2 Oct 2022| ONPASSIVE
How Can AI Help to Generate Value for Restaurants
The food industry is massive, complex, and evolving fast. On the other hand, it’s challenging to make the restaurant, a success as consumer tastes, and restaurant formats are changing rapidly.
In this article, you get to read everything you want to know about utilizing Artificial Intelligence in the food restaurant industry and how AI is advantageous for restaurants in a straightforward language.
Digital tools and AI solutions are streamlining managerial and operational tasks from staffing, inventory management, ordering, to automating marketing campaigns.
When a hungry customer steps into a restaurant, they’re looking for more than just a quick fill-up.
AI presents a really transformative opportunity for restaurants as it can implement actionable suggestions and not just insights. It distinguishes your customer much faster and far better, which automatically lessens human efforts and enhances customer service.
Employing AI solutions minimize the burden and expense connected with hiring and managing humans.
You must have heard of the saying, “Time equals money”, and when you are in “Restaurant business” there never is enough time. So here, AI saves you time by automating multiple tasks, provides precious insights, and reaching out to the customer at the correct time without needing much effort from you.
As per a study, 73% of restaurants are ready to upgrade their technology and customers are also expecting high-tech personalized dining experience. AI-driven marketing software encourages restaurant owners to gather big data and utilize it to communicate with the customer on a personal level. AI serves to analyze customer preference that makes engaging customers simple.
95% of restaurants believe that utilizing restaurant technology would amazingly improve their business productivity. If a restaurant uses digital improvements that are strategic and flawlessly coordinated, it will drive the benefit of getting in-depth big data, offering steady & personalized customer experiences.
Executing an AI solution provides the restaurant with the adaptability to be available for the customers 24×7.
AI plays a significant role in assisting restaurants with personalized marketing campaigns. It can do so by analyzing massive sets of data on past and current trends from several sub-sectors and over geographies and diverse demographics to offer resolutions customized as per the particular requirements of a business.
While operating any type of business, it is necessary to know which direction is your business heading. AI-driven reporting tools can make it happen with just a few clicks. Tools such as restaurant billing software will assist a restaurant owner with this, automation tool such as CRM gives marketing sales insights in details over a click.
Big Data employs to large volumes of structured or unstructured data, that an organization assembles through various platforms such as, online profiles, social media accounts, social activity, tagged interests, “liked” and shared content, product reviews, loyalty programs, and CRM software that add potential data into the big data pool.
Big Data is too ‘Big’ to maintain or extract.’ Artificial Intelligence (AI), will automate the method of Big data analytics to retrieve sensible and meaningful data for a crucial decision and positive outcomes.
Related: Use AI to Save Time on Meetings
Restaurants supply chains are receiving their share of AI and automation as well to make sure that the purest ingredients are where they require to be when they need to be done with higher accuracy than ever before. This move is enabling restaurants to automate the replenishment of ingredients to the restaurants as they are aware of what the consumer is going to buy.
Restaurants are aware that promotions help them to improve foot traffic, and utilize limited-time menu items widely. The effectiveness of limited time offers (LTO) has raised by over 64% in the past 5 years across all Top 500 chains. It’s quite clear that all have not worked out as per plan, and LTOs come with significant risk, big reward.
By utilizing AI on a multi-party network to interact LTO-driven demand across thousands of restaurants through the supply chain to the supplier, the restaurant business can eradicate much of this risk. Restaurants can interact with the LTO and the demand to the manufacturers in real-time, so they can boost production for successful fresh items, or decrease output when the demand is low. Hence, the restaurants eradicate the risk of stock-outs when in high demand that leads to poor customer satisfaction, and they lessen the risk of waste when there is low demand.
Manufacturers and suppliers profit from being able to detect the real-time demand, which enables them to make a better plan around production for raw materials and labor, and it lessens the necessity to expedite. By diminishing the need to expedite, suppliers receive significant savings on transportation costs, which can be shared with the restaurant business.
Artificial Intelligence in the food industry is growing rapidly as businesses race to adopt and employ new technologies to further drive demand while enhancing revenues. Through automation or personalization, restaurants are aware that there’s a gold mine of utility to unlock.
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Tags: Technology Artificial Intelligence