Business Analytics for a Bar
Do you ever wish you had better control of all aspects of your business? Are there tools out there that can help you manage your business better? Being able to identify the weak or risky areas of your standard operating procedures or employee behavior is crucial for the survival of your business.
Business analytics are some of these tools. What? Analytics like in a lot of math? Shouldn’t I leave that with the accountants? I am the creative side of the business, not accounting, after all.
Well, the sad truth is that the accountant’s report might not come in for a couple of months from now. Good for BIR requirements, but perhaps too late for you to avoid operational losses.
Practical Business Analytics
The other day, I came across a very interesting book on how Business Analytics can be applied by your entry level staff quite effectively. The book is “SPC at the Esquire Club” by Donald J. Wheeler. Dr. Wheeler is a well-known author of many books on statistics.
In his book, Dr. Wheeler describes at how the staff at the Esquire Club in Japan applied the tools of business analytics to reduce losses due to unpaid bottles of sake and beer. Dr. Wheeler was quite surprised by the success achieved by the Esquire staff. He was more accustomed to seeing these tools used in an industrial environment with lots of analysts and engineers. The staff at the Esquire consisted on seven waitresses and one supervisor. Only the supervisor previously had a short training in business analytics.
The staff conducted a project from October to February 1985 to reduce losses in beer and sake sales. They achieved a reduction in average monthly losses from Yen 49,000 to Yen 5,687. That is a reduction of Yen 43,401 or about 88%.
Cause and Effect Diagram (The Ishikawa Diagram or Fishbone Diagram)
With a little training, effective Business Analytics can be applied by your entry level staff. You can catch operational errors early and save yourself a lot of money. Activities like these also help the staff feel that they are contributing to the success of the business and improves moral.
Upcoming Business Process Improvement Seminars
21 Nov 2019, Thursday, Focused Improvement: The 7 Quality Control Tools,
21 Nov 2019, Thursday, Lean Kaizen and Continuous Improvement Training (One Day),
13 Dec 2019, Friday, Focused Improvement: The 7 Quality Control Tools,
22 Jan 2020, Wednesday, Focused Improvement: The 7 Quality Control Tools,
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