Don’t fear introducing artificial intelligence (AI) at your restaurant – especially if it keeps the cost of menu items downs or streamlines the ordering process. Those were two key takeaways of a recent survey of more than 2,000 adults about consumer perceptions about quick-service and fast-casual restaurants. The survey, which was conducted this past September by the Harris Poll for the ad-tech firm AdTheorant, found that 71 percent of respondents would be amenable to these restaurants using AI in their business, particularly if it controlled costs (43 percent) or sped up the ordering process (43 percent). Those factors came in ahead of AI’s ability to offer “personalized food recommendations based on previous orders” (22 percent) but that may change once consumers gain more experience with the small but growing number of brands – McDonald’s among them – that are rolling out personalization technology.
How automated are your back-office functions? For all the promise POS systems have when it comes to making such processes more efficient, a recent survey of nationwide restaurant operators across multiple segments found that 60 percent of operators polled still rely on Excel as their primary financial management tool. The survey, completed by Hospitality Tech in partnership with Restaurant 365, found that POS accounting systems could generate significant efficiencies and cost savings for operators if they used the features available to them. Unfortunately, there is still a substantial gap between operators’ goals and the capabilities of the systems they have in place. If you’re looking for a technology accounting partner who can help you buy the right system and get the most from it, Restaurant 365 advises you to assess how clearly the vendor spells out integration options, as well as how those options are maintained and supported. Then find other operators (beyond the ones the vendor provides) who are using the system and can share their experiences.
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.