The Future of Restaurant Data: Ingest's Vision for Viability, Sustainability, and Profitability

Welcome to the blog! In this post, we're diving deep into the world of restaurant data and exploring the innovative vision of Ingest, a company dedicated to empowering restaurants through data-driven insights. We'll be covering their journey, mission, future plans, and how they're helping restaurants navigate the complexities of the modern food service industry. This blog post expands on the conversation we had with Daniel Meth, CEO of Ingest, on the Hospitality Hangout podcast. If you haven't already, be sure to listen to the full episode here to get the complete story!

Introduction: The Future of Restaurant Data with Ingest

In today's fiercely competitive restaurant landscape, data isn't just a buzzword; it's a lifeline. Restaurants that can effectively collect, analyze, and act on their data are the ones most likely to thrive. Ingest is at the forefront of this data revolution, providing restaurants with the tools and insights they need to improve their viability, sustainability, and profitability. From understanding customer preferences to optimizing operational efficiency, Ingest helps restaurants unlock the hidden potential within their data. This blog post will delve into Ingest's journey, their core mission, their exciting future plans, and how they're using data to help restaurants navigate the challenges and opportunities of the 21st century.

Daniel Meth's Journey: From Molecular Biology to Restaurant Data

Daniel Meth, the CEO of Ingest, has a fascinating background that might surprise you. His journey didn't begin in the restaurant industry, but rather in the world of molecular biology. Daniel initially pursued a path toward becoming a doctor, diving deep into the intricate workings of the human body. He double majored in molecular biology, biochemistry, cell biology, and neuroscience, demonstrating a remarkable aptitude for complex scientific concepts. As he mentioned in the podcast episode, "I wanted to be a doctor and so I went to college a little bit later in life double majored in molecular biology biochemistry and cell biology neuroscience. Not because I was so smart but I found out that if you double major in science. It's typically a conversation stopper.”

While his initial academic focus was on science, Daniel's entrepreneurial spirit soon led him down a different path. He started tutoring and eventually built a successful academic services business. This experience taught him valuable lessons about business management, customer service, and the importance of understanding data. Although seemingly unrelated to the restaurant industry, these skills proved to be invaluable when he transitioned into the world of restaurant data with Ingest.

Daniel's scientific background provides a unique perspective on data analysis. He approaches restaurant data with the same rigor and analytical thinking that he applied to scientific research. He understands the importance of identifying patterns, testing hypotheses, and drawing evidence-based conclusions. This scientific mindset is what sets Ingest apart and allows them to deliver truly impactful insights to their clients.

The Shift in Operators' Understanding of Data

For years, the restaurant industry lagged behind other sectors in its adoption of data-driven decision-making. Many restaurant operators viewed data as an abstract, esoteric concept that was too complex and time-consuming to understand. They relied on gut feelings and anecdotal evidence, which often led to suboptimal decisions. However, in recent years, there has been a significant shift in operators' understanding of data. They are increasingly recognizing that data is not just a collection of numbers, but a powerful tool that can help them improve their business.

As Daniel Meth pointed out in the podcast, "Getting people to understand that data isn't this you know, what's historically been this esoteric concept right? It's all of these things that they've already been paying attention to, just better contextualized so it can paint a more complete picture of what's going on in their business."

This shift in understanding has been driven by several factors, including:

• Increased competition: The restaurant industry is more competitive than ever, and operators need every advantage they can get.
• Technological advancements: The rise of cloud computing, data analytics platforms, and mobile technology has made it easier and more affordable for restaurants to collect and analyze data.
• Changing consumer behavior: Today's consumers are more informed and demanding than ever before. They expect personalized experiences and are willing to switch restaurants if their needs are not met.
• Success stories: As more restaurants have successfully used data to improve their business, others have been inspired to follow suit.

Ingest has played a crucial role in this shift by making data more accessible and understandable for restaurant operators. They translate complex data into actionable insights that operators can use to make better decisions about everything from menu pricing to staffing levels.

Ingest's Mission: Viability, Sustainability, and Profitability

Ingest's mission is simple yet powerful: to improve the viability, sustainability, and profitability of restaurants. They believe that data is the key to unlocking these three critical components of success. Let's break down each of these elements:

• Viability: Ingest helps restaurants ensure their long-term survival by identifying areas where they can improve efficiency, reduce costs, and increase revenue. This includes optimizing menu pricing, managing inventory effectively, and improving labor productivity.
• Sustainability: Ingest helps restaurants operate in a more environmentally and socially responsible manner. This includes reducing food waste, optimizing energy consumption, and sourcing sustainable ingredients.
• Profitability: Ingest helps restaurants maximize their profits by identifying opportunities to increase revenue and reduce costs. This includes improving customer satisfaction, increasing table turnover, and optimizing marketing spend.

Ingest understands that these three elements are interconnected. A restaurant that is not viable cannot be sustainable, and a restaurant that is not sustainable cannot be profitable in the long run. By focusing on all three elements, Ingest helps restaurants build a foundation for long-term success.

How Ingest Contextualizes the Entire Data Story

One of the key differentiators of Ingest is their ability to contextualize the entire data story for their clients. They don't just provide raw data or generic reports; they dig deep to understand the specific challenges and opportunities that each restaurant faces. They then use their expertise to translate the data into actionable insights that are relevant to the restaurant's unique circumstances.

Ingest helps operators look at the data from all areas including point of sale system, reservation management system, cogs data coming out of purchasing tools, guest sentiment, marketing and loyalty. Meth says that Ingest asks three questions, what happened, why did it happen, and what would happen if. He says, Ingest fully contextualizes the entire data story.

Ingest integrates data from a wide range of sources, including:

• Point of Sale (POS) systems: These systems provide data on sales, menu item performance, and customer spending habits.
• Reservation management systems: These systems provide data on customer demographics, booking patterns, and no-show rates.
• Inventory management systems: These systems provide data on food costs, waste, and inventory levels.
• Customer feedback platforms: These platforms provide data on customer satisfaction, online reviews, and social media sentiment.
• Labor management systems: These systems provide data on labor costs, employee productivity, and scheduling efficiency.
• Marketing and loyalty programs: These systems provide data on marketing campaign performance, customer engagement, and loyalty program effectiveness.

By combining data from these different sources, Ingest creates a holistic view of the restaurant's operations. They then use advanced analytics techniques to identify patterns, trends, and anomalies that would be difficult to spot using traditional methods. Finally, they present their findings in a clear and concise manner, making it easy for restaurant operators to understand and act on the data.

Ingest's Future Plans: Team Growth and Expansion

Ingest is not resting on its laurels. The company has ambitious plans for the future, including significant team growth and expansion into new market segments. They are actively recruiting talented individuals across all departments, including data science, engineering, sales, and marketing. This expansion will allow them to serve a wider range of restaurants and provide even more comprehensive data solutions.

Meth talks about what’s next for Ingest, he says they are focused on growing the team on all fronts, they are actively growing Ingest’s footprint in fast-casual and QSR space, and working towards telling better stories with data.

One of Ingest's key areas of focus is the fast-casual and Quick Service Restaurant (QSR) space. These restaurants face unique challenges, such as high turnover rates, complex menu offerings, and demanding customer expectations. Ingest is developing customized data solutions specifically tailored to the needs of fast-casual and QSR operators. They believe that their data-driven approach can help these restaurants improve efficiency, reduce costs, and enhance the customer experience.

Advancements in Data Storytelling

Ingest recognizes that data is only valuable if it can be effectively communicated. That's why they are investing heavily in data storytelling, which is the art of presenting data in a compelling and engaging way. They are using innovative visualization techniques, interactive dashboards, and narrative reports to bring data to life and make it easier for restaurant operators to understand.

Ingest is committed to developing data stories that are:

• Clear and concise: They avoid technical jargon and present data in a way that is easy to understand, even for non-technical users.
• Actionable: They focus on providing insights that restaurant operators can use to make better decisions.
• Relevant: They tailor their data stories to the specific needs and interests of each restaurant.
• Engaging: They use visualizations and narrative techniques to capture the audience's attention and make the data more memorable.

By mastering the art of data storytelling, Ingest is helping restaurants bridge the gap between data and action. They are empowering operators to make informed decisions that drive real results.

The Impact of COVID-19 on Ingest's Roadmap

The COVID-19 pandemic had a profound impact on the restaurant industry, forcing many restaurants to close their doors temporarily or permanently. The pandemic also accelerated the adoption of technology and data-driven decision-making. Restaurants that were able to quickly adapt to the changing environment were the ones that were most likely to survive.

The pandemic accelerated the Ingest roadmap in several ways:

• Increased demand for data: Restaurants needed access to real-time data to understand the impact of the pandemic on their business and make informed decisions about staffing, inventory, and pricing.
• Shift to online ordering and delivery: The pandemic forced restaurants to rely more heavily on online ordering and delivery, which generated vast amounts of new data.
• Focus on cost optimization: Restaurants needed to find ways to reduce costs and improve efficiency to survive the economic downturn.

Ingest responded to these challenges by developing new data solutions that helped restaurants navigate the pandemic. They provided insights into customer behavior, online ordering trends, and cost optimization strategies. They also helped restaurants adapt to the new reality of social distancing and contactless service.

Using Data to Forecast for Operators

One of the most valuable applications of data in the restaurant industry is forecasting. By analyzing historical data, restaurants can predict future demand and make informed decisions about staffing, inventory, and marketing. Ingest is helping restaurants leverage the power of forecasting to improve their operations.

Ingest can use data to forecast:

• Sales: By analyzing historical sales data, they can predict future sales based on factors such as seasonality, weather, and marketing promotions.
• Customer demand: By analyzing customer data, they can predict which menu items will be most popular and when.
• Labor needs: By analyzing sales data and customer demand, they can predict how many employees will be needed at different times of the day.
• Inventory requirements: By analyzing sales data and customer demand, they can predict how much of each ingredient will be needed.

By using data to forecast, restaurants can reduce waste, improve efficiency, and increase profitability.

Conclusion: Ingest's Vision for Restaurant Success

Ingest is more than just a data analytics company; they are a partner to restaurants, helping them navigate the complexities of the modern food service industry. Their vision for the future of restaurant data is one where restaurants of all sizes can leverage the power of data to improve their viability, sustainability, and profitability. By growing their team, expanding into new markets, and advancing the art of data storytelling, Ingest is poised to play a pivotal role in shaping the future of the restaurant industry.

We hope this blog post has provided you with valuable insights into Ingest's mission and vision. Be sure to listen to the full episode of the Hospitality Hangout podcast with Daniel Meth here to learn more about their innovative approach to restaurant data.