KDnuggets : News : 2001 : n15 : item35    (previous | next)

Briefs

Mining what you eat?
NEWTON UPPER FALLS, Mass.--(BUSINESS WIRE)--July 20, 2001

The Restaurant Data Exchange (RDX) Consortium announced the
addition of two nation-wide members - Buca di Beppo and Chevys Fresh
Mex(R) - to the newly formed consortium.

This marks an important milestone for the consortium in their efforts
to create timely peer-to-peer benchmarking and customer purchasing
data analysis in the full service dining segment, while helping chains
use the data to increase sales and boost profits.

During the upcoming months, these new members will participate in an
RDX initiative that will measure the performance of a chain's
individual units by collecting timely customer purchase data directly
from the POS. As a result, Consortium members will gain access to the
business intelligence that will help them hone their marketing
initiatives and streamline their operations procedures.

To obtain this customer purchase information, the RDX Consortium has
created a data mining technology that captures POS data and
standardizes by product category. Once collected, the data will be
sent to the consortium through secure Internet connections for
analysis and review. Members will then receive a report that not only
analyzes the data gathered in their stores, but also compares it
against an aggregate data set culled from competing restaurants in the
same dining segment.

About the Restaurant Data Exchange Consortium

The Restaurant Data Exchange (RDX) Consortium is a newly-formed
industry consortium that brings timely, accurate business intelligence
to the full-service restaurant sector.

In the RDX Consortium, participating restaurants pool
transaction-level detail from their POS systems into a common data
warehouse secured and maintained by Gazelle Systems. Data specific to
a chain or unit is kept anonymous from other participants. This data
is regularly analyzed and members of the consortium can select
specific reports that benchmark their performance across a variety of
dimensions.

The Consortium can provide its participants with unique and powerful
insights to manage and grow their business, including: menu and
pricing trends, consumer and market behaviors, frequency and churn
benchmarking, site selection criteria, "shopping cart" purchase
behavior, and Revenue management. The Consortium founders include
Gazelle Systems, Inc. and Information Resources, Inc. with a research
collaboration with The Cornell Center for Hospitality Research.

Contact Information Resources, Inc. | Kristine Sundberg,
Kristine.sundberg@infores.com

KDnuggets : News : 2001 : n15 : item35    (previous | next)

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