"Our POS can capture data right from the origin, allowing us to obtain very specific information, like the number of coffee orders," he said. "We can also compare these data for market information, like tracking the percentage of 'meal-A' orders who chose coffee."

Through aligning the information obtained at the POS with the ERP system, Fairwood can better analyze customer preference and make changes in menu design accordingly.

Future retail tec

The technology used to obtain market intelligence from historical data, according to Gartner's report, is quite challenging, but quite effective to raise customer experience. The market research firm expects the technology will take two to five years before mainstream adoption.

"Retailers are experimenting with dashboards as the next evolution in their business intelligence (BI) strategies," said the report. "Basic reporting and distribution of reports are maturing, but early-adopter retailers are in the progress of implementing advanced analytics and dashboard concepts, which are harder to adopt but can potentially drive more direct benefits."