Paul Damaren
by Paul Damaren, Chief Earnings Officer at RizePoint
Exciting Developments for Tech in the Restaurant Industry
2024 is just around the corner, and many in the restaurant industry are looking forward to the technological advancements that will shape the future of dining. While we can’t predict the future, there are strong indications that the theme for 2024 will be an increased adoption of advanced technologies such as AI, IoT, blockchain, and machine learning. These innovations will help optimize and enhance all aspects of restaurant operations.
In the upcoming year, restaurants are expected to leverage technology to:
- Optimize operations – Many restaurants have already utilized tech solutions to improve inventory management, streamline supply chains, enhance food safety, and more. These tech solutions have provided valuable data for brand managers, enabling them to make more informed business decisions.
- Boost automation – With labor accounting for a significant portion of operating expenses, many restaurant brands are seeking to reduce costs by automating certain tasks. For example, Sweetgreen has implemented automation in some locations, improving accuracy, quality, consistency, productivity, and profit margins. Additionally, Chipotle is testing automation for their salads and bowls. By 2026, the automated restaurant market is projected to be worth a staggering $28 billion globally.
- Enhance convenience – Technology is making the guest experience much more convenient, with options like one-button checkout, mobile ordering and payment, QR code menus, and self-serve kiosks. These tech-enabled, contactless solutions can greatly improve convenience and safety for diners.
- Develop data-driven insights – There will be a greater focus on leveraging data analytics to gain insights into customer behavior. Restaurants will use this valuable data to anticipate customer preferences, track dining habits, and predict peak hours.
- Enhance customer engagement – Restaurants are using tech tools to enhance customer engagement, such as utilizing data analytics to drive personalization and loyalty programs. Accessing deeper insights into customers’ evolving needs helps restaurant brands exceed their customers’ expectations.
