? Or what about a nice Pumpkin Spice Latte when fall comes around? This information is critical, almost even more so in the ownership of a café.
Weather
Weather sort of goes hand in hand with seasons. In Michigan, the temperatures during the transitions of various seasons can fluctuate from sunshine and rainbows to snowstorms and icy roads in a matter of days if not hours. If we can better study our incoming weather conditions, we can better adjust our staffing and payroll. If we have a snowstorm or a state of emergency, maybe having several baristas on staff isn’t necessary. If we have a beautiful day, maybe having some extra help to assist with the foot traffic downtown might not be a bad idea. Weather is very, very, important in staffing, hours, ordering, and payroll maintenance.
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