Chances are you’ve already introduced technology to help you drive efficiency in different areas of your operation. But as technology develops and promises to improve more parts of a restaurant business, it’s difficult to keep track of what you should invest in next and which companies are in a strong position to help. One tool that may be of use to you in the coming year is this updated map of the restaurant tech ecosystem. A collaboration of TechTable, a platform and annual summit about innovation in hospitality technology, and Better Food Ventures, a food tech and agtech investment firm, the map spells out the many areas of the restaurant industry where technology is having an impact, along with key players in each area. It can help give you a sense of the hospitality tech landscape, whether you’re looking to build a smart kitchen or enhance your ordering and delivery technology.
It’s ironic but true: Amid the ongoing demand for fresh, whole, natural foods, there is also growing acceptance of food that exists only with the help of technology. According to Ketchum's 2019 Food Tech Consumer Perception Study, 77 percent of Gen Z respondents – those born between 1995 and 2010 – were generally most comfortable with tech-assisted foods. But other generations indicated acceptance of these foods as well: 67 percent of millennials, 58 percent of Gen Xers and 58 percent of baby boomers said they were willing to try tech-assisted foods. So whether it’s lab-grown animal protein or genetically modified foods, up-and-coming foods that are available through the help of technology may be increasingly welcome on your menu in the coming months.
The market for automated accounts payable is expanding. One forecast predicts the global market to balloon from $1.9 billion to $3.1 billion in the next five years. In the meantime, a growing number of vendors are seeking business from restaurant operators still relying on manual or paper-based processes to pay invoices and manage accounts. If you’re in the market for an automated system, Restaurant365 shared some benefits to the systems that are worth considering when determining how well vendors can deliver: If you’re opening new locations, automated systems can streamline your accounts and ensure vendors continue to be paid on time. They can save time by eliminating painstaking data entry and streamlining the approvals process. This, in turn, enables you to project your spending requirements more clearly and without guesswork. Further, the accounting process is visible and transparent, so errors, reporting irregularities and security issues are easier to spot. Finally, by giving you real-time insights into your food costs, these systems helps you make faster decisions to improve the quality of your menu and protect your bottom line.