3 Ways to Use Restaurant Tech to Improve Profitability

Subscribe to Email Updates

on Jun 14, 2019 9:00:00 AM
Download Now: How to Fund a Restaurant!

Over the past few years, restaurant owners have faced a growing list of challenges including rising labor costs, higher rents, and shifting customer expectations, among others. These challenges created opportunities for burgeoning technologies to create new revenue streams for owners, while simultaneously helping to alleviate many of the aforementioned problems. However, a lot of this technology can actually hurt businesses if they are not implemented strategically. For example, an owner can spend all of the money they have on a brand new POS system, the hottest digital marketing technology, and invest in all of the third-party delivery services available. But, if that owner doesn’t know how to utilize each piece and relies on that technology to show them how to grow their business, they are destined to fail. That’s why we’re giving you three ways you can use all of the new restaurant technology available on the market to improve your business.

  1. Plan for the future

In order for technology to work for your business—and not the other way around—you need to have a clear, concise plan of how using technology will help you achieve your future goals. Want to grow your online ordering by using social media? Take the time to research which platform(s) are most capable of helping you accomplish this. Hint: it’s Instagram. This sort of long-term focus will ensure that your business will be sustainable, thereby giving you an opportunity to make a lot of money over a long period of time instead of forcing you to pinch pennies to make a lot of money right now.   

  1. Never forget about time

If it feels like you never have enough time to accomplish everything you set out to do in a day, you’re not alone. Time is money, and many owners feel like they’re running out of it. From tracking and reviewing purchasing orders to bugging vendors to get their owed credits, it always seems like there’s something that keeps them away from their business. There is plenty of technology to help you save time. Everything from automatic invoice processing to personalized consumer communication software can help you regain lost time.

  1. Filter out the noise

In an ever-growing, data-driven world, how do you know what information to pay attention to and what information you can filter out? For many, this is one of the toughest decisions. All that matters is that your data gives you an accurate, real-time representation of how your business is performing. If you happen to own multiple restaurants, there are options on the market that can show you how each of your restaurants are performing and compare locations to others. This technology can help you make well informed decisions with speed and accuracy. Better decision making is a key component to improving your profitability. 

Download Now: How to Fund a Restaurant!

Topics: Technology, Data Intelligence, Artificial Intelligence

Related Posts