In the latest episode of Hospitality Hangout, Michael Schatzberg “The Restaurant Guy” and Jimmy Frischling “ The Finance Guy” chat with Daniel Meth, chief executive officer at Ingest and take a deep dive into restaurant data.
Meth talks about his education saying, “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.”
Meth shares that he started tutoring and eventually growing an academic services business. Frischling asks Meth if he could share how he has seen the shift in operators who now understand the numbers are the data. Meth says, “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.” Adding, “We need to put this incredibly complex information into a more relevant, easily digestible format and language for the operators so they can better understand it. Meth says what they are trying to do is improve the viability, sustainability and profitability of the business.
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.
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.
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