The current restaurant industry is flooded with several different technologies. This makes it one of the most lucrative markets for start-ups and business minds. The same can’t be said for restaurant owners, who are often skeptical while adapting to technology. Yet they are not the ones to be blamed. Previous tech-based solutions were highly expensive. And now the market is bombarded with so many options that it’s hard to choose the right one. However, with the growing relevance of technology, it’s time that restaurant owners and managers start embracing its use in their establishments.
Current trends
The restaurant industry is projected to generate $863 billion in annual revenue worldwide. Millennials and Gen Z contribute a large part of this revenue. A whopping 45% of diners go out to eat multiple times a week, with another 20% going out to eat once a week. With such a high number of walk-ins, convenience becomes a key factor in ensuring that your customers stay loyal. In fact, 8 out of 10 restaurant operators agree that the use of technology provides a competitive advantage. There is significant spurge in the demand for food delivery, especially among millennials. 38% of U.S. adults including 50% of millennials indicate they are more likely to have restaurant food delivered than they were two years ago.
Things to keep in mind before investing in any technology
Ease of use
This one is a no-brainer. Technology can be overwhelming but don’t get carried away with those long lists of features. Instead, focus on the things you require. Any technology you invest in should be easy to use for everyone even if they are not tech-savvy. The technology is going to affect daily operations. Hence, it’s vital your employees get accustomed to using it as quickly as possible. Investing too much time in training your staff to use a complicated platform will waste both your time and money. Another crucial aspect to look at is if the software can be easily integrated with the other platforms in your restaurant. For instance, it’s always good to check if your inventory management software is integrable with your POS system. Integrated tech solutions save time and bring a better flow to your operations.
Efficiency
An important question to focus on in the case of efficiency is whether the solution enhances customer service. If it doesn’t, then look out for alternatives. Quality customer service is a critical factor in driving revenue for your restaurant. So invest in technology that will bring maximum efficiency to your business. It’s also crucial that any platform you invest in helps you cut costs and save time. An efficient technology will benefit you in the short term and assist you in reducing costs in the long run. So, before investing in any platform, calculate your return on investment and focus on the problem it solves.
Security & Protection
Data is the new gold. But with data comes huge security risks. It’s crucial that the platform provides improved security to protect your data, especially in the case of payment technologies. With the growing cases of the data breach and hacks it’s good to be sure that the platform follows high-security measures to secure your data. Lack of data security can lead to unhappy customers and in some cases monetary losses.
Pricing
Let’s talk about the most essential factor, pricing! The amount of money you invest in a product may vary depending on the size, requirements, and most importantly the budget of your restaurant. However, a thumb rule to follow is to ensure that the return on investment ratio is high enough for you to buy it. If you are skeptical about investing in a platform, ask for a free trial to ensure it’s a perfect fit. In the end, the software should pay for itself rather than increase the overall operational cost of your restaurant.
Restaurant technology is becoming more relevant every year. Investing in an efficient and affordable platform can boost your profits and enhance your customer service.
