In a recent Wall Street Journal article, Randy Bean discusses how Big Data is enabling financial services organizations to innovate in new ways. Whereas data analysis was previously seen as a reactive process, Bean aptly points out that now, “Big Data is delivering innovation through greater data agility, rapid trial and error, and faster learning, resulting in accelerated speed to market, and in new forms of customer disintermediation and tailored customer experiences.” (more…)
In a recent All Analytics article titled “Red Robin Plates Up Big-Data Insight,” Chris Laping, CIO at Red Robin, discusses how the gourmet burger chain is using APT’s Test & Learn software to understand the incremental impact of large dollar investments across their business. Click here to read the article.
“Rather than go it alone on big-data analytics, Red Robin has partnered with a ‘really smart company to help do that test-and-learn stuff,’ Red Robin CIO Chris Laping said… The ‘really smart’ partner helping with the test-and-learn is Applied Predictive Technologies, or APT, a cloud-based predictive analytics company that’s built up a discipline and set of analytics tools for Red Robin.”
Applied Predictive Technologies (APT) today announced that U.S. restaurant sales for the month of February fell [-0.6%] nationwide. But despite the overall February decline, the APT Index, which compares this year’s sales to the same period last year, indicated a “polar thaw” as increasing temperatures were followed by an increase in sales comps.
In the first half of February (2/1 to 2/14), the average temperature was 35°F and sales comps were [-2.2%]. However, in the second half of the month (2/15 to 2/28), average temperature climbed to 43°F and sales comps grew to [+0.9%].
The APT Restaurant Index enables restaurant executives to understand their “true comps.” Instead of simply looking at year-over-year changes, restaurant organizations can now compare each of their location’s sales to restaurant performance in the area surrounding their locations. These insights enable executives to understand if their restaurants are actually under- or over-performing, adjusting for local market factors outside of the control of decision-makers.
Click here to read the full story.
A recent Wall Street Journal article, “The Secret of Selling the $5 Footlong,” discusses how marketing innovation is fueled by a consistent process of experimentation. In the article the CMO of Subway, Tony Pace, says that staying ahead is “all about testing and learning.” He adds, “there is plenty of data, but big data doesn’t mean you get big insights. Companies have to sift through the data and come up with hypotheses and test them.”
Subway is a long-time, valued APT client. They, like dozens of other restaurants, leading retailers, banks, hotels, telecom companies, and manufacturers, leverage Test & Learn to make faster, more accurate decisions.
APT announced today that retail sales comps in February 2014 fell [-1.1%] over 2013, according to data from the APT Index. Interestingly, while sales were down in February overall, the APT Index indicated a “Polar Thaw” in the second half of the month, as sales comps increased. In the first two weeks of February, when average temperature was 35°F, sales comps were down [-3.4%]. However, when the average temperature climbed to 43°F in the last two weeks, sales comps grew [+1.4%]. Click here to read more about February sales comps and the APT Index.
Pizza Hut is joining other large restaurant chains in testing interactive tablets for ordering and payments. As we’ve written about in the past, there are numerous potential implications of rolling out new guest-facing technologies, and Pizza Hut is smart to test before risking investments in tablets network-wide.