TRANSFORMATIONS IN THE RESTAURANT INDUSTRY
New technologies are reshaping how restaurants succeed.
At first glance, the state of today’s restaurant industry doesn’t appear too different from 2019. Sure, much of how the restaurants operate is the same – guests order food, and we serve it. But under the surface, an already challenging enterprise has become even more so. While big issues like labor, supply chain, work from home and lockdowns have cooled or stopped altogether, these experiences left a lasting impact on how we do business even as restaurants rebound.
A CLOSER LOOK UNDER THE HOOD
Much like diamonds (or a trusty pressure cooker in our case), overcoming obstacles and pressure can bring something beautiful from these hard-earned experiences, and one of the most significant transformations we’ve experienced has largely been thanks to technology. These changes have redefined how businesses operate, interact with customers and manage their resources. From streamlined operations to enhanced customer experiences, technology is at the forefront of driving the industry forward.
ENHANCED CUSTOMER JOURNEY
Restaurant technology has transformed nearly every step of a guest’s journey, starting with the adoption of digital ordering and delivery platforms. As consumers seek convenience and efficiency, restaurants have leveraged mobile apps and third-party delivery services to meet these demands. By integrating digital solutions, operators can reach a wider audience, offering their menu at the click of a button. Not only do these platforms boost sales, but they also provide valuable data insights into customer preferences and behaviors, enabling more personalized marketing strategies.
SMARTER POINT-OF-SALE SYSTEMS
Another significant trend is advanced point-of-sale (POS) systems. Modern POS systems are more than just cash registers; they serve as comprehensive management tools that track sales and analyze performance in real-time. This technology allows restaurant owners to make informed decisions, increase revenue and improve overall efficiency. The integration of contactless payment solutions has further enhanced the transaction process, meeting the growing consumer preference for quick and hygienic payment methods.
AI AS SERVICE
While still in the early days of artificial intelligence (AI) becoming more accessible for restaurant operators, customer engagement has already started to transform through the use of AI-driven chatbots and virtual assistants for seamless interactions, addressing customer questions and reservations efficiently.
embracing what's next
As technology continues evolving, it provides opportunities to enhance the dining experience, streamline operations and foster sustainable practices. Restaurants that embrace these changes are not only adapting to current trends but are also setting the stage for a prosperous future in a dynamic and competitive market.
REAL-TIME MONITORING …
In the back of house, technology has revolutionized managing the cost of goods sold (COGS), through inventory, recipe management and comprehensive expense reporting. With digital solutions, restaurants can monitor inventory levels, track expenses and streamline purchasing. Solutions like MarginEdge have profoundly transformed restaurant operations by enhancing efficiency and effectiveness. Traditionally, restaurant operators faced the tedious task of manually entering and interpreting COGS data, which was both timeconsuming and prone to error.
… FOR INSTANT INSIGHTS
Now these processes are streamlined, significantly cutting back on labor hours required to manage financial data. Its real-time insights allow operators to instantly access up-to-date information on sales, inventory and expenses, enabling them to make informed, data-backed decisions that can maximize profitability. This proactive approach fosters more strategic financial planning and agile responses to operational challenges, ultimately leading to more successful and responsive businesses.
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With digital solutions like MarginEdge, restaurants can monitor inventory levels, track expenses and streamline purchasing.
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